your current housing market conditions
SURREY, BC — Robust active listings and relative steady sales activity continued to bring balance to the Fraser Valley real estate market in August. The past several months of rising inventory combined with a slowing trend in sales has also seen benchmark prices return to levels not seen since last year.
In August, the Fraser Valley Real Estate Board (FVREB) processed 1,017 sales on its Multiple Listing Service® (MLS®), an increase of 2.4 per cent compared to last month and a 51.3 per cent decrease compared to this time last year.
The Board received 2,045 new listings in August, a decrease of 14.3 per cent compared to July, and only 2.9 per cent less than August 2021. The month ended with a total active inventory of 5,871, a decrease of 8.5 per cent from last month but up by 44 percent compared to August 2021. Once again August saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 17 per cent (the market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent).
“For the past three months we’ve seen the local market return to a more balanced state,” said Board President, Sandra Benz. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar.”
Benchmark prices continued to fall across all property categories, bringing them in relative line with prices from December 2021 and eating into year-over-year gains.
“With possible further hikes in interest rates this fall, homebuyers need to augment their decisions with critical advice and guidance,” said Baldev Gill, Board CEO. “Along with other professionals such as mortgage brokers and lawyers, Fraser Valley REALTORS® are a vital part of the team advising buyers and sellers on market realities and identifying potential opportunities that align with their objectives.”
Across the Fraser Valley in August, the average number of days to sell a single-family detached home increased to 33 and for townhomes to 26 days. Apartments took, on average, 25 days to sell.
Full package: http://fvreb.bc.ca/statistics/Package202208.pdf
MLS BENCHMARK PRICE ACTIVITY for AUGUST 2022 for WHITE ROCK/SOUTH SURREY
• Single Family Detached: At $1,954,000 the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 13.2% from $1,726,700 from August last year and decreased 2.9% from last month in July ($2,011,700).
• Townhomes: At $939,300, the Benchmark price for a townhome increased 13.1% from August last year ($830,700) and DECREASED 2.3% compared to last month in July ($961,000).
• Apartments: At $609,900, the Benchmark price for apartments/condos increased 16.8% from $522,300 compared to August last year, and decreased 1.6% from $620,100 last month in July.
SALES FOR AUGUST 2022 (for WHITE ROCK & SOUTH SURREY)
Detached: 41 sales, up from 40 last month and down 66.7% from August last year (123)
Townhouses: 55 sales, up from 44 last month and down 23.6% from 72 last year in August.
Apartments: 54 sales, down from 63 last month and down 45.5% from August last year (99).
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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 11 to 20 per cent of inventory is selling (with give & take), the market is balanced. A Seller's Market is when more than 20 per cent is selling, and when it's less than 11 per cent the reverse is the case and buyers have the upper hand.