Buying and Selling Real Estate Blog
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April 2020 Fraser Valley Market Stats
'Even though March's initial numbers promised a banner spring, we expected the market to respond this way in April. Both sales and listings contracted in tandem as we all moved swiftly to embrace the measures necessary to respond to this global pandemic. Given that the volume of new listings coming on stream fell even faster than sales in April, the market remains stable.' - Chris Shields, President of the Fraser Valley Real Estate Board.
We have seen Realtors® and clients act quickly in changing the way that the industry shows and views homes. This was one of the slowest Aprils in Fraser Valley history with numbers in line with 1981. The amount of new listings and sales decreased in similar amounts which has kept the Benchmark Prices of homes in a similar place to where they were last month.
We notice that the Benchmark Price of Detached homes, townhomes and apartments all rose slightly, between 0.2 - 0.7%. They all have a similar average days on market, being between 30-33 days. The interesting thing to note is the Sales to Active Ratio in the different markets. Apartments were on the border of being a Buyers market, Detached homes were right in the middle of a balanced market and Townhomes just crested into a Sellers market.
With the total amount of sales for the Fraser Valley being down 50.3%, let's take a look at areas stood out as being different.
Mission had a drop of only 33.3% in Detached homes compared to last year. White Rock / South Surrey dropped only 32.7% in their Townhouse sales from last year. Surrey Central's detached homes only dropped 41.1% from last this time and North Surrey's townhouse market fell just 26.7% when compared with last year. On the other hand, Langley's Apartment sales dropped 61% from last year. North Surrey Apartments dropped 62.8% and Surrey Central apartment sales dropped 73.5% when compared with last year's sales.
With the Restrictions starting to be lifted in May, it will be interesting to see what the results are to the Real Estate Market!
To see the full detailed stats Click Here