your current housing market conditions
SURREY, BC – After a sluggish first half of the year, property sales in the Fraser Valley started picking up speed in the summer and finished strong in December, but not enough to surpass last year’s sales totals.
The Board’s Multiple Listing Service® (MLS®) processed 15,487 sales in 2019, a 0.6 per cent decrease compared to 2018’s 15,586 sales and the lowest total sales volume for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.2 billion, dropping from $11.8 billion sold during the year prior.
In 2019, total sales of the three main residential property types – detached, townhome and apartment – was 13,773. Of that total, 5,770 were detached, 3,888 were townhouses and 4,115 were apartments. Year-over-year, sales of detached and townhomes increased by 0.6 per cent compared to 2018, while apartment sales dropped by 4.2 per cent.
"Comparatively, 2019 was slower than normal for our region,” said Darin Germyn, President of the Board. “Earlier in the year, we were still feeling the impact of the stress test introduced in 2018, but with steady job growth in our region and a stable economy, we’ve seen sales in the last few months return to above-average levels."
In December the Board processed a total of 1,247 sales, the third best December since 2010. Active inventory finished at 4,686 units in December, 20.3 per cent lower than the 10-year average for the month, with a total of 948 new listings entering the market throughout the month.
Germyn added, "Some sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight; so if you’re looking to enter the market in 2020, now is a good time.
"Without a healthy supply of inventory in the coming months, we could see upward pressure on prices."
A total of 30,568 new listings were received by the Board’s MLS® system in 2019.
This year was the second-lowest for new inventory for the Board in the last decade.
For the Fraser Valley region, the average number of days to sell an apartment in December was 48, and 45 for townhomes.
Single-family detached homes remained on the market for an average of 52 days before selling.
WHITE ROCK/SOUTH SURREY DECEMBER 2019 Benchmark Price Activity
• Single Family Detached: At $1,299,500 the Benchmark price for a single-family detached home in the South Surrey/White Rock DECREASED 4.5% from $1,360,200 from December last year and down slightly 0.9% from November last month ($1,311,500).
• Townhomes: At $625,000 the Benchmark price for a townhome decreased 7.3% from December last year ($674,100) and decreased 1.1% ($632,000) compared to last month in November.
• Apartments: At $475,800, the Benchmark price for apartments/condos decreased 4.9% from $500,100 compared to December last year, and increased 1.0% from last month in November ($471,100).
SALES FOR DECEMBER (WHITE ROCK & SOUTH SURREY)
Detached: 61 sales, down from 73 last month & UP 84.8% from December last year (33 sales)
TownHouses: 43 sales, down from 63 last month & down 38.7% from 31 last year in December.
Apartments: 49 sales, DOWN from 57 last month & UP 81.5% from December last year (27).
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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.