your current housing market conditions
SURREY, BC – The increase in home sales in the Fraser Valley in May compared to April is thanks to renewed interest in single family detached homes. Although total market activity remained well below historical norms – 18 per cent below the 10-year average – the sale of detached homes increased by 14.9 per cent in one month.
The Fraser Valley Real Estate Board processed 1,517 sales of all property types on its Multiple Listing Service® (MLS®) in May, a 9.7 per cent increase compared to sales in April 2019, and a 13.7 per cent decrease compared to the 1,758 sales in May of last year.
In looking at the three main residential property types, detached homes garnered 41.2 per cent of the market in May, up from 39.4 per cent in April. Attached homes garnered 58.8 per cent in May, compared to 60.6 per cent in April.
Darin Germyn, President of the Board, said of the market: "Buyers are recognizing that in the last three months, home prices have stopped declining and that in order to take advantage of the improvement in prices over the past year, now is a great time to consider making the purchase they held off on in the previous months.
"We're seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It's been four years since buyers had this much choice in the Fraser Valley."
There were 8,506 active listings available in the Fraser Valley at the end of May, an increase of 26.3 per cent compared to May of last year and an increase of 8.1 per cent compared to April 2019.
The Board received 3,542 new listings during the month, a 4.5 per cent increase compared to April 2019's intake of 3,391 new listings and a 10.7 per cent decrease year-over-year.
"Key to this market is pricing," continued Germyn. "We empathize with our clients on the challenges they face today to qualify to buy a home and we work with them to find the right property at a realistic price they can afford."
Full package: http://fvreb.bc.ca/statistics/Package201905.pdf
WHITE ROCK/SOUTH SURREY MAY 2019 Benchmark Price Activity
• Single Family Detached: At $1,363,400 the Benchmark price for a single-family detached home in the South Surrey/White Rock DECREASED 8.3% from $1,487,000 from May last year and down slightly 0.9% from April last month ($1,376,000).
• Townhomes: At $650,200 the Benchmark price for a townhome decreased 5.9% from May last year ($690,700) and decreased 1.3% ($658,500) compared to last month in April.
• Apartments: At $499,100, the Benchmark price for apartments/condos decreased 4.6% from $523,300 compared to May last year, and decreased 1% compared to April last month ($504,100).
SALES FOR MAY (WHITE ROCK & SOUTH SURREY)
Detached: 71 sales, up from 61 last month & up 12.7% from MAY last year (63 sales)
TownHouses: 70 sales, up from 52 last month & down 5.4% from 74 last year in MAY.
Apartments: 60 sales, up from 55 last month & down 31.8% from MAY last year (88).
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Complete and Current Market Evaluation
One of the most important marketing tools Joanne uses in pricing and marketing a property is market statistics. This information includes comparisons between ‘listed’ properties (properties currently for sale) and ‘sold’ properties (properties that sold within a one-month period). These comparisons are generated at the end of every month by the Multiple Listing Service® and are not available to the public. These reports help to determine the Current Market Conditions affecting your specific neighbourhood.
The “Sales-To-Actives Ratio” tells the percentage of inventory that is selling in a given month (sales for the month divided by the Active Listings = the per centage of homes that are selling). This provides a better idea of the sense of balance between total supply and demand.
To determine the type of Market, if 18 to 22 per cent of inventory is selling (with give & take), the market is balanced. A Seller's Market is when more than 22 per cent is selling, and when it's less than 18 per cent the reverse is the case and buyers have the upper hand.