Fraser Valley home sales soared in August: statistics

Sep 2 2020, 5:47 pm

Newly released statistics from the Fraser Valley Real Estate Board (FVREB) show the eastern and southern ends of the Lower Mainland recorded the second highest number of home sales and the highest number of new listings in August, within the last two decades.

There were 2,039 units sold over the month, representing a 2.9% decrease from July 2020, but an increase of 57.2% compared to the 1,297 units sold in the same month last year. Moreover, August’s sales were 39% above the 10-year average for the month.

This performance can be attributed to pent up demand from COVID-19’s impact on showings and sales earlier this year, as well as the local market fundamentals of Metro Vancouver residents — especially families with kids looking for larger spaces — increasingly heading further east and south in pursuit of greater housing affordability.

“In an unusual situation given the pandemic, we remain cautiously optimistic and are encouraged by the numbers we are seeing,” said Chris Shields, president of the FVREB, in a statement.

The region also saw 3,309 new listings in August 2020 — a decrease of 6.8% compared to the 3,549 new listings of the previous month, but a 40.4% increase compared to August 2019.

There are currently 7,404 active listings in the Fraser Valley, which is an increase of 0.9% compared to July 2020 and a decrease of 7.9% year-over-year.

The average price across all home types is $817,491 — down by 1.4% from July 2020, but up by 13.2% compared to August 2019.

FVREB’s jurisdiction entails Surrey, North Delta, White Rock, Langley, Mission, and Abbotsford, while the Real Estate Board of Greater Vancouver‘s jurisdiction covers all other areas of Metro Vancouver, as well as Whistler, Squamish, and the Sunshine Coast.

August 2020 home sales statistics

  • Detached homes
    • Number of units sold: 877 (+1.2% over July 2020; +71.6% over August 2019)
    • Number of active listings: 2,564
    • Benchmark price: $1,019,600 (+1.2% over July 2020; +6.9% over August 2019)
    • Average days on market: 31
  • Apartment homes
    • Number of units sold: 422 (-1.9% over July 2020; +27.5% over August 2019)
    • Number of active listings: 2,564
    • Benchmark price: $437,300 (no change over July 2020; +4% over August 2019)
    • Average days on market: 36
  • Townhomes
    • Number of units sold: 516 (-7% over July 2020; +60.7% over August 2019)
    • Number of active listings: 747
    • Benchmark price: $563,900 (+0.1% over July 2020; +3% over August 2019)
    • Average days on market: 24

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