May 2020 Market Insight

And just like that it’s already June!

Can you even believe it? Where has the first half of this year gone! For most of us it looks very different than we all expected it too look. This was the year we would all stick to our New Years resolutions. This was the year we would loose that extra weight. Instead most of us were quickly forced to start working from home or staying home to care for our children who just go a 3 month head start on summer vacation.

With stores, restaurants, dental offices and anything “non-essential” closing its doors during the pandemic people were left unsure about how the Real Estate market would handle it. Most people thinking this is it.. this is where the bubble will burst. While others saw it as an opportunity.

So let’s break it down and look at the stats.

Starting with active listings.

Fraser Valley - Active Listings

Active listings measure the number of active listings available that month. As you can see the number or active listings is down from the same time last year but it is up from 2018. With a lack of active listings in the Fraser Valley (especially a huge decline in detached homes) this creates a sense of urgency among buyers which can result in multiple offers and homes selling for over asking price.

Fraser Valley - Sales

This is where most people get nervous and start to freak out. (Cue all the questions about the “bubble”) It’s not surprising that the number of sale are down. People have been in lockdown and don’t want strangers coming into their home (totally understandable)… With the Real Estate Council of BC putting a hold on all open houses and in-person showing to anyone who was deemed non-essential this cut a huge chuck of our market out for the time being. What gets really interested is when you look at the sale price statistic, thats coming up next!