Despite The Pandemic
In Real Estate terms, 2020 went out with bang. Sales were higher than average in 10 years in the Fraser Valley! Despite the global pandemic, it’s apparent that those who can still transact in Real Estate will. Motivating factors for a move don’t seem to go away for those who are fortunate enough to still have the resources. From my personal point of view, the type of Real Estate consumer really hasn’t changed much from the pre Covid-19 days. Since the introduction by the BC “stress test” qualifications for mortgages, I’ve personally seen a drop in the new buyers amongst my clients and most of my clients have been lateral movers to down-sizers (as I may have touched upon in my other blogs and literature). Anecdotally, I recently just sold my clients’ lovely South Surrey condo, who have moved to Vancouver Island for more acreage and a cheaper yet bigger home.
I still have listed a glorious luxurious White Rock penthouse-type ocean-view condo, which tends to bring in potential buyers wishing to down-size from more expensive areas yet who wish to stay on the mainland.
To give you market detail, below is the FVREB’s Market Data Update as emailed to us members on January 5, 2021:
“Record-shattering December caps unexpected year in Fraser Valley real estate
In a year when the real estate market was at a standstill for months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10-year average due to unrelenting, pent-up consumer demand during the second half of 2020.
In December, the Board’s Multiple Listing Service® (MLS®) processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month. New listings in December, were the second highest on record at 1,502. By month’s end, active inventory finished below typical levels, at 3,949 units.
The total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for annual sales since 2011.
In 2020, sales of the three main residential property types were as follows: 8,176 single-family detached; 5,102 townhouses; and 4,357 apartments. Year-over-year, sales of detached soared by 41.7 per cent compared to 2019; townhome sales increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.”
Chris Shields, President of the Board, observes, ‘The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six-month stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family-sized homes in our region and so far, there is no sign of it slowing down.’”
As usual, I am here if you need me. Bending my ear over a “virtual tea” is no intrusion for me and costs you nothing, even if it’s just to talk about life. I am at your service. I have covered the current health protocols in my previous blog, should it come to meeting and working together.