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March 2020 Fraser Valley Market Stats
The Fraser Valley Real Estate market started strong in March, but there is a noticeable change part way through the month as the realization of COVID-19 started to settle in. The first 7 business days of March sales were 60% higher compared to the same period in March of last year, yet by the end of the month the difference was considerably lower. Let's take a look at how March compares with last month and last year.
The Benchmark prices of homes saw rises across the board in March with Detached homes rising 2.6% compared with last year and 1.8% compared with last month. Townhouses rose 1.3% over last year and 5% over last month while Condos rose 1.2% over March of last year and 2.1% compared with last month. This makes sense when comparing the large drop of new and active listings beside the rise of sales. Detached home sales ended 25.1% higher then last year and 8.2% higher then last month. Townhouses rose 28.3% compared to last year and 12.9% over last month. The sale of Condo's was down 4.3% when comparing with last year but up 5.1% from last month.
The Active listings in the Detached market was down 20.9% from last year, Townhouses saw a decrease of 18.3% from March 2019 and the active Condo listings are down 8.4% from last year.
The Sales to Active Listings Ratio which shows us what type of market we are in, came in at 24%. This is the same percentage as last month, which would mark March as a Sellers market.
Some markets of interest are Surrey's Detached home sales which was 44.1% higher than this time last year and 12% higher than last month.
Langley's Condo sales were down 18.6% when compared with last year and down 5.4% from last month. The Townhouse activity in Langley saw a 23.3% rise in sales over last year but was down 12.9% from last month.
Detached homes in White Rock had a 47.5% increase of sales over last year and a 20.8% rise over last month, while the condo sales were down 14% over last year and down 22.2% over last month.
Mission detached homes saw a decrease of 14% of both sales and active listings when compared with last year.
Abbotsford Townhouse sales rose 30.8% over last year and 54% over last month all while seeing a decrease in active listings of 29% compared to last year. The condo's in Abbotsford had a decrease of 7% from last year and this was an increase of 33% when comparing with February 2020.
To see the full detailed stats Click Here