Fraser Valley Real Estate Board - Stats for May 2020

Posted by Mir Khan on Sunday, June 7th, 2020 at 9:38am.

Stats from May 2020

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 - in both detached and attached Family Homes in Surrey, BC - with detached single Family Homes entering 'Buyer's Market' and the attached Family Homes still remaining in a 'Balanced Market. The sales for detached single Family Homes have still dropped slightly by 11%, but, the sales for attached Family Homes have increased by 31%. Personally, I have even had multiple offers on property in May 2020 and other Realtor colleagues have seen the same outcome in May 2020.

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

Continuing to keep our focus only at Surrey, BC, Canada - and single family detached homes; the April 2020 sales ratio at 14% -- a 'Balanced Market', and, for May 2020 sales ratio at 11% -- a 'Buyer's Market'. The average sales price slightly dropped from April 2020 to May 2020 for detached homes in Surrey, BC, by 6% averaging at: $955,000. The inventory increased in May by 13%; April at 573 homes and May 2020 at 648 homes listed; and, the sales went down by 11% in comparison to April 2020 for all detached homes in Surrey, BC, Canada -- to only 73 SOLD in May 2020. Lastly, for the Days-On-Market (DOM): in May 2020 at 30 verses April Days-On-Market (DOM) at 17. Surrey, BC, during the month of May 20020 was a mixture of all market segments - 'Seller's Maket', 'Balanced Market', and, Buyer's Market' -- very dependent on which part of Surrey, BC, we are focusing at. Although, overall, it was a very weak 'Buyer's Market' almost bordering the 'Balanced Market' (ask me what this means) at 11% 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 April 2020 at Sales Ratio of 12%; to May 2020 at Sales Ratio at 14% --> a 'Balanced Market'.

The Attached Homes (Condos & Townhomes) in Sullivan Station Community in Surrey, BC, Canada - market slightly changed since April 2020 at Sales Ratio of 23%; to May 2020 at Sales Ratio at 25% --> still holding at a slightly stronger 'Seller's Market'.

“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.” -- 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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