It’s not surprising that the real estate market in the Fraser Valley was rather quiet in the month of April 2020. In fact it was one of the slowest Aprils in history. It was like that in pretty much ALL real estate markets due to the lockdown impacts of the Covid-19 pandemic. As such, the following is an overview of what the housing market looked like in our Fraser Valley markets in April.
There were 688 sales, which was down about half compared to April 2019.
In terms of MLS® HPI Benchmark Price Activity
- Single Family Detached: At $993,400, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.5 per cent compared to March and, also increased 3.0 per cent compared to April 2019.
- Townhomes: At $553,200, the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to March and increased 1.4 per cent compared to April 2019.
- Apartments: At $424,100, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to March and increased 0.8 per cent compared to April 2019.
DAYS ON MARKET
In April, the average number of days to sell an apartment was 31; 30 for townhomes and 33 for single family detached.
April finished the month with 5,997 active listings, which was a decrease of 24% year-over-year. It is not surprising at all that many potential vendors held off on listing their properties due to health precautions around physical distancing.
There is still a great opportunity to list and sell your home while prices remain level during this health crisis. As I’ve touched on, and will dive deeper into this week, it may be a good time to seriously consider if you could benefit from downsizing or rightsizing your home, to meet your financial goals.
The lack of product, especially quality product, available for sale in the market means, relatively little competition to sell your house, townhome or apartment. This is reflected in the average days on market for these housing types hovering around only 30 days, despite concerns around social distancing.
You are still able to safely list, market and sell your home with the proper precautions. I am available to discuss how this may be done, if you are considering selling.
LOOKING TO MAY 2020
It is my best guess that we will start to see real estate activity pick up in the Fraser Valley markets like Surrey, Langley and Abbotsford, starting in May and into the summer months. There will be some anxious sellers looking to list and I believe we will see an uptick in the listings people have been holding off on. As well, I do think we will see some pent-up demand released into a purchasing frenzy, at least in the near term. Beyond that is anyone’s guess, however.
If you are looking to buy or sell a home in the Fraser Valley, or elsewhere in Metro Vancouver, please don’t hesitate to reach out to me.