your current housing market conditions
SURREY, BC — Property sales and new listings in the Fraser Valley fell again in October as consumers continued to put home buying and selling decisions on hold in the face of elevated interest rates.
The Fraser Valley Real Estate Board recorded 970 transactions on its Multiple Listing Service® (MLS®) in October, a drop of 12 per cent from the previous month and the fourth consecutive decrease since the 12-month high of 1,935 sales recorded in June.
At 2,535, new listings also fell again, decreasing by 11 per cent from September and by 28 per cent since peaking in May at 3,533.
“What we’re seeing in the Fraser Valley and indeed across the province is the impact of sustained high interest rates on the overall market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This has been the case since the latter half of the year so far, and we anticipate the trend will continue until we start to see some downward movement in the policy rate.”
Active listings in October were 6,580, up by less than 1 per cent over last month and up by 17 per cent over October 2022. The sales-to-active listings ratio was 15 per cent, creating balanced conditions in the overall market, with detached houses dipping into buyers’ market territory at 12 per cent. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“As the market continues to adjust to the new rate realities, pricing and financing strategies become critical,” said FVREB CEO, Baldev Gill. “A knowledgeable professional REALTOR®, armed with the latest comparative market data and neighbourhood insights, can be the key to determining optimal market timing.”
Overall benchmark prices continued to slide for the third month in a row, losing 1.4 per cent compared to September.
Full package: https://www.fvreb.bc.ca/statistics/Package202310.pdf
MLS BENCHMARK PRICE ACTIVITY for OCTOBER 2023 for *WHITE ROCK/SOUTH SURREY*
• Single Family Detached: At $1,946,700 Benchmark price for a single-family detached home in the South Surrey/White Rock increased 3% from $1,890,400 from October last year and decreased 2.1% from last month in September ($1,988,100).
• Townhomes: At $971,600, the Benchmark price for a townhome increased 5.4% from October last year ($922,100) and decreased 2.3% compared to last month in September ($994,600).
• Apartments: At $642,700, the Benchmark price for apartments/condos increased 10.4% from $581,900 compared to October last year, and increased 2.2% from last month in September ($628,600).
SALES FOR OCTOBER 2023 (for *WHITE ROCK & SOUTH SURREY*)
Detached: 46 sales, down from 49 last month and down 6.1% from October last year (49)
Townhouses: 36 sales, down from 53 last month and down 18.2% from 44 last year in October.
Apartments: 48 sales, down from 54 last month and down 7.7% from October last year (52).
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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.