Your December 2020 Market Update
|2020 – what a crazy and inconsistent year we have had in the real estate world (and the real world at that)! Looking back over the last year, I remember there were several months in where the market was at an absolute stand still. No deals were happening, we were on lockdown. |
That is why it is so mind blowing to see that 2020 still managed to finish 12.4% above the 10 year average. In fact, we just had the strongest December on record and 81.2% above normal for the month of December. 2,086 total sales were processed.
When comparing the entire year of 2019 to 2020, 2020 had an overall increase of 3.7% more listings.
Although listing volumes appear healthy, our region’s current overall inventory is 28 per cent below normal. The buyers out there are relentless which in turn is favouring sellers.
So, if you are thinking about selling but unsure if you are comfortable with it considering the risk of COVID, just know that our industry is very, very strict with following health & safety protocols.
We respect your safety and health.
Overall Typical real estate seasonal cycles did not apply this past year. The last 6 month stretch we have had is the strongest I have ever seen. From my own experiences with my clients there is no sign of this slowing. Still low inventory for single family and townhomes. As long as that is the case, we cannot catch up to the high demands.
|Benchmark pricing for the Fraser Valley |
Single Family Detached: At $1,079,500
Townhomes: At $576,200
Apartments: At $438,300