Fraser Valley Real Estate Board - Stats for June 2020

Posted by Mir Khan on Sunday, July 5th, 2020 at 10:00am.

To view the YouTube stats video, please click here or click below:

 

The Real Estate market in the Fraser Valley has been picking up (with more inventory) after a slow April 2020 and a busier May 2020 - in both detached and attached Family Homes in Surrey, BC - with detached single Family Homes entering 'Seller's Market' and the attached Family Homes moving from a 'Balanced Market' to a 'Seller's Market'. The sales for detached single Family Homes are a WHOPPING 127% MORE than May 2020, and, the sales for attached Family Homes have also increased from 31% in May 2020 to 120% in June 2020. Personally, I have seen multiple offers on properties in June 2020 and other Realtor colleagues have seen the same outcome.

For the sake of simplicity, and just focusing on sales ratios in Surrey, BC, for all property types, we can see: May 2020 at sales ratio of 13.5% - which is a 'Balanced Market' verses for June 2020 at 26%, changing to - a 'Seller's Market'. With lower inventory as compared to last year, we are still maintaining good ground on the prices and properties are not losing their value.

Continuing to keep our focus only at Surrey, BC, Canada - and single family detached homes; the May 2020 sales ratio at 11% -- a 'Buyer's Market', and, for June 2020 sales ratio at 21% -- a 'Seller's Market'. The average sales price increased from May 2020 to June 2020 for detached homes in Surrey, BC, by 4% averaging at: $994,500. The inventory increased in June by 21%; May at 648 homes and June 2020 at 784 homes listed; and, the sales went UP by 127% in comparison to May 2020 for all detached homes in Surrey, BC, Canada -- to 136 SOLD in June 2020. Lastly, for the Days-On-Market (DOM): in June 2020 at 15 verses May Days-On-Market (DOM) at 29. Surrey, BC, during the month of June 20020 was a mostly a 'Seller's Market' with some areas in a 'Balanced Market' -- very dependent on which part of Surrey, BC, we are focusing at. Although, overall, it was a very weak 'Seller's Market' a at 21% Sales Ratio for the entire Surrey detached single Family Homes.

The Detached Homes (Single Family Homes) in Sullivan Station Community in Surrey, BC, Canada - market changed since May 2020 at Sales Ratio of 14%; to June 2020 at Sales Ratio at 22% --> a 'Seller's Market'.

The Attached Homes (Condos & Townhomes) in Sullivan Station Community in Surrey, BC, Canada - market changed quite a lot since May 2020 at Sales Ratio of 25%; to June 2020 at Sales Ratio at 48% --> still holding at an even strong 'Seller's Market'.

“We’re cautiously optimistic. June’s numbers clearly indicate that the market is functioning in this challenging new environment and we’re returning to more typical activity levels. It’s due to a combination of factors. Obviously, very low interest rates, pent‐up demand from the previous three months when the market was on hold, and the new CMHC rules that came into effect on July 1st making it harder to qualify for mortgage insurance. Also, consumers have told us that they respect and appreciate the safety protocols and use of technology we’ve implemented and they’re getting more comfortable with the new buying and selling process.” -- News Release Fraser Valley Real Estate Board - dated, June 2, 2020.

My Team and I, are compliant with all recommendations from our Government, Medical professionals, as well as, the Real Estate Board - in following appropriate protocols during COVID-19 pandemic - ensuring the safety of our Clients and general public -- if you are thinking of selling your Home during this time - you can count on us to getting the job done right! :-)

For full details and understanding of how the market is doing, right now, please contact me at: (778) 558-4427 or email me at: mir@mirkhan.ca - I can share the most recent Fraser Valley and the Greater Vancouver Stats with you, if you are looking to selling your home. Please call us; my Team & I will be glad to be of service. :-)

Feel free to leave to comment or ask me something by entering it below 'Leave a Comment' box ...

Thanks for reading & viewing.

Be Safe, Be Healthy and Be Happy! :-)

Mir Khan
Certified International Property Specialist, International Realtor Member, Professional Full-time Realtor
Mir Khan Personal Real Estate Corporation
Century 21 AAA Realty Inc.
(778) 558-4427
mir@mirkhan.ca
www.MirKhan.ca

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