I wanted to provide you with an update on the current state of the real estate market in the Fraser Valley, specifically focusing on the mid-market segment in Summerfield. As a local expert with nine years of experience and a sales record exceeding $200 million, I offer valuable insights and exceptional customer service.
In June, the Fraser Valley statistics indicate that 57% of listings have already been sold, showcasing a significant increase compared to the figures from May (30% of listings sold) and June 2022 (14% of listings sold). This growth demonstrates a positive trend in sales over the past year.
In Summerfield, we have observed a noteworthy surge in listings. Whereas just a few months ago, we had minimal detached home listings, we now boast nine active listings with three successful sales since the beginning of May. These sales were attributed to the scarcity of inventory in our area and the Bank of Canada's decision to maintain interest rates at the time. Consequently, prices rose to comparable levels in August 2022, with November 2022 representing the lowest price point. It's worth noting that those who sold their properties in November and purchased in November or December were operating in a declining market.
However, I must inform you that the recent 0.25 basis points increase in interest rates by the Bank of Canada has led to a softening of the market. Historically, any statement or action by the Bank of Canada tends to impact the market significantly. Presently, our neighbourhood has nine active listings, and the speed of sales has diminished. The market dynamics have shifted, suggesting a change in buyer sentiment.
While I anticipate the market to regain momentum in the coming months, it is crucial to consider the current conditions if you are contemplating buying a property before selling. This period offers a favourable opportunity to negotiate a subject-to-sale arrangement, as opposed to a highly competitive market where such conditions are less feasible, resulting in a higher likelihood of missing out on desirable deals.
If you require more detailed information about the value of your home in this evolving market or are considering Selling, I encourage you to reach out to me. As a resident of the neighbourhood, I can provide you with personalized face-to-face assistance and leverage my extensive expertise in real estate sales to ensure a seamless experience for you.
Thank you for your time, and I look forward to hearing from you.