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June 2020 Fraser Valley Market Stats
June 2020 is what pent-up demand looks like once it is cautiously released in the Fraser Valley. The numbers look impressive across the board, and while the HPI Benchmark Price of residential homes did rise, it was only 3% over June of last year. Chris Shields, President of the Board, notes 'We're cautiously optimistic. June's numbers clearly indicate that the market is functioning in this challenging new environment and we're returning to more typical activity levels.'
'It’s due to a combination of factors. Obviously, very low interest rates, pent-up demand from the previous three months when the market was on hold, and the new CMHC rules that came into effect on July 1st making it harder to qualify for mortgage insurance. Also, consumers have told us that they respect and appreciate the safety protocols and use of technology we’ve implemented and they’re getting more comfortable with the new buying and selling process.'
June 2020 saw 3,456 new listings come into the Fraser Valley, which a 56% increase when compared with May and 23% when compared with June of last year. There was a total of 1,718 sales in June, which is an increase of 113.4% compared to May and a 31.5% increase to June of 2019. June of last year wasn't a hard target to beat, which left this year 6.4% below the 10 year average. By the end of the month the amount of Active listings came in at 7,063, which is 9.4% more then last month and 17.1% less than June of last year.
That brings us to the Sales to Active listing Ratio. From May to June, the stats jumped from the point of being a Buyer's market, through the Balanced Market and right into a Sellers market at 24%
With all this change, the Benchmark Pricing of homes didn't actually move too much. We saw the benchmark prices of Detached homes rise 3.6% over last year, Townhouses went up 1.9% and Condo's rose 3.3% compared to June of 2019.
Here are some highlighted areas of Benchmark Price increases. Mission saw detached benchmark prices rise almost 5% over last year while Langley saw 6.4% jump in prices. Cloverdale had an impressive 6.5% benchmark price increase in Townhouses from June 2019. Surrey saw their condo prices rise 5.5% over June of last year.
To see the full detailed stats Click Here