your current housing market conditions
SURREY, BC – Overall inventory levels continued to recover as market activity remained moderate through January.
The Fraser Valley Real Estate Board processed 784 sales of all property types on its Multiple Listing Service® (MLS®) in January, a 2 per cent decrease compared to sales in December 2018, and a 35.2 per cent decrease compared to the 1,210 sales in January of last year.
Of the 784 total sales, 250 were residential detached homes, 190 were townhouses, and 257 were apartments. This is the first time in the Board’s history that apartments have outsold residential detached homes during a month.
“This remains a challenging environment for buyers and sellers alike,” said John Barbisan, President of the Board. “Factors such as reduced buying power, changing expectations for pricing, and a recovering inventory are all having an impact.”
There were 5,995 active listings available in the Fraser Valley at the end of January, an increase of 9.9 per cent compared to December 2018’s inventory and an increase of 51.3 per cent year-over-year.
Additionally, 2,609 new listings were received by the Board for the month, a significant increase compared to December 2018’s intake of 978 new listings and a 24.7 per cent increase compared year-over-year.
"Historically, January months start slowly, and 2019 is following that trend,” explained Barbisan. “Pricing for each of our major residential property types remains either stable or decreased in most areas. This isn’t necessarily indicative of what’s to come in 2019, but it reinforces the need to be aware of what’s happening in your local market in order to be effective.”
For the Fraser Valley region, the average number of days to sell an apartment in January was 45, and 44 for townhomes. Single family detached homes remained on the market for an average of 55 days before selling.
Full package: http://www.fvreb.bc.ca/statistics/Package201901.pdf
JANUARY 2019 Benchmark Price Activity, White Rock/South Surrey
• Single Family Detached: At $1,351,300 the Benchmark price for a single-family detached home in the South Surrey/White Rock DECREASED 8.1% from $1,470,800 from January last year and down from December last month ($1,360,200).
• Townhomes: At $669,000 the Benchmark price for a townhome increased 3.8% from January last year ($644,200) and decreased 0.8% ($674,100) compared to last month in December.
• Apartments: At $481,000, the Benchmark price for apartments/condos decreased 5.2% from $507,400 compared to January last year, and decreased 3.8% compared to December last month ($500,100).
WHITE ROCK & SOUTH SURREY: JANUARY 2019 SALES
Detached: 23 sales, down from 33 last month & down 62.3% from January last year (61 sales)
TownHouses: 27 sales, down from 31 last month & down 35.7% from 42 last year in January.
Apartments: 34 sales, up from 27 last month & down 35.8% from January last year (53).
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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.