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 April 3, 2024

March Home Sales Growth off  Last Month's Pace, but Supply still Building int the Fraser Valley 

SURREY, BC – Home buyers in the Fraser Valley have more choice heading into the spring market with inventory levels for March at the highest they’ve been in the past five years.


However, March sales were slower than anticipated with 1,395 transactions recorded on the Fraser Valley Real Estate Board’s Multiple Listings Service® (MLS®), a 13 per cent increase over February, but still 31 per cent below the 10-year average. Sales were the second lowest recorded for a March in a decade. Active listings were 6,197, up by 11 per cent over last month and by 37 per cent over March 2023.


“With inventory building, buyers now have more opportunities in both the detached and attached markets compared to one year ago,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, despite increased options, some buyers may still be waiting on the sidelines for the financing landscape to further settle before they feel comfortable getting back into the market.”


New listings increased 7 per cent in March, to 2,986 but remain 12 per cent below the 10-year average. With a sales-to-active listings ratio of 23 per cent, overall market conditions remain in seller’s market territory. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.


“Despite slower than anticipated sales in March, sellers who draw on the knowledge and expertise of a professional REALTOR® to help price their property appropriately, are, in some cases, getting multiple offers and are seeing their property move quickly,” said FVREB CEO Baldev Gill. “That’s why we always encourage buyers and sellers to work with their local REALTOR® who understands the changing market conditions and can protect their interests.”


The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 27 days on the market, down from 35 days in February, apartments spending 26 days on the market, down from 29 days in February and townhomes moving more quickly at 20 days, down from 28 days on the market in February.


Overall Benchmark prices edged up again in March, by 1.4 per cent from February and up 4.6 per cent over March 2023.


Full package: https://www.fvreb.bc.ca/statistics/Package202403.pdf


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


• Single Family Detached:  At $1,939,400, the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 6.4% from $1,823,100 from March last year and increased 2.8% from last month in February ($1,887,100).


• Townhomes: At $985,600, the Benchmark price for a townhome increased 6.5% from March last year ($925,1000) and increased 3.5% compared to last month in February ($952,200).


• Apartments: At $635,500, the Benchmark price for apartments/condos increased 8.1% from $587,800 compared to March last year, and increased 4.2% from last month in February ($609,700).



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


Detached:         66 sales, up 17.9% from 56 last month and down 19.5% from March last year (82) 
Townhouses:     69 sales, up 53.3% from 45 last month and up 27.8% from 54 last year in March.
Apartments:      60 sales, down 11.8% from 68 last month and down 33.3% from March last year (90).

 

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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.