The latest statistics package for Fraser Valley Real Estate has been released.
Demand has softened and prices have edged slightly lower.
In the Fraser Valley the market for detached homes softened in September, with a sales-to-active listing ratio of 14 per cent, down from 16 per cent in August.
Demand for townhomes and apartments remained stronger, 31 per cent and 25 per cent, respectively.
The overall sales-to-active listing ratio is at 17 per cent, representing a balanced market. (The market is considered balanced when the sales-to-active-listings
ratio is between 12 per cent and 20 per cent.)
Closer to home, detached home sales in South Surrey White Rock adjusted downward -16.9 per cent from August and Surrey Cloverdale / Sullivan Panorama detached homes landed a bit softer at -7.1 per cent.
New listings and active listings have been on the rise this year and grew again in September. This paired with three months of declining sales has seen Benchmark prices dip for a second straight month, but only slightly.
South Surrey White Rock detached prices were down -0.6 percent, townhomes up 1.7 per cent, apartments down -1.3 per cent.
Surrey Cloverdale /Sullivan Panorama detached prices are down -2.2 per cent, townhomes -0.1 per cent and apartments -2.5 per cent.
With inventory levels continuing on a slow and steady rise, together with slow sales, we are seeing a more balanced market. If this trend continues, increased new listings will help to maintain these conditions giving buyers greater choice. Which is great news.
But with interest rate uncertainty still in play, September sales were slower than the trends for this time of year. The next interest rate announcement is scheduled for Wednesday October 25th.
Right now market activity and pricing varies greatly from neighbourhood to neighbourhood. Consulting your local realtor will help guide you in these transitional conditions.
Do you live in Surrey or its surrounding communities? We can help. It’s what we do.
Jenn and Colin