News Release October 2, 2018 

Housing supply ample as buyers remain hesitant in September

SURREY, BC – The slowing of sales activity and expansion of overall inventory that has defined much of 2018 for the Fraser Valley housing market continued in September, with sales at their lowest point and inventory at its highest for the year.

The Fraser Valley Real Estate Board processed 1,035 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 36.1 per cent compared to the 1,619 sales in September of last year, and a 10.4 per cent decrease compared to sales in August 2018.

Of those 1,035 sales, 376 were residential detached homes, 250 were townhouses, and 274 were apartments. This was the lowest number of transactions in a month this year for each category.

“Buyers remain reluctant as the market continues to adjust,” said John Barbisan, President of the Board. “We’re seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate.”

Active inventory for the Fraser Valley in September finished at 7,647 listings, increasing 4.2 per cent month-over-month and 30.6 per cent year-over-year. This is the highest level of supply for the Fraser Valley since July 2015.

A total of 2,946 new listings were received by the Board in September, a 14.4 per cent increase from that received in August 2018, and a 3.4 per cent increase compared to September 2017’s intake.

“If you want to sell soon, the most important thing you can do to be successful is to price effectively. Talk to your REALTOR® who can help you understand what buyers are looking for in your local market.”

For the Fraser Valley region, the average number of days to sell an apartment in September was 33, and 32 for townhomes. Single-family detached homes remained on the market for an average of 39 days before selling.

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SEPTEMBER 2018 Benchmark Price Activity, White Rock / South Surrey

• Single Family Detached: At $1,397,400 the Benchmark price for a single-family detached home in the South Surrey/White Rock DECREASED 7.7% from $1,514,200 from September last year and decreased 3% from August last month ($1,440,400).

• Townhomes: At $679,900 the Benchmark price for a townhome increased 4.2% from September last year ($652,800) and increased 2% ($666,800) compared to last month in August.

• Apartments: At $502,700, the Benchmark price for apartments/condos increased 8.8% from $462,100 compared to September last year, and decreased 0.7% compared to August last month ($506,000).

SEPTEMBER 2018 SALES FOR WHITE ROCK & SOUTH SURREY:

Detached:         36 sales, down from 51 last month & DOWN 55.6% from September last year (81 sales)
TownHouses:    54 sales, up from 51 last month & up 12.5% from 48 last year in September.
Apartments:      44 sales, up from 40 last month & down 22.8% from September last year (57).

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The Importance of Market Data

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.