The Fraser Valley Real Estate Board recently published the MLS® statistics for the Abbotsford real estate market, among others, for May 2020.
In this post, we’re going to take a close look at key numbers for the Abbotsford condominium market for May 2020 – including sales, new listings, active listings, as well as benchmark, median and average prices for condominiums for sale in Abbotsford.
We're also going to see what kind of shape the condominium market in Abbotsford was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.
Realtors and consumers deserve to be congratulated. 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.
Chris Shields, President of the Board – President, Fraser Valley Real Estate Board
And we're going to look at how the Abbotsford MLS® numbers for May 2020 compare with the numbers for May 2019 and for April 2020.
Highlights of FVREB MLS® Data on Abbotsford Condominium Listings and Sales
Here's a high-level snapshot of listing and sales activity for Abbotsford condominiums in May 2020.
- 37 Sales
- 87 New Listings
- 251 Active listings
- $314,200 Benchmark Price
- $291,000 Median Price
- $291,908 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 14.74%, indicating that it was a Balanced Market for condominiums in Abbotsford in May 2020 (click on the link learn more about local housing market ratios on the BC Real Estate Association blog).
Please note: If you want the most accurate and up-to-date data on Abbotsford MLS® listing and sales activity for condominiums, you need to speak with a real estate agent.
Abbotsford Condominium Market Changes
Following are some of the highlights for condominiums for sale in Abbotsford in May 2020:
- There were 37 condominium sales in Abbotsford in May 2020 – a decrease of -51.95% over May 2019 and an increase of 15.63% over April 2020
- There were 87 new listings of condominiums in Abbotsford in May 2020 – a decrease of -42.38% over May 2019 and an increase of 58.18% over April 2020
- The average price of a condominium in Abbotsford in May 2020 was $291,908 – a decrease of -7.98% over May 2019 and a decrease of -4.49% over April 2020
If you're really keen to understand what happened in the market for condominium in Abbotsford in May 2020, make sure you check out the next section.
Detailed Overview of the Market for Condominiums in Abbotsford
Check out the table below for more detailed information on what happened in the Abbotsford condominium market in May 2020 and see how it compares with the previous year and previous month.
Abbotsford Condominium Stats
| Metric | May 2020 | May 2019 | % Change | Apr 2020 | % Change |
|---|---|---|---|---|---|
| Sales | 37 | 77 | -51.95% | 32 | 15.63% |
| New Listings | 87 | 151 | -42.38% | 55 | 58.18% |
| Active Listings | 251 | 251 | 0.00% | 249 | 0.80% |
| Benchmark Price | $314,200 | $317,500 | -1.04% | $320,200 | -1.87% |
| Median Price | $291,000 | $312,000 | -6.73% | $303,000 | -3.96% |
| Average Price | $291,908 | $317,224 | -7.98% | $305,637 | -4.49% |
Disclaimer
All of the data for the monthly real estate market updates are taken directly from the MLS® statistics packages that the Fraser Valley Real Estate Board publishes every month.
Although rare, errors and omissions may happen from time to time. If you want to be absolutely certain the you have the most accurate data, we encourage you to click on the link to the latest MLS® statistics for the Abbotsford real estate market.
Or, better still, speak directly with a real estate agent who specializes in Abbotsford condominiums who will be able to provide you with the most accurate, up to the minute information on – and insights into – the Abbotsford real estate market.