your current housing market conditions
SURREY, BC – Demand for Fraser Valley real estate remained robust in September. While overall sales decreased compared to August, total sales reached the second-highest levels for the month of September in the 100-year history of the Board.
The Board processed a total of 1,866 property sales on its Multiple Listing Service® (MLS®) in September, a decrease of 10.6 per cent compared to August and a 16.4 per cent decrease compared to the same month last year.
Larry Anderson, President of the Board, said, “While we’ve seen a solid increase in new listings compared to August, market conditions continue to be challenging for buyers. Considering the demand across the region, the increase is simply not enough to bolster the inventory required to create greater balance in the market.
“Demand for residential homes of all types is strong in the Fraser Valley with more sellers returning to the table in September, which is expected at this time of year.”
In September, the Board received 2,342 new listings, a decrease of 33.4 per cent compared to last year, and an increase of 11.2 per cent compared to August 2021. The month ended with a total active inventory of 3,812, which is a 6.5 per cent decrease compared to August, and a 48.3 percent decrease compared to September 2020.
Baldev Gill, Chief Executive Officer of the Board, added, “The pandemic continues to have an impact on current conditions and while the market remains steady, we are sensitive to ongoing health and safety concerns. Our members follow stringent protocols as mandated by the Public Health Officer, and we will continue to lead by example for the benefit of our members and their clients.”
Across Fraser Valley, in September, the average number of days to sell a single-family detached home was 26 and a townhome was 19 days. Apartments took, on average, 26 days to sell.
Full package: http://fvreb.bc.ca/statistics/Package202109.pdf
MLS BENCHMARK PRICE ACTIVITY for SEPTEMBER 2021, WHITE ROCK/SOUTH SURREY
• Single Family Detached: At $1,736,800 the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 22.7% from $1,415,800 from September last year and increased 1.3% from last month in August ($1,713,800).
• Townhomes: At $841,900, the Benchmark price for a townhome increased 24.6% from September last year ($675,700) and increased 2.3% compared to last month in August ($822,700),
• Apartments: At $578,000, the Benchmark price for apartments/condos increased 18.6% from $487,200 compared to September last year, and increased 0.5% from $575,200 last month in August.
SALES FOR SEPTEMBER 2021 (WHITE ROCK & SOUTH SURREY)
Detached: 93 sales, down from 125 last month and down 35.9% from September last year (145)
TownHouses: 115 sales, down from 138 last month and down 10.2% from 128 last year in September.
Apartments: 121sales, down from 161 last month but up 17.5% from September last year (103).
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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.