News Release August 2, 2018

Inventory builds as summer slowdown hits

SURREY, BC – Overall housing supply continued to grow in July as sales dropped to their lowest point this year since January.

The Fraser Valley Real Estate Board processed 1,290 sales of all property types on its Multiple Listing Service® (MLS®) in July, a decrease of 33.4 per cent compared to the 1,937 sales in July of last year, and a 11.2 per cent decrease compared to the 1,452 sales in June 2018.

Of the 1,290 sales processed last month, 346 were townhouses and 337 were apartments, together representing 53 per cent of all transactions in July.

Active inventory for the Fraser Valley in July finished at 7,399 listings, increasing 3.6 per cent month-over-month and 23.9 per cent year-over-year.

“Despite a much healthier level of inventory, demand continues to be influenced by pricing and market barriers such as the mortgage stress test and rising interest rates,” remarked Board President John Barbisan. “On top of that, summer is busy for people and usually a slow season for real estate.”

2,921 new listings were received by the Board in July, a 7 per cent decrease from June 2018’s 3,140 new listings, and a 11.5 per cent decrease compared to July 2017’s intake.

“A slower market like this one is an excellent opportunity for buyers to explore their options and enjoy a more relaxed purchasing environment,” continued Barbisan. “If you’re looking, talk to your REALTOR® who can help you get a full view on everything available that fits your needs.”

For the Fraser Valley region, the average number of days to sell an apartment in July was 21, and 24 for townhomes. Single family detached homes remained on the market for an average of 31 days before selling.

Full package:   http://www.fvreb.bc.ca/statistics/Package201807.pdf

JULY 2018 Benchmark Price Activity, White Rock / South Surrey

• Single Family Detached: At $1,468,100 the Benchmark price for a single-family detached home in the South Surrey/White Rock DECREASED 3.6% from $1,4523,700 from July last year and increased 0.3% from June last month ($1,464,000).

• Townhomes: At $673,500 the Benchmark price for a townhome increased 5.5% from July last year ($638,400) and decreased  1.1% ($680,800) compared to last month in June.

• Apartments: At $517,600, the Benchmark price for apartments/condos increased 19% from $434,900 compared to July last year, and increased 0.3% compared to June last month ($516,300).

JULY 2018 SALES FOR WHITE ROCK & SOUTH SURREY:

Detached:         78 sales, up from 64 last month & down 12.4% from July last year (89 sales)
TownHouses:    69 sales, up from 48 last month & up 11.3% from 62 last year in July.
Apartments:      55 sales, down from 59 last month & down 42.6% from July last year (101).

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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.