Over the summer we have been getting a fair amount of activity on our South Surrey listings but sales are few and far between so we wanted to take a closer look at this area before we move into a chilly fall/winter market.
As of today there are 69 detached homes active in the Morgan Creek sub area. These neighbourhoods include Rosemary Heights West, Rosemary Heights Central and Morgan Creek. Asking prices range from $1,179 to – $3,788. The average asking price currently sitting at $1.950.
In the last 60 days there have been a total of 11 sales. Of these 11 sales, the sale prices have ranged from $1,062 – $1,885. Average days to sale (days on market) for these homes is noted at 78.
But, lets take a broader look.
Right now average days to sale for the ENTIRE Morgan Creek sub area is sitting at 87. This has been rising sharply since May pointing to the lackluster spring market …
See the trends graph HERE
Sale rates have been up and down since January and steadily decreasing since June.
See the trends graph HERE
And lastly …
Average sale price had a bit of a plateau in April / May but has been steadily dropping since February. Current average sale price is sitting at approx. $1.5m.
See trends graph HERE
Moving into the fall/winter market we can expect more of the same. At this point, the long game question on everyones mind is … “will there be a healthy spring market in 2020?”
We are optimistic the latent demand and supply will spur on a healthy conditions in 2020 … but where does that leave Morgan Creek sellers today?
If your home sits in a price category below the average price for the area your home may be the next to sell. If not, the challenge moving forward will be to stay ahead of the downward trend in pricing and sales.
If sellers can stay ahead of this contraction … they can sell for a reasonable amount of money in a reasonable amount of time. If sellers fall behind this trend, they risk selling at the bottom of the market after months of effort.
The good news is … historically we see an uptick in sales activity after labor day. Ie: mid Sept – mid/late Oct.
Although due to unstable global economic conditions this may not come to fruition this year, we would suggest Morgan Creek sellers position their home with an asking price as competitive as financially possible.
What do you think?
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