your current housing market conditions
SURREY, BC - Property sales in the Fraser Valley decreased by over 35 per cent in April 2022 compared to the previous month, and while the figure is still the sixth-highest April on record for the past ten years, it marks the first time monthly sales have fallen below the ten-year average since June 2020.
In April, the Fraser Valley Real Estate Board (FVREB) processed 1,637 sales on its Multiple Listing Service® (MLS®), a decrease of 45.7 per cent compared to April 2021 and a 36.6 per cent decrease compared to March.
We would typically see a flurry of activity around this time of the year,” said, FVREB President, Sandra Benz, “however that’s not been the case so far. While it’s still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers.
Last month, the Board received 3,622 new listings, a decrease of 27.8 per cent compared to April 2021, and a decrease of 20.9 per cent compared to March 2022. The total month-end active inventory in April was 5,387, 14.6 per cent higher than in March.
“In an effort to stem inflation worries, the government has moved quickly to implement interest rate hikes,” added FVREB CEO Baldev Gill. “In fact, we’re already back to rate levels we haven’t seen since 2019. This will put an added burden on homebuyers, particularly on first-timers, who will have to meet more stringent stress test conditions. Ultimately, this will likely result in a decrease in demand, which may slow price growth, however it will do little to resolve the underlying issue of low inventory.”
Across Fraser Valley, in April, the average number of days to sell a single-family detached home was 16 and a townhome was 13 days. Apartments took, on average, 13 days to sell.
Full package: http://fvreb.bc.ca/statistics/Package202204.pdf
MLS BENCHMARK PRICE ACTIVITY for APRIL 2022 for WHITE ROCK/SOUTH SURREY
• Single Family Detached: At $2,147,000 the Benchmark price for a single-family detached home in the South Surrey/White Rock increased 27.5% from $1,683,900 from April last year and increased 1.4% from last month in March ($2,117,100).
• Townhomes: At $1,058,400, the Benchmark price for a townhome increased 33.6% from April last year ($792,100) and DECREASED 0.3% compared to last month in March ($1,061,300).
• Apartments: At $713,300, the Benchmark price for apartments/condos increased 28.8% from $553,700 compared to April last year, and increased 1.5% from $703,100 last month in March.
SALES FOR APRIL 2022 (for WHITE ROCK & SOUTH SURREY)
Detached: 91 sales, down from 147 last month and down 53.8% from April last year (197)
TownHouses: 71 sales, down from 115 last month and down 45% from 129 last year in April.
Apartments: 95 sales, down from 117 last month and down 25.8% from April last year (128).
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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.