your current housing market conditions
SURREY, BC – The Fraser Valley real estate market saw a resurgence in activity in June as the industry and consumers continue to successfully adapt to doing business during a pandemic.
The Fraser Valley Real Estate Board (FVREB) processed a total of 1,718 sales on its Multiple Listing Service® (MLS®) in June, an increase of 113.4 per cent compared to sales in May and an increase of 31.5 per cent compared to the 1,306 sales during June of last year. Last month’s sales were 6.4 per cent below the ten-year average for June.
Chris Shields, President of the Board, observes, "We’re cautiously optimistic. June’s numbers clearly indicate that the market is functioning in this challenging new environment and we’re returning to more typical activity levels."
"It’s due to a combination of factors. Obviously, very low interest rates, pent-up demand from the previous three months when the market was on hold, and the new CMHC rules that came into effect on July 1st making it harder to qualify for mortgage insurance. Also, consumers have told us that they respect and appreciate the safety protocols and use of technology we’ve implemented and they’re getting more comfortable with the new buying and selling process."
The Fraser Valley Board received 3,456 new listings in June, a 56.6 per cent increase compared to May’s intake of 2,207 new listings and a 23.0 per cent increase compared to June of last year. June finished with 7,063 active listings, an increase of 9.4 per cent compared to May’s inventory and a decrease of 17.1 per cent year-over-year.
Shields adds, "We can’t predict how our market will continue to respond during COVID, but what we do know is that historically, over 80 per cent of Fraser Valley buyers move within our region and half purchase within their own community. People buy and sell for lifestyle reasons and currently, even during this uncertain time, conditions are favourable. The market is balanced, inventory is growing, and prices remain stable."
In June, the average number of days to sell an apartment was 37; 30 for townhomes and 31 for single family detached.
Full package: http://fvreb.bc.ca/statistics/Package202006.pdf
MLS BENCHMARK PRICE ACTIVITY for JUNE 2020, WHITE ROCK/SOUTH SURREY
• Single Family Detached: At $1,336,200 the Benchmark price for a single-family detached home in the South Surrey/White Rock decreased 0.4% from $1,340,900 from June last year and increased 1.2% from May last month ($1,321,000).
• Townhomes: At $655,000, the Benchmark price for a townhome increased 1% from June last year ($648,300) and increased by 1.1% ($648,000) compared to last month in May.
• Apartments: At $485,000, the Benchmark price for apartments/condos decreased 3% from $500,100 compared to June last year, and increased slightly from last month in May ($484,800).
SALES FOR JUNE 2020 (WHITE ROCK & SOUTH SURREY)
Detached: 99 sales, UP 147.5% from 40 last month & up 37.5% from June last year (72 sales)
TownHouses: 72 sales, UP 75.6% from 41 last month & up 38.5% from 52 last year in June.
Apartments: 75 sales, UP 141.9% from 31 last month & up 56.3% from June last year (48).
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 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.