your current housing market conditions
SURREY, BC - Last month's property sales in the Fraser Valley were 29.3 per cent below the 10-year sales average for June and were the second lowest total for the month since the year 2000. The number of new listings also decreased in June, coming in at 9.6 per cent below the 10-year average for the number of listings received during that month.
The Fraser Valley Real Estate Board processed 1,306 sales of all property types on its Multiple Listing Service® (MLS®) in June, a 13.9 per cent decrease compared to sales in May 2019, and a 10.1 per cent decrease compared to the 1,452 sales in June of last year.
Darin Germyn, President of the Board, commented, "The Fraser Valley market is still adjusting to the federal government's new mortgage requirements and to the provincial government's speculation and vacancy taxes. We're seeing historically low levels for home purchases in our region, and at the same time, we're seeing some prospective sellers holding back on listing their homes; waiting to see what the market will do.
"This has created a great opportunity for buyers in the Fraser Valley. Inventory overall is growing; prices of benchmark, or typical homes, have decreased 6 to 10 per cent over the past year and interest rates are still holding firm."
There were 8,516 active listings available in the Fraser Valley at the end of June, an increase of 19.3 per cent compared to June of last year and an increase of 0.1 per cent compared to May 2019. The Board received 2,810 new listings in June, a 20.7 per cent decrease compared to May 2019's intake of 3,542 new listings and a 10.5 per cent decrease compared to June of last year.
"There is tremendous variation in the market depending on the property type and location", added Germyn. "It's currently a buyers' market for detached homes in South Surrey/White Rock; but is leaning towards a sellers' market for townhomes in Langley, so if you're considering taking advantage of the market slowdown, first, talk to your REALTOR®."
Full package: http://fvreb.bc.ca/statistics/Package201905.pdf
WHITE ROCK/SOUTH SURREY JUNE 2019 Benchmark Price Activity
• Single Family Detached: At $1,340,900 the Benchmark price for a single-family detached home in the South Surrey/White Rock DECREASED 8.4% from $1,464,000 from June last year and down slightly 1.7% from May last month ($1,363,400).
• Townhomes: At $648,300 the Benchmark price for a townhome decreased 4.8% from June last year ($680,800) and decreased 0.3% ($650,200) compared to last month in May.
• Apartments: At $500,100, the Benchmark price for apartments/condos decreased 3.1% from $516,000 compared to June last year, and increased slightly from last month in May ($499,100).
SALES FOR JUNE (WHITE ROCK & SOUTH SURREY)
Detached: 72 sales, up from 71 last month & up 12.5% from JUNE last year (64 sales)
TownHouses: 52 sales, DOWN from 70 last month & up 8.3% from 48 last year in JUNE.
Apartments: 48 sales, DOWN from 60 last month & down 18.6% from JUNE last year (59).
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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.