your current housing market conditions
SURREY, BC — With sales down almost seven per cent from October, and new listings off by more than 20 per cent, the Fraser Valley housing market continues its slowing trend heading into the holiday season. Despite the market slowdown, opportunities are available, as evidenced by brisk turnover time frames.
In November, the Fraser Valley Real Estate Board (FVREB) processed 839 sales on its Multiple Listing Service® (MLS®), a 6.9 per cent decrease compared to October and a decrease of 57.5 per cent compared to November 2021.
“The trends we’ve seen over the past several months will likely continue through to year-end,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “While rate hikes have effectively put many buyers and sellers in a holding pattern, we’re still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced."
The Board received 1,703 new listings in November, a decrease of 22.1 per cent compared to October 2022 and a decrease of 18.8 per cent compared to last year. The month ended with a total active inventory of 5,330, a 5.5 per cent decrease compared to October, and 74.9 per cent more than November of last year.
“The market continues to tighten in response to rising interest rates,” said Board CEO Baldev Gill. “As a result, individuals are facing additional levels of uncertainty regarding the decision to buy or sell a home, underscoring the importance of seeking advice and guidance from a local REALTOR® to mitigate the risks involved."
Across Fraser Valley in November, the average number of days to sell a single-family detached home was 34 days and a townhome was 28 days. Apartments took, on average, 27 days to sell.
Full package: https://www.fvreb.bc.ca/statistics/Package202211.pdf
MLS BENCHMARK PRICE ACTIVITY for NOVEMBER 2022 for *WHITE ROCK/SOUTH SURREY*
• Single Family Detached: At $1,849.800 the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 1.7% from $1,818,500 from November last year and decreased 2.4% from last month in October ($1,895,900.
• Townhomes: At $917,000, the Benchmark price for a townhome increased 2.6% from November last year ($893,500) and decreased 0.7% compared to last month in October ($923,100).
• Apartments: At $578,000, the Benchmark price for apartments/condos increased 3.2% from $560,000 compared to November last year, and decreased 0.1% from $578,300 last month in October.
SALES FOR NOVEMBER 2022 (for *WHITE ROCK & SOUTH SURREY*)
Detached: 31 sales, down from 49 last month and down 74.2% from November last year (120)
Townhouses: 43 sales, down from 44 last month and down 40.3% from 72 last year in November.
Apartments: 45 sales, down from 52 last month and down 50.5% from November last year (91).
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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.