August was a relatively hot month for home sales and new listings in the region covered by the Fraser Valley Real Estate Board’s Multiple Listing Service.
The MLS numbers for the month saw the second highest number of property sales and highest number of new listings in August over the last two decades.
The FVREB processed 2,039 sales in August — a decrease of 2.9 per cent compared to sales in July, but an increase of 57.2 per cent compared to the 1,297 sales during August of last year.
The board says last month’s sales were 39 per cent above the 10-year average for August, representing the highest August in the last decade and second only to what was recorded back in August 2005, when 2,298 sales were recorded.
The Fraser Valley Real Estate Board is an association of 3,700 real estate pros in North Delta, Surrey, White Rock, Langley, Abbotsford and Mission.
After a surprisingly strong recovery, outlook for BC housing market is much brighter – BCREA
— FVREB (@FVREB) August 28, 2020
“We are seeing better sales volumes increase month over month because buyers are recognizing that the Fraser Valley offers increased choice and diversified housing opportunities, while offering more value as well,” Chris Shields, president of the board, said in a news release.
“In an unusual situation given the pandemic, we remain cautiously optimistic and are encouraged by the numbers we are seeing.”
In August, the average number of days to sell an apartment was 36; 24 for townhomes, and 31 for single family detached.
The Fraser Valley Board received 3,309 new listings in August, 28.9 per cent above the 10-year average for the month.
All the stats for the month are posted to fvreb.bc.ca/statistics/eStats-2020-08.html.
FVREB’s benchmark price activity for August 2020
Single Family Detached: At $1,019,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.2 per cent compared to July and, increased 6.9 per cent compared to August 2019.
Townhomes: At $563,900, the Benchmark price for a townhome in the Fraser Valley increased 0.1 per cent compared to July and increased 3 per cent compared to August 2019.
Apartments: At $437,300, the Benchmark price for apartments/condos in the Fraser Valley remain unchanged compared to July and increased 4 per cent compared to August 2019.