your current housing market conditions

Joanne Taylor Personal Real Estate Corp.

Trusted, Reliable, Dedicated

778-227-1443

White Rock & South Surrey Realtor

Joanne Taylor

778-227-1443
604-538-8888
info@joannetaylorhomes.com

 

 

 

Awarded

Rotarian of the Year

Rotary Club of South Surrey

2013

 

 

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FVRB News Release May 2, 2024

Modest Increase in April Home Sales in the Fraser Valley Takes Lead from Cooler Spring Weather 

SURREY, BC — Supply of available homes in the Fraser Valley market continued to build last month, however buyers remained relatively hesitant, leading to a cooler resale market in April.


The Fraser Valley Real Estate Board recorded 1,471 transactions on its Multiple Listings Service® (MLS®) in April, up 5 per cent from March, but off by 5 per cent compared to April 2023.


While sales were the third lowest recorded for an April in the last decade, inventory continues to build, reaching levels not seen since September 2020. Active listings were 7,313, up by 18 per cent over last month and 17 per cent above the 10-year average.


“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”


New listings helped bolster overall inventory, increasing 33 per cent in April, to 3,976. With a sales-to-active listings ratio of 20 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.


“There is a lot of caution in the market right now,” said FVREB CEO Baldev Gill. “Buyers are hesitant to purchase a home until the Bank of Canada lowers its rate — however we encourage anyone looking to get into the market to talk to their REALTOR® and their financial professional about what rates are available today.”


The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 23 days on the market, down from 27 days in March, apartments spending 23 days on the market, down from 26 days in March and townhomes moving more quickly at 19 days, down from 20 days on the market in March.


For the White Rock/South Surrey area, the overall Benchmark price for detached homes edged up again by 5.4% from April of last year and up 2% from last month in March.


Full package:  https://www.fvreb.bc.ca/statistics/Package202404.pdf



MLS BENCHMARK PRICE ACTIVITY for APRIL 2024 for *WHITE ROCK/SOUTH SURREY*


• Single Family Detached:  At $1,978,600, the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 5.4% from $1,876,900 from April last year and increased 2% from last month in March ($1,939,400).


• Townhomes: At $984,400, the Benchmark price for a townhome increased 4.4% from April last year ($942,600) and decreased 0.1% compared to last month in March ($985,500).


• Apartments: At $641,500, the Benchmark price for apartments/condos increased 5% from $610,000 compared to April last year, and increased 0.9% from last month in March ($635,500).



SALES FOR APRIL 2024 (for *WHITE ROCK & SOUTH SURREY*)


Detached:         58 sales, down 12.1% from 66 last month and down 27.5% from April last year (80) 
Townhouses:    65 sales, down from 69 last month and up 16.1% from 56 last year in April.
Apartments:      89 sales, up 48.3% from 60 last month and up from April last year (83).

 

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778-227-1443


 

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 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.  


Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.