your current housing market conditions
SURREY, BC – Fraser Valley’s extraordinary pandemic real estate market continued to break sales records – for the ninth consecutive month – while at the same time, reaching near-historic levels of new listings in May.
In May, the Fraser Valley Real Estate Board (FVREB) processed 2,951 sales on its Multiple Listing Service® (MLS®), an increase of 267 per cent compared to May 2020 and a 2 per cent decrease compared to April. (Note that last year, the market was significantly restricted due to the lockdown.) The previous record high for sales in May for the Fraser Valley region was 2,911 in 2016.
Larry Anderson, President of the Board, said, “Demand hasn’t changed. What’s changed is supply. In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control.
“We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We’re a long way from a balanced market, but supply is helping us to head in the right direction.”
In May, the Board received the second-highest volume of new listings ever; approaching May 2018 levels. The Board received 3,926 new listings in May, an increase of 78 per cent compared to last year, and a decrease of 22 per cent compared to April 2021. The month ended with total active inventory sitting at 5,868, a 3 per cent decrease compared to April, and 9 per cent less than May of last year.
Baldev Gill, Chief Executive Officer of the Board, added, “In the context of BC’s Restart Plan, it’s important to remind consumers that for now, when it comes to working with a real estate professional or booking a private showing, it’s status quo.
Currently, there is no easing of pandemic restrictions in the real estate sector and our Board does not anticipate new guidelines for several weeks. Your REALTOR® will continue to guide you safely through the buying and selling process, following all public safety protocols, for as long as necessary.”
Across Fraser Valley, in May, the average number of days to sell a single-family detached home was 14 and a townhome was 12 days. Apartments took, on average, 20 days to sell.
Full package: http://fvreb.bc.ca/statistics/Package202105.pdf
MLS BENCHMARK PRICE ACTIVITY for MAY 2021, WHITE ROCK/SOUTH SURREY
• Single Family Detached: At $1,731,600 the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 31.1% from $1,321,000 from May last year and increased 2.8% from last month in April ($1,683,900).
• Townhomes: At $805,800, the Benchmark price for a townhome increased 24.4% from May last year ($648,000) and increased 1.7% ($792,100) compared to last month in April.
• Apartments: At $565,100, the Benchmark price for apartments/condos increased 16.6% from $484,800 compared to May last year, and increased 2.1% from $553,700 last month in April.
SALES FOR MAY 2021 (WHITE ROCK & SOUTH SURREY)
Detached: 188 sales, down from 197 last month but up 370% from May last year (40 sales)
TownHouses: 117 sales, down from 129 last month but up 185.4% from 41 ast year in May.
Apartments: 125 sales, down from 128 last month but up 303% from May last year (31).
Call Joanne today, for a free
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 11 to 20 per cent of inventory is selling (with give & take), the market is balanced. A Seller's Market is when more than 20 per cent is selling, and when it's less than 11 per cent the reverse is the case and buyers have the upper hand.