Through-out April, the Real Estate market adapted to the public health measures to mitigate COVID-19. As expected, there was a large decrease in activity which resulted in one of the slowest Aprils in Fraser Valley history. The Fraser Valley hasn’t seen sales this low since April of 1983 to 1985. Recently released was the Fraser Valley Housing Market Statistics Package for April 2020. Here is a brief summary of how Mission looks;
• 28 detached homes sold for the month of April which is down 33.3% from last year (and last month) and down 50.3% in the entire Fraser Valley showing that Mission has weathered the storm a little bit better than other areas
• New listings are down 57.6% from last year which is good – this means we are not getting flooded with supply and keeping prices stable
• Out of 28 detached home sales, 4 homes went over asking price and 13 homes sold in under 10 days
• Average days on the market before a sale was achieved was 28
• Benchmark Price for Detached Home in April was $665,100.00, a 1.8% decrease compared to March
• Benchmark Price for Townhouse in April was $455,700, a 0.6% decrease compared to March
• Benchmark Price for Apartments in April was $343,000, a 0.2% decrease compared to March
Although there are fewer transactions, it is to be expected the way we do business has changed. The safety of our Clients is of the utmost importance. There are many pros and cons to holding an open-houses at this time. We are lucky to be able to offer Live Virtual Tours and other methods to virtually tour a property. We are seeing smaller groups, masks, and gloves along with sanitizer being used more often in Real Estate transactions.
As things slowly continue to change day to day and Phase 1 begins for BC, I look forward to answering any questions you might have for the Real Estate Market. For more details Click Here.