To say the residential real estate in the Fraser Valley was HOT in August 2020 would be an understatement. The housing market from Surrey to Abbotsford, and everything in between, was on fire.
August 2020 showed the Fraser Valley had the second highest number of property sales in the past two decades!
The Fraser Valley Real Estate Board processed 2,039 sales in August 2020, up 57% compared to August 2019. This represents sales for the month 39% above the 10-year average.
These figures show that the trend of people moving into the suburbs of Vancouver is real. This blog has been writing about the benefits of more space and value that the suburbs offer compared to the core areas of Metro Vancouver. Reduced commuting requirements and the need for more physical space are making housing markets like Surrey, Langley and Abbotsford more attractive than ever.
Below is a summary of some key statistics or take-aways from housing market activity in August 2020.
Prices and sales are up across the board for detached houses, townhouses and apartments. Another key figure that really shows the strength of the housing market is the average days on market being in and around the 30 day market. Clearly, this shows just how fast homes are selling in the region.
If you are looking at exploring your options to buy a home in the Fraser Valley, please reach out to me and I would be most happy to answer any questions you might have about our markets. As your buyers agent, I could help you find your ideal home, in your ideal location.