{"id":15582,"date":"2020-05-05T10:10:00","date_gmt":"2020-05-05T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15582"},"modified":"2020-05-05T10:05:05","modified_gmt":"2020-05-05T17:05:05","slug":"fvreb-both-home-sales-listings-contracted-in-tandem-to-embrace-the-public-health-measures","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/05\/fvreb-both-home-sales-listings-contracted-in-tandem-to-embrace-the-public-health-measures\/","title":{"rendered":"FVREB Both Home Sales &#038; Listings Contracted in Tandem to Embrace The Public Health Measures"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 As anticipated, real estate activity saw a steep decline last month in response to the pandemic lockdown, resulting in one of the slowest Aprils in Fraser Valley history.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board (FVREB) processed a total of 688 sales on its Multiple Listing Service\u00ae (MLS\u00ae) in April, a decrease of 52% compared to sales in March and a decrease of 50% compared to April of last year.<\/p>\n<p style=\"text-align: justify;\">According to FVREB historical data, last month\u2019s sales were on par with April sales in 1983 through to 1985; and new listings are in line with numbers last seen in April 1981.<\/p>\n<p style=\"text-align: justify;\"><em><strong>C<\/strong>hris Shields, President of the Board, observes, \u201cEven though March\u2019s initial numbers promised a banner spring, we expected the market to respond this way in April. Both sales and listings contracted in tandem as we all moved swiftly to embrace the measures necessary to respond to this global pandemic. Given that the volume of new listings coming on stream fell even faster than sales in April, the market remains stable.\u201d<\/em><\/p>\n<p style=\"text-align: justify;\">\u201cWhat has been most impressive is how the industry \u2013 both REALTORS\u00ae and our clients \u2013 have pivoted and adapted to innovations such as live streaming open houses and e-transactions that we anticipate will become mainstream even when physical distancing is no longer a requirement. These tools not only ensure public safety; clients appreciate their speed and efficiency.\u201d<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Board received 1,416 new listings in April, a 47% decrease compared to March\u2019s intake of 2,666 new listings and a 58% decrease compared to April of last year. April finished with 5,997 active listings, a decrease of 1% compared to March\u2019s inventory and a decrease of 24% year-over-year.<\/p>\n<p style=\"text-align: justify;\"><em><strong>S<\/strong>hields adds, \u201cAlthough we\u2019re seeing fewer transactions, it\u2019s important to emphasize that Realtors are still advising and protecting their clients every day. We were deemed a non-health essential service because there are always people who need to buy or sell a home, potentially due to the economic downturn. So, for those who need real estate guidance now, or who want to start preparing for the pending market rebound, feel free to call your Realtor to get the advice you need.\u201d<\/em><\/p>\n<p style=\"text-align: justify;\">In April, the average number of days to sell an apartment was 31; 30 for townhomes and 33 for single family detached.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $993,400, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.5% compared to March and, also increased 3.0% compared to April 2019.<br \/>\n\u2022 Townhomes : At $553,200, the Benchmark price for a townhome in the Fraser Valley increased 0.7% compared to March and increased 1.4% compared to April 2019.<br \/>\n\u2022 Apartments : At $424,100, the Benchmark price for apartments\/condos in the Fraser Valley increased 0.2% compared to March and increased 0.8 % compared to April 2019.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package202004.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the April Statistics Package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/fraser-valley-real-estate-market-contracts-and-adapts-in-response-to-public-health-measures-to-mitigate-covid-19\/\" target=\"_blank\" rel=\"noopener noreferrer\">Fraser Valley Real Estate Market Contracts and Adapts in Response to Pulbic Health Measures to Mitigate COVID-19<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 As anticipated, real estate activity saw a steep decline last month in response to the pandemic lockdown, resulting in one of the slowest Aprils in Fraser Valley &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/05\/fvreb-both-home-sales-listings-contracted-in-tandem-to-embrace-the-public-health-measures\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-15582","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FVREB Both Home Sales &amp; Listings Contracted in Tandem to Embrace The Public Health Measures &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/05\/fvreb-both-home-sales-listings-contracted-in-tandem-to-embrace-the-public-health-measures\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Both Home Sales &amp; 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