your current housing market conditions
SURREY, BC – In a year when the real estate market was at a standstill for months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10-year average due to unrelenting, pent-up consumer demand during the second half of 2020.
In December, the Board’s Multiple Listing Service® (MLS®) processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month. New listings in December, were the second-highest on record at 1,502. By month’s end, active inventory finished below typical levels, at 3,949 units.
The total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7 per cent compared to 2019’s 15,487 sales and placing it fourth-highest for annual sales since 2011.
In 2020, sales of the three main residential property types were as follows: 8,176 single-family detached; 5,102 townhouses; and 4,357 apartments. Year-over-year, sales of detached soared by 41.7 per cent compared to 2019; townhome sales increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.
Chris Shields, President of the Board, observes, “The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six-month stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family-sized homes in our region and so far, there is no sign of it slowing down.”
A total of 31,693 new listings were received by the Board’s MLS® in 2020, an increase of 3.7 per cent compared to 2019. As with annual sales, 2020 was also the fourth-highest year for new inventory for the Board in the last decade.
Baldev Gill, Chief Executive Officer of the Board, adds, “Although listing volumes appear healthy, our region’s current overall inventory is 28 per cent below normal. For those who have been thinking of selling but have held off due to the pandemic, the industry has mastered how to keep consumers safe using technology and strictly following provincial health guidelines. Ask your REALTOR® if now is a prudent time to list because the market currently is favoring sellers.”
Full package: http://fvreb.bc.ca/statistics/Package202012.pdf
MLS BENCHMARK PRICE ACTIVITY for DECEMBER 2020, WHITE ROCK/SOUTH SURREY
• Single Family Detached: At $1,450,900 the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 11.7% from $1,299,500 from December last year and increased 0.2% from last month in November ($1,447,700).
• Townhomes: At $672,900, the Benchmark price for a townhome increased 8% from December last year ($623,100) and decreased 0.3% ($674,800) compared to last month in November.
• Apartments: At $514,600, the Benchmark price for apartments/condos increased 7.3% from $479,400 compared to December last year, and increased from $507,200 last month in November.
SALES FOR DECEMBER 2020 (WHITE ROCK & SOUTH SURREY)
Detached: 160 sales, up from 137 last month & up 162.3% from December last year (61 sales)
TownHouses: 81 sales, up from 78 last month & up 88.4% from 43 last year in December.
Apartments: 88 sales, up from 72 last month & up 79.6% from December last year (49).
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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 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.