your current housing market conditions
SURREY, BC – The Fraser Valley Real Estate Board's Multiple Listing Service® (MLS®) saw the second-highest number of property sales and the highest number of new listings in August within the last two decades, when 2,298 sales were recorded in August 2005.
The FVREB processed a total of 2,039 sales in August, a decrease of 2.9 per cent compared to sales in July, but an increase of 57.2 per cent compared to the 1,297 sales during August of last year. Last month's sales were 39 per cent above the ten-year average for August, representing the highest August in the last decade and second only to what was recorded back in August 2005.
Chris Shields, President of the Board, indicated that "we are seeing better sales volumes increase month over month because buyers are recognizing that the Fraser Valley offers increased choice and diversified housing opportunities while offering more value as well."
"In an unusual situation given the pandemic, we remain cautiously optimistic and are encouraged by the numbers we are seeing," added Shields.
The Fraser Valley Board received 3,309 new listings in August, a 6.8 per cent decrease compared to July's intake of 3,549 new listings and a 40.4 per cent increase compared to August of last year. August's new listings were 28.9 per cent above the ten-year average for the month, the highest in the last ten years. Last month finished with 7,404 active listings, an increase of 0.9 per cent compared to July's inventory and a decrease of 7.9 per cent year-over-year.
Baldev Gill, Chief Executive Officer of the Board, adds, "the highly competitive market with multiple offers and shorter days on market for various properties, provides further indication of the role REALTORS® are playing in this market. What we hear from our Realtor members is how consumers are seeking their guidance, advice and expertise during these unusual times."
In August, the average number of days to sell an apartment was 36; 24 for townhomes, and 31 for single family detached.
MLS BENCHMARK PRICE ACTIVITY for AUGUST 2020, WHITE ROCK/SOUTH SURREY
• Single Family Detached: At $1,395,300 the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 5.2% from $1,326,700 from August last year and increased 1.8% from last month in July ($1,370,700).
• Townhomes: At $670,600, the Benchmark price for a townhome increased 4.9% from August last year ($639,100) and increased 1.5% ($660,700) compared to last month in July.
• Apartments: At $489,000, the Benchmark price for apartments/condos decreased 2% from $498,900 compared to August last year, and increased slightly from last month in July ($485,600).
SALES FOR AUGUST 2020 (WHITE ROCK & SOUTH SURREY)
Detached: 110 sales, down from 130 last month & up 86.4% from August last year (59 sales)
TownHouses: 91 sales, up 2.2% from 89 last month & up 102.2% from 45 last year in August.
Apartments: 78 sales, up from 75 last month & up 23.8% from August last year (63).
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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.