Fresh data from the Fraser Valley Real Estate Board (FVREB) indicated that the region’s property sales and listings have showed notable recovery in May.
A main driver of this is the market’s steady adjustment “to the new, necessary safety measures required to buy and sell a home during the provincial state of emergency due to COVID-19,” the FVREB said.
“This is an encouraging sign. Real estate is an essential service and it’s one of the most important economic drivers in BC’s economy,” said Chris Shields, board president with FVREB. “It’s not easy to adapt quickly to physical distancing, virtual tools, and strict personal safety protocols, and yet we’re seeing more and more transactions happening daily as we all get more comfortable and confident with the new normal.”
Sales activity went up by 17% from April, for a total of 805 transactions. This volume was 47% lower than the May 2019 level of 1,517 sales, however.
As for supply, last month saw 2,207 new listings go live in the market, which was 56% higher monthly and 38% lower annually. Active listings stood at 6,454 properties, an increase of 8% from April and a decrease of 24% from May 2019.
“Although our overall numbers remain significantly lower than seasonal norms, it’s to be expected. The market is resilient and as all of us continue to work together responsibly for the betterment of public safety, it will continue to improve,” Shields said.
FVREB’s data release also said that overall prices remained stable, with the benchmark price for single-family homes ($990,400) ticking down by 0.2% monthly and growing by 2.7% annually.
“We’re not seeing a lot of downward pressure on prices because for many areas there is a shortage of inventory,” Shields said. “We’re even seeing multiple offer situations currently where buyers are paying asking price. When supply and demand stay in balance, prices remain relatively firm.”