Buying and Selling Real Estate Blog
Selling Unique BC Properties
August 2020 Fraser Valley Market Stats
August has been record breaking with the most amount of new listings, plus we've seen the 2nd highest number of property sales in August within the last 20 years! There were 2,039 Sales in August 2020 compared with 2005 when there was 2,298. August 2020 sales are down 2.9% from last month but up 57.2% when compared to August of last year! This puts us at 39% over August's 10 year average.
Chris Shields, President of the Board says 'In an unusual situation given the pandemic, we remain cautiosly optimistic and are encouraged by the numbers we are seeing.' Chief Executive Officer of the Board, Baldev Gill adds, 'the highly competitive market with multiple offers and shorter days on market for various properties, provides further indication of the role REALTORS® are playing in this market. What we hear from our Realtor members is how consumers are seeking their guidance, advice and expertise during these unusual times.'
We have seen the Benchmark Price of all residential homes in the Fraser Valley reach $862,400 which 4.7% higher then last August. The Sales to active ratios are staying in the Sellers Market and the average days on market range from a swift 24 days for townhouses to 31 days for detached and 36 days for apartments.
Some Highlight areas to take note of are:
Sales of detached homes in Surrey are up 80.4% and Townhome sales are up 74.9% over this time last year.
Sales of detached homes in Abbotsford are up 92.1% and Townhome sales are up 105.4% over this time last year.
Langley saw the Benchmark price of detached homes go up 8.7%
To see the full detailed stats Click Here