Over the past few months, the housing market slowed considerably, though prices remained stable. As the number of new listings declined, so did the number of buyers shopping; supply and demand was balanced, therefore prices remained constant.
For example, new listings for detached homes in Mission in May 2020 dropped 44% from May 2019, sales dropped 60%, and benchmark house prices rose by 2%.
The Sales‐to‐Active Listings Ratio for all types of housing in the Fraser Valley was 12% in May which is a balanced market.
The Fraser Valley Real Estate Board (FVREB) processed a total of 805 sales on its Multiple Listing Service® (MLS®) in May, an increase of 17 per cent compared to sales in April and Chris Shields, President of the Board, observes, “This is an encouraging sign. Real estate is an essential service and it’s one of the most important economic drivers in BC’s economy.
Now as things begin to return to normal, there is a surge in confidence. Sellers who have been holding back are ready to market their properties, and buyers are calling Realtors for help with their property searches.
I expect there will be gradual sustainable growth and that the 2020 market could return to seasonal norms by summer and fall.
Read the FVREB Statistics Package here.