The Fraser Valley Real Estate Board recently published the MLS® statistics for the Abbotsford real estate market, among others, for June 2020.
In this post, we’re going to take a close look at key numbers for the Abbotsford detached home market for June 2020 – including sales, new listings, active listings, as well as benchmark, median and average prices for detached homes for sale in Abbotsford.
We're also going to see what kind of shape the detached home market in Abbotsford was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.
We're cautiously optimistic. June's numbers clearly indicate that the market is functioning in this challenging new environment and we're returning to more typical activity levels. It's due to a combination of factors. Obviously, very low interest rates, pent?up demand from the previous three months when the market was on hold, and the new CMHC rules that came into effect on July 1st making it harder to qualify for mortgage insurance.
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 June 2020 compare with the numbers for June 2019 and for May 2020.
Highlights of FVREB MLS® Data on Abbotsford Detached Home Listings and Sales
Here's a high-level snapshot of listing and sales activity for Abbotsford detached homes in June 2020.
- 115 Sales
- 198 New Listings
- 332 Active listings
- $821,500 Benchmark Price
- $797,500 Median Price
- $848,516 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 34.64%, indicating that it was a Seller's Market for detached homes in Abbotsford in June 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 detached homes, you need to speak with a real estate agent.
Abbotsford Detached Home Market Changes
Following are some of the highlights for detached homes for sale in Abbotsford in June 2020:
- There were 115 detached home sales in Abbotsford in June 2020 – an increase of 38.55% over June 2019 and an increase of 109.09% over May 2020
- There were 198 new listings of detached homes in Abbotsford in June 2020 – a decrease of -4.35% over June 2019 and an increase of 48.87% over May 2020
- The average price of a detached home in Abbotsford in June 2020 was $848,516 – a decrease of -0.10% over June 2019 and an increase of 0.93% over May 2020
If you're really keen to understand what happened in the market for detached home in Abbotsford in June 2020, make sure you check out the next section.
Detailed Overview of the Market for Detached Homes in Abbotsford
Check out the table below for more detailed information on what happened in the Abbotsford detached home market in June 2020 and see how it compares with the previous year and previous month.
Abbotsford Detached Home Stats
| Metric | Jun 2020 | Jun 2019 | % Change | May 2020 | % Change |
|---|---|---|---|---|---|
| Sales | 115 | 83 | 38.55% | 55 | 109.09% |
| New Listings | 198 | 207 | -4.35% | 133 | 48.87% |
| Active Listings | 332 | 332 | 0.00% | 307 | 8.14% |
| Benchmark Price | $821,500 | $807,700 | 1.71% | $827,500 | -0.73% |
| Median Price | $797,500 | $815,000 | -2.15% | $795,000 | 0.31% |
| Average Price | $848,516 | $849,406 | -0.10% | $840,678 | 0.93% |
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 detached homes 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.