News Release June 4, 2018

New Fraser Valley listings stood-up as spring market fails to show in April

SURREY, BC – The Fraser Valley stepped towards a more balanced market in May, with both sales and overall inventory reaching their highest points for the year.

The Fraser Valley Real Estate Board processed 1,758 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 35.1 per cent compared to the 2,707 sales in May of last year, and a 2.9 per cent increase compared to the 1,708 sales in April 2018.

Of the 1,758 sales processed last month 417 were townhouses and 516 were apartments, together representing 53 per cent of all transactions in May.

Active inventory for the Fraser Valley finished at 6,736 listings last month, the highest level since September 2015, increasing 18.9 per cent month-over-month and 29.5 per cent when compared to May 2017.

"This is the most inventory we’ve had in over two years," said John Barbisan, Board President. “Now that the pace of our market has begun to settle, we’re seeing more opportunities for buyers and less pressure to make fast decisions.”

The Board received 3,965 new listings in April, a 15.6 per cent increase from April 2018’s 3,429 new listings, and a 6.8 per cent increase compared to May 2017.

"Sales continue to be strong and there’s plenty of potential for sellers if they understand the market and price effectively. Consult your local REALTOR® for an informed perspective on what’s happening in your community and what your best options are.”

For the Fraser Valley region the average number of days to sell an apartment in May was 15, and 16 for townhomes. Single family detached homes remained on the market for an average of 24 days before selling.

Full package: http://www.fvreb.bc.ca/statistics/Package201805.pdf

MAY 2018 Benchmark Price Activity, White Rock / South Surrey

• Single Family Detached: At $1,487,000 the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 1.2% from $1,469,200 from May last year and decreased 0.4% from May last month ($1,480,700).

• Townhomes: At $690,700 the Benchmark price for a townhome increased 10.9% from May last year ($622,800) and decreased  0.1% ($691,700) compared to last month in May.

• Apartments: At $523,300, the Benchmark price for apartments/condos increased 27.9% from $409,100 compared to May last year, and decreased 0.3% compared to May last month ($525,100).

MAY 2018 SALES FOR WHITE ROCK & SOUTH SURREY:

Detached:         63 sales, down from 72 last month & down 62% from May last year (166 sales)
TownHouses:    74 sales, up from 66 last month & down from 92  from May of last year.
Apartments:      88 sales, up 4.8% from 84 last month & down 6.4% from May last year (94)

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The Importance of Market Data

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.