your current housing market conditions
SURREY, BC – Ongoing demand for properties in the Fraser Valley saw overall sales reach the second highest point for an October in the Board’s history.
The Fraser Valley Real Estate Board processed 1,799 sales of all property types on its Multiple Listing Service® (MLS®) in October, an increase of 23 per cent compared to the 1,463 sales in October of last year, and an 11.1 per cent increase compared to the 1,619 sales in September 2017.
Attached sales represented 56% of all market activity for the month, with apartment sales totaling 591 and townhomes at 418.
“The divide between our attached and detached markets continues to widen,” Gopal Sahota, Fraser Valley Real Estate Board president said. “Apartment activity was notably strong in October with a sales-to-actives ratio of 105 per cent, meaning that apartments are selling as fast as we can list them.”
Last month the total active inventory for the Fraser Valley was 5,483 listings. Active inventory decreased by 6.3 per cent month-over-month, and decreased 9.1 per cent when compared to October 2016.
The Board received 2,479 new listings in October, a 13 per cent decrease from September 2017, and a 12.8 per cent increase compared to October 2016’s 2,197 new listings.
"Your real estate experience in the Valley is going to be very different depending on what you’re looking for or selling,” continued Sahota. “Regardless, with the help of a professional REALTOR® you can understand exactly what’s happening in your market and find success.”
For the Fraser Valley region the average number of days to sell an apartment in October was 18 days, and 19 days for townhomes. Single family detached homes remained on market for an average of 31 days before selling.
OCTOBER HPI® Benchmark Price Activity, White Rock / South Surrey
• Single Family Detached: At $1,489,600, the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 4.4% from $1,427,300 from October last year and decreased 1.6% from September last month (1,514,200).
• Townhomes: At $648,000 the Benchmark price for a townhome increased 9.5% from October last year ($591,900) and decreased 0.7% (652,800) compared to last month in September.
• Apartments: At $470,100, the Benchmark price for apartments/condos increased 25.7% from $373,900 compared to October last year, and increased 1.7% compared to September, last month ($462,100).
OCTOBER 2017 SALES FOR WHITE ROCK & SOUTH SURREY:
Detached: 63 sales, down from 81 last month & down 1.6% from October last year (64 sales)
TownHouses: 65 sales, up 35.4% from 48 last month & up 41.3% from last year (46)
Apartments: 72 sales, up 26.3% from 57 last month & up 18% from October last year (61)
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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.