your current housing market conditions
SURREY, BC – Fraser Valley housing market activity in January continued on the momentum seen throughout 2017 with year-over-year increases seen for both sales and pricing.
The Fraser Valley Real Estate Board processed 1,210 sales of all property types on its Multiple Listing Service® (MLS®) in January, an increase of 24 per cent compared to the 976 sales in January of last year, and a 10 per cent decrease compared to the 1,344 sales in December 2017. This was the third highest sales total for a January in the Board’s history, behind only 2016 (1,338) and 1992 (1,270).
Of the 1,210 sales processed last month 281 were townhouses and 338 were apartments, together representing 51 per cent of all transactions in January.
“This will be the third consecutive year of heightened market activity for our region, and we’re starting 2018 exactly where we left off – gradually rising prices, tight inventory, and the dominance of attached home sales," said Gopal Sahota, Board President.
Active inventory for the Fraser Valley finished at 3,962 listings last month, increasing 3.8 per cent month-over-month, and decreasing 10 per cent when compared to January 2017. January’s sales-to-active listing ratio was 31 per cent.
The Board received 2,092 new listings in January, a 63.8 per cent increase from December 2017’s 1,277 new listings, and a 3.9 per cent decrease compared to January 2017.
"Generally, pricing continues to be heavily impacted by ongoing demand and a lack of incoming inventory,” continued Sahota. “While conditions may differ depending on property type and area, it remains a complex real estate environment overall where a thorough understanding of the market and knowing what you’re looking for can make all the difference.”
For the Fraser Valley region the average number of days to sell an apartment in January was 19, and 24 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.
JANUARY Benchmark Price Activity, WHITE ROCK / SOUTH SURREY
• Single Family Detached: At $1,470,800 the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 5.4% from $1,395,900 from January last year and decreased 0.1% from December last month (1,472,300).
• Townhomes: At $644,200 the Benchmark price for a townhome increased 11.7% from January last year ($576,600) and decreased 0.5% (647,300) compared to last month in December.
• Apartments: At $507,400, the Benchmark price for apartments/condos increased 33.7% from $379,500 compared to January last year, and increased 2.9% compared to December, last month ($493,100).
JANUARY 2017 SALES FOR WHITE ROCK & SOUTH SURREY:
Detached: 61 sales, up from 58 last month & up 38.6% from January last year (44 sales)
TownHouses: 42 sales, down from 59 last month & up 16.7% from January last year (36)
Apartments: 53 sales, up from 42 last month & down 5.4% from January last year (56)
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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.