your current housing market conditions
SURREY, BC – Persistent and growing demand for townhomes and apartments in the Fraser Valley led to the second strongest August historically in terms of sales.
The Fraser Valley Real Estate Board processed 1,879 sales of all property types on its Multiple Listing Service® (MLS®) in August, an increase of 10.9 per cent compared to the 1,694 sales in August of last year, and a 3 per cent decrease compared to the 1,937 sales in July 2017.
Of the total sales processed 470 were townhouses and 548 were apartments, together representing 54% of market activity in August.
"It's not surprising to see demand like this still so late into the summer; the Fraser Valley has never been a better place to live than it is now," said Board President Gopal Sahota. "Our communities are thriving, and there are still affordable options throughout our region. Also, it doesn’t hurt that removing the bridge tolls gives us even greater access to the Lower Mainland."
Last month the total active inventory for the Fraser Valley was 5,712 listings. Active inventory decreased by 4.3 per cent month-over-month, and decreased 6.4 per cent when compared to August 2016.
The Board received 2,633 new listings in August, a 20.2 per cent decrease from July 2017, and a 7.3 per cent decrease compared to August 2016’s 2,840 new listings.
"Anyone who's looking for a townhome or apartment will have to move quickly – units are selling faster than they ever have here,” continued Sahota. “Talk to your REALTOR® for the best advice on how to prepare yourself and succeed in a competitive market like this one.”
For the Fraser Valley region, the average number of days to sell an apartment in August was 17 days, notable when compared to 26 at this time last year. Townhomes sold in an average of 16 days and single-family detached took 25.
AUGUST 2017 HPI® Benchmark Price Activity for White Rock & South Surrey:
• Single Family Detached: At $1,521,000, the Benchmark price for a single family detached home in White Rock/South is down slightly from $1,523,700 last month and increased 3.9 percent from August of last year ($1,464,000).
• Townhomes: At $637,500 the Benchmark price for a townhome in White Rock/S. Surrey decreased from $638,400 last month and increased 11.1% percent from August of last year ($574,000).
• Apartments: At $449,400, the Benchmark price for apartments/condos in White Rock/S.Surrey increased from $434,900 from last month and increased 24.6 percent from August last year ($360,800).
AUGUST 2017 SALES FOR WHITE ROCK & SOUTH SURREY:
Detached: 81 sales, DOWN 9% from 89 last month & up 22.7% from August of last year (66 sales)
TownHouses: 74 sales, UP 19.4% from 62 last month & up 72.1% from last year (43)
Apartments: 101 sales, same as 101 last month & up 46.4%% from August last year (69)
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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.