your current housing market conditions
SURREY, BC – The Fraser Valley housing market saw slight increases in both total transactions and overall inventory this month after sales hit their lowest point for the year in September.
The Fraser Valley Real Estate Board processed 1,155 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 35.8 per cent compared to the 1,779 sales in October of last year, and a 11.6 per cent increase compared to sales in September 2018.
Of the 1,155 sales, 438 were residential detached homes, 306 were townhouses, and 292 were apartments.
“While slight, this is the first time since May that sales here have been on the upswing,” said John Barbisan, President of the Board. “We’re beneath typical activity levels for this time of year but it’s good to see that buyers and sellers are still finding success this season.”
Active inventory for the Fraser Valley in October finished at 7,746 listings, increasing 1.3 per cent month-over-month and 41.3 per cent year-over-year.
A total of 2,776 new listings were received by the Board in October, a 5.8 per cent decrease from that received in September 2018, and a 12 per cent increase compared to October 2017.
“We’re in a much better spot in terms of overall inventory compared to this time last year, and now closer to a more balanced market. Attached inventory, in particular, has seen notable gains, doubling year-over-year for townhouses and nearly tripling for apartments.”
For the Fraser Valley region, the average number of days to sell both an apartment and townhouse in October was 31. Single-family detached homes remained on the market for an average of 39 days before selling.
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OCTOBER 2018 Benchmark Price Activity, White Rock/South Surrey
• Single Family Detached: At $1,396,900 the Benchmark price for a single-family detached home in the South Surrey/White Rock DECREASED 6.27% from $1,489,600 from October last year and remained the same from September last month ($1,397,400).
• Townhomes: At $662,700 the Benchmark price for a townhome increased 2.3% from October last year ($648,000) and decreased 2.5% ($679,900) compared to last month in September.
• Apartments: At $503,900, the Benchmark price for apartments/condos increased 7.2% from $470,100 compared to October last year, and increased 0.2% compared to September last month ($502,700).
OCTOBER 2018 SALES FOR WHITE ROCK & SOUTH SURREY:
Detached: 58 sales, up from 36 last month & down 7.9% from October last year (63 sales)
TownHouses: 35 sales, down from 54 last month & down 46.2% from 65 last year in September.
Apartments: 47 sales, up from 44 last month & down 34.7% from October last year (72).
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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.