your current housing market conditions
SURREY, BC — Growing inventory and stable prices could lead to opportunities for buyers in the Fraser Valley market this winter despite uncertain economic conditions.
Newly listed homes jumped 167 per cent from December to January, with 3,432 listed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®). At 7,251 active listings, inventory is at a 10-year seasonal high, 54 per cent above the 10-year average.
While sales remained slow in January, with 818 properties sold (down 18% from December), the combination of stable prices and abundant selection presents potential opportunities for buyers to get back into the market.
The sales-to-active listings ratio appears to bear this out. At 11 per cent, the overall ratio is signaling a buyer’s market, with detached homes firmly in buyer’s market territory. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.
It took longer to sell homes in January compared to December. Across the Fraser Valley, the average number of days to sell a single-family detached home was 52, while for a condo it was 42. Townhomes took, on average, 38 days to sell.
“The market appears to be in a holding pattern at the moment,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “There is no doubt that economic uncertainty is playing a role, especially the spectre of a trade war, which could lead to even more rate cuts by the Bank of Canada. The confluence of these conditions could provide unique buying opportunities, but we urge buyers and sellers to work with a REALTOR® to ensure they align with financial objectives.”
Benchmark prices in the Fraser Valley held relatively steady in January, with the composite Benchmark price down 0.03 per cent to $964,800.
Full package: https://www.fvreb.bc.ca/statistics/Package202501.pdf
MLS BENCHMARK PRICE ACTIVITY for JANUARY 2025 for *WHITE ROCK/SOUTH SURREY*
• Single Family Detached: At $1,856,700 the Benchmark price for a single-family detached home in the South Surrey/White Rock area decreased 1.6% from $1,887,400 from January last year and decreased 0.7% from last month in December ($1,869,700).
• Townhomes: At $934,600, the Benchmark price for a townhome decreased 1.7% from January last year ($950,500) and increased 0.3% from last month in December ($932,000).
• Apartments: At $599,500 the Benchmark price for apartments/condos decreased 0.9% from $605,200 compared to January last year, and decreased 1.7% from last month in December ($610,000).
SALES FOR JANUARY 2025 (for *WHITE ROCK & SOUTH SURREY*)
Detached: 35 sales, down 28.6% from 49 last month and up 2.9% from January last year (34)
Townhouses: 33 sales, down 17.5% from 40 last month and down 13.2% from 38 last year in January.
Apartments: 40 sales, down 23.1% from 52 last month and down 20% from January last year (50).
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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.