your current housing market conditions
SURREY, BC – The most up to date Multiple Listing Service® (MLS®) data from the Fraser Valley Real Estate Board (FVREB) indicates COVID-19 has put the market on pause, as REALTORS® and the public adhere to health authority rules and government guidelines on the pandemic.
By the end of March, the FVREB processed a total of 1,441 sales on its MLS®, a 7 per cent increase compared to sales in February 2020, and an 18 per cent increase compared to the 1,221 sales in March 2019. During the first seven business days of the month, property sales were tracking 60 per cent higher compared to the same period in March of last year, however, finished significantly lower.
Chris Shields, President of the Board, observes, "Sales were steadily increasing as is typical moving into spring, and then understandably and necessarily, they started to decline. We serve the public and we understand it is very challenging to buy or list a home while maintaining physical distancing, however, if you need us, know that we are here for you."
"We are grateful that the BC government has designated real estate an essential service, and accordingly, our industry has implemented numerous measures to mitigate and manage risk. We have suspended open houses, restricted showings, pivoted to using technology as much as possible, and are urging Realtors in the middle of completing transactions with their clients to do so electronically."
The Board received 2,666 new listings in March, a 4 per cent increase compared to February’s intake of 2,557 new listings. In the lead up to March 10, new listings were tracking 3 per cent higher compared to the same period last year.
By month-end, new listings finished 7 per cent lower compared to March of last year taking the number of active listings to 6,083, an increase of 6 per cent compared to February’s inventory and a decrease of 13 per cent year-over-year.
"Shields adds, "A Realtor’s duty is to protect our clients. Now, as a society, we all have a duty. We are urging consumers to follow all recommended health and government guidelines and are committed to doing our part for as long as necessary."
In March, the average number of days to sell an apartment was 27; 28 for townhomes and 38 or single-family detached.
Full package: http://fvreb.bc.ca/statistics/Package202003.pdf
MLS BENCHMARK PRICE ACTIVITY for March 2020 WHITE ROCK/SOUTH SURREY
• Single Family Detached: At $1,319.900 the Benchmark price for a single-family detached home in the South Surrey/White Rock DECREASED 3.9% from $1,372,800 from March last year and up 1.2% from February last month ($1,304,200).
• Townhomes: At $640,700 the Benchmark price for a townhome decreased 1.9% from March last year ($653,100) and increased 3.8% ($617,100) compared to last month in February.
• Apartments: At $481,400, the Benchmark price for apartments/condos decreased 3.4% from $498,100 compared to March last year, and decreased slightly from last month in February ($482,400).
SALES FOR MARCH 2020 (WHITE ROCK & SOUTH SURREY)
Detached: 87 sales, UP from 72 last month & UP 47.5% from March last year (59 sales)
TownHouses: 65 sales, UP from 50 last month & up 32.7% from 49 last year in March.
Apartments: 49 sales, DOWN from 63 last month & down 14% from March last year (57).
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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.