your current housing market conditions
SURREY, BC – Fraser Valley real estate hit two historical highs in March, setting records for both sales and new listings processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921.
In March, the FVREB processed 3,329 residential and commercial sales on its Multiple Listing Service® (MLS®), an increase of 131 per cent compared to March 2020 and 18 per cent more than were processed in February. The previous record of 3,006 sales was set in March of 2016.
Larry Anderson, President of the Board, said of this month’s statistics, “This market is uncharted territory for Fraser Valley real estate. The surprising strength of the economy, the influence of the pandemic and a lack of inventory of all property types has created unprecedented demand for housing in our region.
“It is very stressful for buyers. REALTORS® are working hard to guide them through what has become a protracted, powerful seller’s market. As we continue to help our clients grapple with escalating prices and multiple offers, March did bring some good news. It set a record for volume of new listings received improving selection,” said Anderson.
The Board received 5,087 new listings in March, an increase of 91 per cent compared to March of last year, and 56 per cent more than were processed in February. The previous high for new listings was 4,458 in April 2008. Total active inventory for March was 5,012, a decrease of 18 per cent compared to last year’s 6,083 active listings, however 22 per cent higher than February 2021.
Baldev Gill, Chief Executive Officer of the Board, added, “The impact of the pandemic on the market cannot be overstated and as we know from the province’s latest announcement, we are in a precarious situation currently. Since the end of the first lockdown in 2020, the real estate profession has led the way on protecting its members and the public.
“Realtors take this extra duty to protect their clients during private, in-person showings very seriously and will continue to remain vigilant until vaccines are rolled out to the greater population,” added Gill.
Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 15 and a townhome was 14 days. Apartments took, on average, 31 days to sell.
Full package: http://fvreb.bc.ca/statistics/Package202103.pdf
MLS BENCHMARK PRICE ACTIVITY for MARCH 2021, WHITE ROCK/SOUTH SURREY
• Single Family Detached: At $1,625,300 the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 23.1% from $1,319,900 from March last year and increased 5.1% from last month in February ($1,546,700).
• Townhomes: At $744,300, the Benchmark price for a townhome increased 16.3% from March last year ($640,000) and increased 3.6% ($718,100) compared to last month in February.
• Apartments: At $531,500, the Benchmark price for apartments/condos increased 9.7% from $484,600 compared to March last year, and increased 3.7% from $512,400 last month in February.
SALES FOR MARCH 2021 (WHITE ROCK & SOUTH SURREY)
Detached: 224 sales, up from 206 last month but up 157.5% from March last year (87 sales)
TownHouses: 137 sales, up from 134 last month & up 110.8% from 65 last year in March.
Apartments: 156 sales, up from 128 last month & up 218.4% from March last year (49).
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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 11 to 20 per cent of inventory is selling (with give & take), the market is balanced. A Seller's Market is when more than 20 per cent is selling, and when it's less than 11 per cent the reverse is the case and buyers have the upper hand.