your current housing market conditions
SURREY, BC – The demand for Fraser Valley real estate is the strongest it's been since the spring of 2018.
The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® (MLS®) in October, a 18.5 per cent increase compared to sales in September 2019, and a 37.8 per cent increase compared to the 1,155 sales in October of last year.
Darin Germyn, President of the Board, says, "Our market started to pick up in the summer and we've been steadily improving since. It's rare to see October home sales in the Fraser Valley outpace April and that's what we've seen this year; our typical spring and fall markets have flipped".
"Consumers are feeling more confident. Buyers have grown accustomed to the government's regulation changes. Interest rates have thankfully remained stable and we're likely seeing some pent-up demand from buyers who were holding off earlier this year. October's beautiful, sunny weather didn't hurt either."
There were 7,398 active listings available in the Fraser Valley at the end of October, a decrease of 4.5 per cent compared to October of last year and a decrease of 6.9 per cent compared to September 2019. The Board received 2,383 new listings in October, a 13.9 per cent decrease compared to September 2019's intake of 2,769 new listings and a 14.2 per cent decrease compared to October of last year.
Germyn adds, "We're still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it's important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again."
For the Fraser Valley region, the average number of days to sell an apartment in October was 34, and 37 for townhomes. Single-family detached homes remained on the market for an average of 46 days before selling.
Full package: http://fvreb.bc.ca/statistics/Package201910.pdf
WHITE ROCK/SOUTH SURREY OCTOBER 2019 Benchmark Price Activity
• Single Family Detached: At $1,318,300 the Benchmark price for a single-family detached home in the South Surrey/White Rock DECREASED 5.6% from $1,396,900 from October last year and up slightly 0.9% from September last month ($1,306,800).
• Townhomes: At $640,300 the Benchmark price for a townhome decreased 3.4% from October last year ($662,700) and increased 0.3% ($638,400) compared to last month in September.
• Apartments: At $474,800, the Benchmark price for apartments/condos decreased 5.8% from $503,900 compared to October last year, and decreased 3.4% from last month in September ($491,300).
SALES FOR OCTOBER (WHITE ROCK & SOUTH SURREY)
Detached: 73 sales, UP from 63 last month & up 25.9% from October last year (58 sales)
TownHouses: 69 sales, UP from 50 last month & UP 97.1% from 35 last year in October.
Apartments: 62 sales, DOWN from 69 last month & UP 31.9% from October last year (47).
Call Joanne today, for a free
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.