Buying and Selling Real Estate Blog
Selling Unique BC Properties
July 2020 Fraser Valley Market Stats
Real Estate Sales in July 2020 were 25.5% higher than July's 10 year average making it the 2nd highest sales of a July in history, right behind July 2015! There was a total of 2,100 sales, which is 44% higher than July of 2019 and 22.2% more than last June. While this is very impressive, it looks as though this is the result of the pent up demand for what was going to be a strong Spring market. Even though we have also seen the second-highest amount of new listings ever in July, the even higher demand has pushed Benchmark prices up. The HPI Benchmark price of residential home in the Fraser Valley is $858,300, which is up 4.1% over this time last year.
Properties have been selling fast and we've seen the benchmark price of homes rise. For detached homes there has been a 5.3% rise in the Benchmark price over last year bringing it up to $1,008,000 and the average days on market is 34. Apartments also saw the average days on market as 34 and the year to date change in Benchmark price was up 3.8% with a price of $437,300. Townhouses sold even faster with an average of 28 days on the market while the Benchmark price rose 3.3% to $563,200.
Even with all the new listings coming onto the market, it just couldn't keep up with demand. This pushed us further into a Sellers market with the Sales-to-Active ratio of Detached homes at 35%, Townhomes were at 45% and Apartments were at 24%. The combined residential and commercial property brought the ratio to 29%. (a balanced market is considered between 12%-20% in the Fraser Valley).
In the Fraser Valley, Active residential listings were down year to date by 22.2% but recovered by 3.9% over last month. Townhouse active listings were down 15% over last year and up 3.9% compared to last month while Apartment active listings were up 14.4% compared to last year and 9.4% over last month.
To see the full detailed stats Click Here