{"id":15794,"date":"2020-06-08T10:10:00","date_gmt":"2020-06-08T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15794"},"modified":"2020-06-03T12:59:54","modified_gmt":"2020-06-03T19:59:54","slug":"fvreb-property-sales-listings-have-showed-notable-recovery-m-m","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/06\/fvreb-property-sales-listings-have-showed-notable-recovery-m-m\/","title":{"rendered":"FVREB Property Sales &#038; Listings Have Showed Notable Recovery M\/M"},"content":{"rendered":"<p style=\"text-align: justify;\">Fresh data from the Fraser Valley Real Estate Board (FVREB) indicated that the region\u2019s property sales and listings have showed notable recovery in May.<\/p>\n<p style=\"text-align: justify;\">A main driver of this is the market\u2019s steady adjustment \u201cto the new, necessary safety measures required to buy and sell a home during the provincial state of emergency due to COVID-19,\u201d the FVREB said.<\/p>\n<p style=\"text-align: justify;\">\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,\u201d said Chris Shields, board president with FVREB. \u201cIt\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;\">Sales activity went up by 17% from April, for a total of 805 transactions. This volume was 47% lower than the May 2019 level of 1,517 sales, however.<\/p>\n<p style=\"text-align: justify;\">As for supply, last month saw 2,207 new listings go live in the market, which was 56% higher monthly and 38% lower annually. Active listings stood at 6,454 properties, an increase of 8% from April and a decrease of 24% from May 2019.<\/p>\n<p style=\"text-align: justify;\">\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,\u201d Shields said.<\/p>\n<p style=\"text-align: justify;\">FVREB\u2019s data release also said that overall prices remained stable, with the benchmark price for single-family homes ($990,400) ticking down by 0.2% monthly and growing by 2.7% annually.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re not seeing a lot of downward pressure on prices because for many areas there is a shortage of inventory,\u201d Shields said. \u201cWe\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;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/fraser-valley-market-shows-robust-monthovermonth-recovery-330187.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Fraser Valley Market Shows Robust Month-Over-Month Recovery<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fresh data from the Fraser Valley Real Estate Board (FVREB) indicated that the region\u2019s property sales and listings have showed notable recovery in May. A main driver of this is &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/06\/fvreb-property-sales-listings-have-showed-notable-recovery-m-m\/\">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-15794","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 Property Sales &amp; Listings Have Showed Notable Recovery M\/M &#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-property-sales-listings-have-showed-notable-recovery-m-m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Property Sales &amp; Listings Have Showed Notable Recovery M\/M &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Fresh data from the Fraser Valley Real Estate Board (FVREB) indicated that the region\u2019s property sales and listings have showed notable recovery in May. 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