your current housing market conditions
SURREY, BC – The Fraser Valley housing market had its second highest selling year on record in 2017, with total MLS® transactions and dollar volume sold behind only 2016’s unprecedented level of activity.
The Board’s Multiple Listing Service® (MLS®) processed 22,338 sales in 2017, 7.3 per cent less than the record of 23,974 sales set in 2016. The total dollar volume of MLS® sales was $15.7 billion, coming out slightly beneath 2016’s record setting total dollar volume of $16.2 billion.
Of the total transactions for the year, 5,198 were townhouses sold and 6,183 were apartments, together representing over half of overall market activity for the region. This was also the highest total annual sales for apartments in the Board’s history.
“Much of the market’s momentum through 2017 came from the incredible shift in demand to attached-style homes, particularly in our larger communities,” remarked Gopal Sahota, President of the Board.
“While prices continued to see slight gains month-to-month, a lot of our attached inventory remained affordable and an excellent option for consumers of all types.”
For inventory, a total of 32,651 new listings were received by the Board’s MLS® system, the third highest in the Board’s history after 2016 (34,768) and 2008 (35,651).
Last month the Board processed 1,344 sales, the second-most transactions for a December on record in the Fraser Valley. December inventory finished at 3,818 active units, with a total of 1,277 new listings entering the market throughout the month.
Sahota adds, “All year, supply levels remained below where we’d like them to be, and that has put a tight grip on inventory and pressure on the pace of the market. This is still a challenging market for many consumers.
“However, if you have your finances in order, and the support of a local REALTOR® who fits your needs, you’ll be in the best position to make a move in 2018 and find success.”
DECEMBER HPI® Benchmark Price Activity, White Rock / South Surrey
• Single Family Detached: At $1,472,300 the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 4.8% from $1,404,800 from December last year and increased 0.2% from November last month (1,468,700).
• Townhomes: At $647,300 the Benchmark price for a townhome increased 12.6% from December last year ($575,000) and increased 0.7% (642,600) compared to last month in November.
• Apartments: At $493,100, the Benchmark price for apartments/condos increased 31.5% from $374,900 compared to December last year, and increased 3.0% compared to November, last month ($478,600).
DECEMBER 2017 SALES FOR WHITE ROCK & SOUTH SURREY:
Detached: 58 sales, down from 73 last month & up 23.4% from December last year (47 sales)
TownHouses: 59 sales, down from 70 last month & up 59.5% from December last year (37)
Apartments: 42 sales, down from 67 last month & down 16% from December last year (50)
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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.