Your not the only one holding on to your hat.
Year to date there has been a marked shift in the real estate market. Sales are down from last year (detached home sales -17.9%) but home prices have continued to rise. This is being attributed to the record low levels of inventory paired with ongoing demand. Revealing supply rather than sales volumes are dictating the price levels we have seen so far this year.
Now as we move into the summer months many are wondering how this supply / demand ratio will adjust.
Another market shift has been the dramatic separation between detached and attached product demand. In both the Fraser Valley and Greater Vancouver, home and condo stats are reveling very different levels of demand with townhouses sitting somewhere in between.
In the Fraser Valley, since this time last year the benchmark price for a detached home has gone up 8.5%, condos up 40.3% and townhomes up 20.6%
For detached homes, townhomes and condos respectively - in each neighbourhood - benchmark pricing now sits as follows:
North Delta $877,600 / $553,800 / $309,900
Langley $950,800 / $449,600 / $328,700
Surrey – Central $960,900 $492,800 / $327,100
Surrey – Cloverdale $937,800 / $510,500 / $376,600
Surrey – North $882,600 / $468,400 / $311,900
South Surrey / White $1.493,000 / $619,900 / $420,200
We were aware appetite for attached homes has been on the rise but this year has been extraordinary, no doubt due to the lack of affordability across the region. But not all stats are on the rise. As of June condos are now the only property type on an upward trend in sales volumes. Townhomes and detached homes in particular have been on a downward sales trend in sales since May, down 10% just in the last month. If this trend continues we will begin to see pricing follow a down curve.
How steep this curve will be will again depend on the supply / demand ratio moving into the final 2 quarters of the year. So if you have any questions about buying or selling in this transitional market we would LOVE to help!
Call anytime, the coffee is on us! 604-583-2000