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August 2020 Market Update

Under Inside Fraser Valley, Real Estate


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Written on September 3rd, 2020

Woah, we cannot believe we are already heading into Fall! We don’t know about you, but we are kind of excited to see what Fall will bring. Don’t get us wrong though, we are still loving these warm, sunny days. Despite a global pandemic, things have been busy and business as usual (okay, well maybe not just the same as usual!) and we remain cautiously optimistic about the direction the market is heading! 

August 2020 was the 2nd busiest month for sales in the past two decades, since 2005! We saw 2,039 sales this month. Wild! The Fraser Valley Real Estate Board (FVREB) saw 3,309 new listings last month. That is a 40.4% increase compared to August 2019. The month finished with 7,404 active listings. We saw many listings sell in multiple offers, and a short number of days on the market – one client even sold their home within a day of being live on the MLS! 

Baldev Gill, Chief Executive Officer of the Board , said “the highly competitive market with multiple offers and shorter days on market for various properties, provides further indication of the role REALTORS® are playing in this market. What we hear from our Realtor members is how consumers are seeking their guidance, advice and expertise during these unusual times.” 

We could not agree more with the above statement! We are here to help guide you through this process every step of the way. We know it can feel like a lot, and it can be overwhelming.  That said, we are here to answer your questions and put you at ease. We promise to do what it takes! Thank you again for your continued support, and thanks to those who have voted for Kim Phillips for Cloverdale’s Best Realtor! We would love to win that for the 4th year in a row. Click here to vote if you haven’t already

MLS® HPI Benchmark Price Activity

  • 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.

 

*From the Fraser Valley Real Estate Board