{"id":15774,"date":"2020-06-02T10:10:00","date_gmt":"2020-06-02T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15774"},"modified":"2020-06-02T09:24:59","modified_gmt":"2020-06-02T16:24:59","slug":"fvreb-housing-market-activity-picks-up","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/06\/fvreb-housing-market-activity-picks-up\/","title":{"rendered":"FVREB Housing Market Activity Picks-Up"},"content":{"rendered":"<p style=\"text-align: justify;\">Surrey, BC \u2013 In May, Fraser Valley listings and property sales started to bounce back as REALTORS\u00ae helped their clients adjust to the new, necessary safety measures required to buy and sell a home during the provincial state of emergency due to COVID-19.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board (FVREB) processed a total of 805 sales on its Multiple Listing Service\u00ae (MLS\u00ae) in May, an increase of 17% compared to sales in April and a decrease of 47% compared to the 1,517 sales during May of last year.<\/p>\n<p style=\"text-align: justify;\">Chris Shields, President of the Board, observes, \u201cThis is an encouraging sign. Real estate is an essential service and it\u2019s one of the most important economic drivers in BC\u2019s economy.<\/p>\n<p style=\"text-align: justify;\">\u201cRealtors and consumers deserve to be congratulated. It\u2019s not easy to adapt quickly to physical distancing, virtual tools and strict personal safety protocols and yet we\u2019re seeing more and more transactions happening daily as we all get more comfortable and confident with the new normal.\u201d<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Board received 2,207 new listings in May, a 56% increase compared to April\u2019s intake of 1,416 new listings and a 38% decrease compared to May of last year. May finished with 6,454 active listings, an increase of 8% compared to April\u2019s inventory and a decrease of 24% year-over-year.<\/p>\n<p style=\"text-align: justify;\">Shields adds, \u201cAlthough our overall numbers remain significantly lower than seasonal norms, it\u2019s to be expected. The market is resilient and as all of us continue to work together responsibly for the betterment of public safety, it will continue to improve.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s important for buyers to note that prices overall remain stable. We\u2019re not seeing a lot of downward pressure on prices because for many areas there is a shortage of inventory. We\u2019re even seeing multiple offer situations currently where buyers are paying asking price. When supply and demand stay in balance, prices remain relatively firm.\u201d<\/p>\n<p style=\"text-align: justify;\">In May, the average number of days to sell an apartment was 38; 36 for townhomes and 31 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 $990,400, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.2% compared to April and, increased 2.7% compared to May 2019.<br \/>\n\u2022 Townhomes : At $555,000, the Benchmark price for a townhome in the Fraser Valley increased 0.4% compared to April and increased 1.8% compared to May 2019.<br \/>\n\u2022 Apartments : At $433,700, the Benchmark price for apartments\/condos in the Fraser Valley decreased 1.0% compared to April and increased 1.0% compared to May 2019.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package202005.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the May Statistics Package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/housing-market-activity-picks-up-in-the-fraser-valley-as-buyers-and-sellers-adapt-to-the-new-environment\/\" target=\"_blank\" rel=\"noopener noreferrer\">Housing Market Activity Picks Up in The Fraser Valley as Buyers and Sellers Adapt to The New Environment<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Surrey, BC \u2013 In May, Fraser Valley listings and property sales started to bounce back as REALTORS\u00ae helped their clients adjust to the new, necessary safety measures required to buy &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/06\/fvreb-housing-market-activity-picks-up\/\">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-15774","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FVREB Housing Market Activity Picks-Up &#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\/06\/fvreb-housing-market-activity-picks-up\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Housing Market Activity Picks-Up &#8226; 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