your current housing market conditions
SURREY, BC – The Fraser Valley saw a much-needed increase to new housing inventory entering the market in May, supporting growing demand for residential properties in the region. Last month marked the highest level of sales for the Fraser Valley since June of last year, and the second-highest level for a May historically.
The Fraser Valley Real Estate Board processed 2,707 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 7 percent compared to the 2,911 sales in May of last year, and a 21.4 percent increase compared to the 2,230 sales in April 2017.
Of the 2,707 sales processed last month, 620 were townhouses and 609 were apartments. Attached home sales combined continued the 10-month trend of surpassing detached sales in the region.
“The further we get into this year’s market, the less 2016 looks like an anomaly in terms of demand and sales activity. If it wasn’t clear before, the Fraser Valley is now a prime, highly sought-after destination for homeowners of all types," said Gopal Sahota, Board President.”
In May the total active inventory for the Fraser Valley was 5,203 listings, a decrease of 9.5 percent year-over-year, and an increase of 5.9 percent compared to the available inventory in April 2017.
The Board received 3,712 new listings in May; a 1 percent increase from last year’s 3,674 new listing for the month, and a 25.8 percent increase compared to April 2017’s incoming listings.
"We’re very happy to see the bump in new inventory we were looking for in April. I think sellers will certainly be glad that demand hasn’t let-up since the start of the spring market and more options for potential buyers is always a good thing.”
For the Fraser Valley region, the average number of days to sell a single-family detached home in May 2017 was 23 days, compared to 16 days in May 2016.
“Talk to your REALTOR® to help you understand what’s happening in your community. The support of a local expert goes a long way when navigating a busy spring market here in the Valley.”
MAY 2017 HPI® Benchmark Price Activity for White Rock & South Surrey:
• Single Family Detached: At $1,496,300, the Benchmark price for a single family detached home in White Rock/South is up slightly from $1,466,700 last month and increased 7.6 percent from May of last year ($1,390,500).
• Townhomes: At $614,000 the Benchmark price for a townhome in White Rock/S. Surrey increased from $604,400 last month and increased 24.1 percent from May of last year ($494,700).
• Apartments: At $363,700, the Benchmark price for apartments/condos in White Rock/S.Surrey increased from $362,100 from last month and 22.2 percent from May last year ($297,600).
WHITE ROCK & SOUTH SURREY SALES FOR MAY 2017:
Detached: 166 sales, UP from 129 last month & down 19% from May of last year (205 sales)
TownHouses: 92 sales, UP from 66 last month & down 14% from last year (107)
Apartments: 94 sales, UP from 86 last month & down 23.6% from May last year (123)
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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.