Fraser Valley Real Estate Board - Stats for March 2020

Posted by Mir Khan on Thursday, April 2nd, 2020 at 8:00am.

Stats from March 2020



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

 

The Real Estate market in the Fraser Valley had been very busy for the first half of March 2020 with many multiple offers on both detached and attached homes in Surrey, BC - once we were declared in a 'state of emergency' due to coronavirus - the market started to slowdown (it is not dead and sales are still happening). For the sake of simplicity, and just focusing on sales ratios for: February 2020 at sales ratio of 30%, and the exact same in March 2020 as well, at sales ratio of 30% -- overall (for all property types) -- still in a strong 'Sellers Market'.

Looking at Surrey, BC, Canada (for single family detached homes); the February 2020 sales ratio was at 31% -- at 'Sellers Market'; and, for March 2020 sales ratio at 34% -- even stronger 'Sellers Market'. The average sales price slightly increased from February 2020 to March 2020 for detached homes in Surrey, BC, by 1% averaging at: $1,059,000. The inventory did not increase in March and remained same at 589 homes (February was 588 homes) listed; and the sales went up by 9% in comparison to February 2020 for all detached homes in Surrey, BC -- to 199 SOLDS in March 2020. Lastly, for the Days-On-Market (DOM): in March 2020 at 14  verses February Days-On-Market (DOM) at 18. For the most part, we are in a STRONG 'Sellers Market' (ask me what this means) at 34% Sales Ratio for the entire Surrey detached single family homes.

The Detached Homes (Single Family Homes) in Sullivan Station Community in Surrey, BC - market very slightly relaxed since February 2020 at Sales Ratio of 36%; to still a good Sales Ratio at 32% -->  a Strong 'Sellers Market'.

“We are grateful that the BC government has designated real estate an essential service, and accordingly, our industry
has implemented numerous measures to mitigate and manage risk. We have suspended open houses, restricted
showings, pivoted to using technology as much as possible, and are urging Realtors in the middle of completing
transactions with their clients to do so electronically.” (Source: News Release Fraser Valley Real Estate Board, April 2, 2020)

Please contact me at: (778) 558-4427 or email me at: mir@mirkhan.ca for full details and understanding of how the market is doing, right now. 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.

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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