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May 2020 Fraser Valley Market Stats

Posted by Andy Boldt on June 4, 2020
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May 2020 saw the Fraser Valley Real Estate market start to pick up again, and while the numbers are nowhere near last year, they are an increase from last month. This is a good sign that people have adjusted to the necessary requirements of our situation and are moving forward. Both Realtors and their clients have made great efforts to adapt to the  changes and it shows as we see more and more transactions happening.

There were a total of 805 sales in the month of May, which is down 47% from last year but up an encouraging 17% from the month of April. We also saw a large amount of new listings hit the market with an increase of 55% over last month and down 37% from last year. This brought our active listings up to 6,454, which is an increase of 7% from last month and a decrease of 24% from last year.

Chris Shields, President of the Board notes 'Although our overall numbers remain significantly lower than seasonal norms, it's to be expected.' 

'It's important for buyers to note that prices overall remain stable. We're not seeing a lot of downward pressure on prices because for many areas there is a shortage of inventory. We're even seeing multiple offer situations currently where buyers are paying asking price. When supply and demand stay in balance, prices remain relatively firm.'

 

Looking at the breakdown of the three categories of homes, we see that the Sales-to-Active Listings are at 13% for both Detached homes and Apartments, meaning they're hovering at close to a buyers market. While the townhouse market is up in the Sellers market area of 22%. 

We also see that the Benchmark prices have all gone up slightly from year to date numbers and can note that from last month, the prices are basically the same. 

 

To see the full detailed stats Click Here