your current housing market conditions
SURREY, BC — Last month, buyers in the Fraser Valley took advantage of the continued stability in home prices and the highest inventory levels for March since 2015.
The Fraser Valley Real Estate Board processed 1,221 sales of all property types on its Multiple Listing Service® (MLS®) in March, a 24.3per cent increase compared to sales in February 2019, and a 26.6per cent decrease compared to the 1,664 sales in March of last year. Of the 1,221 total sales, 462 were residential detached homes, 300 were townhouses, and 346 were apartments. This was the lowest sales total for the Board during March since 2013.
Darin Germyn, President of the Board, said of the market: “From a buyer’s perspective, there are more opportunities available as we move deeper into spring. Many of our communities are seeing higher inventory levels, especially in the attached market with the number of available townhomes almost doubling and Fraser Valley condos more than doubling compared to last year.”
There were 7,011 active listings available in the Fraser Valley at the end of March, an increase of 9.4per cent compared to February 2019’s inventory and an increase of 46.2per cent year-over-year.
The Board received 2,872 new listings during the month, a 29.6per cent increase compared to February 2019’s intake of 2,216 new listings and a 0.2per cent increase compared year-over-year.
“One of the reasons our market has remained stable is simply due to affordability. Although prices have increased dramatically over the last ten years, during the last twelve months we’ve seen prices for all major residential property types in the Fraser Valley decrease between four and five per cent. This is good news for buyers,” continued Germyn.
For the Fraser Valley region, the average number of days to sell an apartment in March was 38, and 29 for townhomes. Single-family detached homes remained on the market for an average of 38 days before selling.
Full package: http://www.fvreb.bc.ca/statistics/Package201903.pdf
WHITE ROCK/SOUTH SURREY MARCH 2019 Benchmark Price Activity
• Single Family Detached: At $1,372,800 the Benchmark price for a single-family detached home in the South Surrey/White Rock DECREASED 7.9% from $1,490,100 from March last year and down from February last month ($1,382,800).
• Townhomes: At $653,100 the Benchmark price for a townhome decreased 3.7% from March last year ($678,000) and increased 1% ($646,400) compared to last month in February.
• Apartments: At $498,100, the Benchmark price for apartments/condos decreased 5% from $524,100 compared to March last year, and increased 1.9% compared to February last month ($488,800).
SALES FOR MARCH (WHITE ROCK & SOUTH SURREY)
Detached: 59 sales, up from 38 last month & down 28% from March last year (82 sales)
TownHouses: 49 sales, up from 29 last month & down 23.4% from 64 last year in March.
Apartments: 57 sales, up from 47 last month & down 21.78% from March last year (60).
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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.