your current housing market conditions
SURREY, BC - For the third straight month, home sales in the Fraser Valley surpassed 2018 levels bringing the market back in line with long-term averages.
The Fraser Valley Real Estate Board processed 1,343 sales of all property types on its Multiple Listing Service® (MLS®) in September, a 3.5 per cent increase compared to sales in August 2019, and a 29.8 per cent increase compared to the 1,035 sales in September of last year.
Darin Germyn, President of the Board, says, "The market's return to balance is good news for both buyers and sellers, however it's important to put the 30 per cent year-over-year increase in sales into context. September's sales went from amongst the worst in 10 years to just above our 10-year average."
"Home prices are still dropping compared to a year ago, but on a month-to-month basis, prices are moderating because supply is shrinking. Our incoming supply of new listings has dropped consistently for the last four months pushing our total inventory in the Fraser Valley to the lowest it's been since April, which has had an impact on prices."
There were 7,946 active listings available in the Fraser Valley at the end of September, an increase of 3.9 per cent compared to September of last year and a decrease of 1.2 per cent compared to August 2019. The Board received 2,769 new listings in September, a 17.5 per cent increase compared to August 2019's intake of 2,357 new listings and a 6 per cent decrease compared to September of last year.
Germyn adds, "Financing is still a challenge for many clients, but fortunately in a balanced market like this, REALTORS® have the time to work with clients and advise them of the best strategies for them, whether they are buying or selling."
For the Fraser Valley region, the average number of days to sell an apartment in September was 41, 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/Package201905.pdf
WHITE ROCK/SOUTH SURREY SEPTEMBER 2019 Benchmark Price Activity
• Single Family Detached: At $1,306,800 the Benchmark price for a single-family detached home in the South Surrey/White Rock DECREASED 6.5% from $1,397,400 from September last year and down slightly 1.5% from August last month ($1,326,700).
• Townhomes: At $638,400 the Benchmark price for a townhome decreased 6.1% from September last year ($679,900) and decreased 0.1% ($639,100) compared to last month in August.
• Apartments: At $491,00, the Benchmark price for apartments/condos decreased 2.3% from $502,700 compared to September last year, and decreased 1.5% from last month in August ($498,900).
SALES FOR SEPTEMBER (WHITE ROCK & SOUTH SURREY)
Detached: 63 sales, UP from 59 last month & up 15.7% from September last year (51 sales)
TownHouses: 50 sales, UP from 45 last month & down 7.4% from 54 last year in September.
Apartments: 69 sales, UP from 63 last month & UP 56.8% from September last year (44).
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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.