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 June 2, 2023

Delayed Spring Activity Boosts Supply of Property Listings in the Fraser Valley

SURREY, BC — The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40 per cent over April.
At 3,533, new listings were just below May 2022 levels (3,631) but slightly higher (2.7 per cent) than the ten-year average for the region. A welcome trend towards alleviating housing supply issues.
“Typically we would see an influx of inventory earlier in the spring sales cycle,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The series of interest rate hikes during the latter half of 2022 had many sellers and buyers in a holding pattern for most of the year. What we’re seeing now is a recovery and adjustment to the new financing landscape.”
Active listings grew to 5,558, a 20 per cent increase over April, the highest month-over-month jump in more than a year.
The strong supply trend was met with healthy demand. In May, the Board processed 1,711 sales on its Multiple Listing Service®, a 10.1 per cent increase over last month and a 25.8 per cent jump over May of last year.
Prices continued to edge upward across all categories as buyer confidence grew, with the composite Benchmark price topping the one-million mark at $1.01 million, a level not seen since September 2022.
“It’s encouraging to see more typically cyclical activity this spring,” said FVREB CEO, Baldev Gill. “Inventory has been trending upwards since December 2022, providing more choice, which in turn will hopefully spur on even more listings. That said, with inflation tracking at elevated levels the potential for further rate hikes is very real. Buyers and sellers would be well-advised to work with real estate professionals to factor this into their decisions.”
Across the Fraser Valley in May, properties continued to move more quickly with each passing month: detached homes took, on average, 23 days to sell and apartments, 23. Townhomes moved more quickly, selling, on average, 18 days after listing.

Full package:   https://www.fvreb.bc.ca/statistics/Package202305.pdf



MLS BENCHMARK PRICE ACTIVITY for MAY 2023 for *WHITE ROCK/SOUTH SURREY*


• Single Family Detached:  At $1,915,400 the Benchmark price for a single-family detached home in the South Surrey/White Rock decreased 13.3% from $2,128,800 from May last year and increased 2.1% from last month in April ($1,876,900).


• Townhomes: At $960,400, the Benchmark price for a townhome decreased 6.7% from May last year ($1,053,000) and increased 1.9% compared to last month in April ($942,600).


• Apartments: At $626,000, the Benchmark price for apartments/condos decreased 3.2% from $646,500 compared to May last year, and increased 2.5% from $610,800 last month in April.



SALES FOR MAY 2023 (for *WHITE ROCK & SOUTH SURREY*)


Detached:         87 sales, down from 80 last month and down 40.3% from May last year (62) 
Townhouses:     65 sales, down from 56 last month and down 10.2% from 59 last year in May.
Apartments:      79 sales, down from 83 last month and down 12.9% from May last year (70).

 

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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 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.  


The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.