The BC Home Hunter Group - South Surrey & White Rock Market Update
White Rock and South Surrey are in a Stable-Sellers Market with average seasonal listing inventories, the sold rate is 15 % and there is a 95% list/sell ratio (an average of a $38,000 reduction on a sale from the original listing price).
The BC Home Hunter Group’s Most Active Price Range Index- Homes and properties between $500,000 and $600,000 have a 26.8 % sold rate.
The BC Home Hunter Group’s Least Active Range- Homes above $2 Million have a low sold rate of 8.1%
History: The South Surrey & White Rock Year To-Date Home Price Index (Top 50%) shows prices increased $144,656
The South Surrey & White Rock Year To-Date Home Price Index (Lower 50%) show prices increased $47,125.
*The Home Price Index is an approximate reflection of the Average Home Price Changes.
The BC Home Hunter Group Forecast: White Rock & South Surrey has an average home and listing supply; 784 homes are for sale and with the 15 %SOLD monthly rate gives us a ~7 months of inventory. At this sell through rate approximately 466 of these listings will not sell. Importantly, 15% of the active listings have reduced their price by $57,970 on average or $43,100 median for the last month. We project White Rock South Surrey to be a continued Stable market. These statistics and analysis should further explain the issues and seriously negative impact of “over listing” your home or property.
In the Fraser Valley our very strong spring market extended beyond the normal seasonal trends. A change has now occurred with 42% of the Total Lower Mainland Markets now in a declining market. As our in house real estate analyst forecast, condominiums are leading the market value changes with 8 markets dropping and showing decreasing sale prices, while 4 increased.
The BC Home Hunter Group project that in most Fraser Valley Areas in both the Lower End Markets and Higher End Markets, sales activity will slow, resulting in sale price decreases.
If your contemplating buying, selling, investing or developing anywhere in the Metro Vancouver, Fraser Valley or British Columbia don’t hesitate to call or email our real estate team to discuss any of your questions or concerns, 604-767-6736.