The demand for single-family homes and the Fraser Valley Real Estate Board saw overall sales reach the highest point for October in history. This is the fourth consecutive month of record-breaking or near -record-breaking for sales and new listings in the region.
South Surrey/White Rock has low inventory, and in many instances, buyers are waiting on the sidelines for homes to come on the market. As a result, there can be multiple offers and over-asking sales. I see that people want extra space due to the pandemic and more livability brought on by the Coronavirus pandemic, low-interest rates and a recovering economy. It has is described as a shot-in-the-arm stimulus based upon the BCREA data.
The average sales price in South Surrey/ White Rock for October was $1,614,362, a 16.7% increased year on year with 101 sales for detached home sales. The Condo market is slower, and the average sales price was $544,426. There were 50 condo sales. The Townhouse market had an average sale price was $752,713 and saw 58 sales in October. BCREA calls for all-time prices next year in the Fraser Valley. "Without a sharp rise in inventory, there will be sustained upward pressure on home prices over the next year, Brandon Ogmundson, chief economist at BCREA, has said.
If you are thinking of selling, please call me in to help you create a customized plan to help you get to market and sell well. I have a host of trades, landscapers, stagers and videography & technology to call upon to get your home ready to sell with the WOW factor. Please reach out to me if you need any real estate info or plan to move and need help to start the process.
All the best, Amanda