Buying and Selling Real Estate Blog
Selling Unique BC Properties
December 2020 Fraser Valley Market Stats
The Fraser Valley Real Estate Statistics for the last month of a very unique year. Even with months of this year being on hold, the year ended with a 12.4% increase of total annual sales over the 10 year average. December continued in the record breaking trend of the past few months with the strongest December ever recorded, being 81.2% higher than normal. We saw 2020 have a 28.7% increase over last year along with an increase of 3.7% of new listings. This disparity of supply and demand equates to an inventory, which is 28% below normal levels, and the natural result of that shows a Benchmark Price increase of 8.5% for all residential properties year over year.
You can also see this comparison in the Sales-To-Active listing ratio where a typical balanced market will have the ratio somewhere between 12-20%. For the Month of December 2020 we saw the ratio for the combined Residential and Commercial properties skyrocket to 53% which is a number that we haven't seen since 2016 & 2017.
Here is a more specific breakdown of Housing Types and their changes.
Apartments saw a Benchmark Price increase of 0.6% when compared to last month and a 4.7% increase compared to December 2019. The Sales to Active listing ratio is 41%, which is high, and well into a Sellers Market, but tame in comparison to Townhomes and Detached.
Townhomes saw a Benchmark Price increase of 1.1% when compared to last month and a 6.9% increase compared to December 2019. The Sales to Active listing ratio is at an incredible 83% and we saw listings on the market for an average of 34 days.
Detached homes saw a Benchmark Price increase of 1.7% when compared to last month and a 13.3% increase compared to December 2019. The Sales to Active listing ratio at 79% was almost as high as townhouses and homes were on the market for an average of 39 days.
Here is a section that highlights certain markets of the Fraser Valley that really stood out from the rest:
Abbotsford Detached homes had a 14.2% increase in their Benchmark price over last December.
Abbotsford Townhouses had an increase of 141.9% in sales over last December and a 23% increase over November of 2020.
Mission Detached homes had a 166.7% increase in sales over last December and a 19% increase in their Benchmark Price.
White Rock/South Surrey Detached had a 162.3% increase in sales over last December.
Langley Detached had a comparatively small increase of sales over last December at 26.2% but their Benchmark Price was still 14.1% higher.
Here is a link to the full Stats Package for December 2020 including 5 year summeries, Home Price Index & Average Price charts, Specific Stats for Fraser Valley municipalities in detail and more! CLICK HERE