The Spring Real Estate Market; Blooms Ahead?
Now that the snow has cleared we hope to hear from many of you who may be considering a move this year.
Sales and inventory in the Fraser Valley and Metro Vancouver are below long term averages for this time of year with sales to active ratios the lowest they have been in a few years. This is important for price analysis because downward pressure on home prices occurs when the sales to active ratio drops.
Much of this contraction in market conditions can be attributed to the decline in detached home activity. This January, the benchmark price for a detached home in the Fraser Valley - $856,300 - did not change from December 2016. One might suspect that those who had planned on selling their detached home in the near future did so last year when market conditions were are their peak, thus the flattening of activity.
Townhomes and condos in Surrey and South Surrey are showing better sales activity with the benchmark price for a townhome in January at $445,800 up .8% from December 2016 and the benchmark price for a condo in January at $261,900 up 1.0% from December 2016.
Now is a great time to list a home. Those with detached homes will see a high demand upon listing. Those with townhomes and condos looking to upsize have optimal conditions … an opportunity to sell high and buy low.
If you are wondering about a low-stress-moving strategy for your family or what your home may be worth give us a call to book a free, no obligation home evaluation. 604-583-2000