June 2020 Market Insight
Can you believe it? We are already half way through 2020… For a lot of us 2020 has been NOTHING like we ever thought it would be. A global pandemic! Our whole world as we knew it changed in a matter for 48 hours. This has left a lot of people wondering how the real estate market will hold up with everything happening. As for real estate on a global and even national aspect.. yes some could say the marketing isn’t doing so hot right now, but as for us right here… in beautiful British Columbia, more specifically the Fraser Valley the market is doing A LOT better then you might think.
So let’s break it down and really see how June held up versus previous years.
Active Listings
As you can see active listings in both detached and attached homes are down compared to last year. Some of you might look at this and think that means the market isn’d doing but this actually creates a sense of urgency among buyers. Less homes on the market means less homes to choose from, less homes to choose can often lead to multiples offers as buyers with a similar criteria end up all looking at the same homes and if they have already sold can become desperate to buy and offer more today then they would in other markets when there is a lot of inventory on the market.
2. Sales
Sales in the Fraser Valley are up 30% compared to the sale time last year!!!! 30.. effing percent! Still think the market is going to crash? I personally think this has a lot to do with BC doing so well with our C19 numbers and businesses starting to open back up again and people who were on the fence about making a move in the spring are now ready and more comfortable in their decision to move forward.