Dear Clients, Friends and Neighbours,
As many of you know real estate sales in the Fraser Valley and more specifically the City of Surrey has been slowing over the course of the year. Despite this contraction in sales activity – and more recently pricing across property types – sales and inventory levels are in sync with historical averages for this time of year.
If you have your home on the market you know activity has been dreadfully slow and painful and you may be thinking … “THIS IS THE WORST MARKET EVER!” … however, it’s important to keep in mind the market is pivoting off the all-time-sales-highs of 2017. So in terms of sale activity, sellers and homeowners had far to fall.
For pricing, at the end of November the benchmark price for a single family home in Sullivan Panorama / Cloverdale was sitting at $981,400 down -1.7% from the same time last year. The benchmark price for a townhome $555,600 down -2.1% from last year and the benchmark price for a condo at $471,500 is actually up 9.9% from this time last year.
And for South Surrey / White Rock. The benchmark price of a single family detached home by end of November locked in at $1,391,100, down -5.3% from last year. Townhomes benchmark price at $659,800 up 2.7% and condos at $501,100 up $4.7%
So nothing earth shattering when we compare pricing in our communities to last year. Good news? Bad news? Depends on your real estate goals.
Moreover, analysts are expecting a boost in sales next year due to strong performance in the economy. Cameron Muir, chief economist from the BC Real Estate Association is forecasting sales to rise above their 10 year average in 2019. This BCREA forecast is slightly more optimistic than that of the Canadian Mortgage and Housing Association anticipating sales to recover in 2019 and 2020 with average prices mostly holding flat, a small risk of decline.
Although lessening demand will continue to dictate market conditions we remain cautiously optimistic for the new year. Anecdotally, we often see an early rise to the spring market when it follows a slow final quarter. So if the market has not been cooperating with your 2018 sale attempts hang in there … 2019 might be the year for you.
We would love to chat about it.
Contact us for your free, no obligation home evaluation and remember, we pay our past clients $500.00 for every referral sent our way who buys or sells a home with us.
Merry Christmas and Happy New Year!