Home prices soften as Fraser Valley housing market cools amid lower sales and higher…
Housing market activity picks up in the Fraser Valley as buyers and sellers adapt to the new environment
SURREY, BC – In May, Fraser Valley listings and property sales started to bounce back as REALTORS® helped their clients adjust to the new, necessary safety measures required to buy and sell a home during the provincial state of emergency due to COVID‐19.
The Fraser Valley Real Estate Board (FVREB) processed a total of 805 sales on its Multiple Listing Service® (MLS®) in May, an increase of 17 per cent compared to sales in April and a decrease of 47 per cent compared to the 1,517 sales during May of last year.
Chris Shields, President of the Board, observes, “This is an encouraging sign. Real estate is an essential service and it’s one of the most important economic drivers in BC’s economy.
“Realtors and consumers deserve to be congratulated. It’s not easy to adapt quickly to physical distancing, virtual tools and strict personal safety protocols and yet we’re seeing more and more transactions happening daily as we all get more comfortable and confident with the new normal.”
The Fraser Valley Board received 2,207 new listings in May, a 56 per cent increase compared to April’s intake of 1,416 new listings and a 38 per cent decrease compared to May of last year. May finished with 6,454 active listings, an increase of 8 per cent compared to April’s inventory and a decrease of 24 per cent year‐over‐year.
Shields adds, “Although our overall numbers remain significantly lower than seasonal norms, it’s to be expected. The market is resilient and as all of us continue to work together responsibly for the betterment of public safety, it will continue to improve.
“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.”
In May, the average number of days to sell an apartment was 38; 36 for townhomes and 31 for single family detached.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $990,400, the Benchmark price for a single‐family detached home in the Fraser Valley decreased 0.2 per cent compared to April and, increased 2.7 per cent compared to May 2019.
- Townhomes: At $555,000, the Benchmark price for a townhome in the Fraser Valley increased 0.4 per cent compared to April and increased 1.8 per cent compared to May 2019.
- Apartments: At $433,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.0 per cent compared to April and increased 1.0 per cent compared to May 2019.
1. Areas covered by the Fraser Valley Real Estate Board include: White Rock, Abbotsford, Mission, Langley, Delta-North & the City of Surrey – North Surrey, Central Surrey, Cloverdale and South Surrey.