October South Surrey/White Rock Market Update

I filmed this market update from my home and had my pug, Cocoa join me. Please watch and enjoy her showing off for the camera!
Narinder Bains, Chair of the Fraser Valley Real Estate Board, remarks on the current market conditions: "With inventory levels experiencing a gradual and consistent upswing, alongside a deceleration in sales, what we are witnessing is the emergence of a more evenly balanced market. If this trend persists, an influx of new listings will help to sustain this equilibrium, affording buyers a wider array of options." The market for detached homes showed signs of softening in September, as evidenced by a decrease in the sales-to-active listings ratio, which fell from 16 percent in August to 14 percent. However, demand for townhomes and apartments remained relatively strong, with ratios of 31 percent and 25 percent, respectively. The sales-to-active listing ratio currently stands at 17 percent, signalling a balanced market consistent with the accepted 12 to 20 percent range.Benchmark prices in the Fraser Valley saw marginal declines compared to the previous month, with modest losses of under one percent across all property types. Andrew Lis, Director of Economics and Data Analytics at REBGV, highlights a significant trend: "One noteworthy trend we've been monitoring throughout this year is the hesitance of some homeowners to list their properties, primarily because mortgage rates have reached their highest point in over a decade." In South Surrey/White Rock, the average sale price has risen to $2,143,878, marking an increase of 8.5 percent year on year. Despite this, overall sales are trending downward while active listings are rising, resulting in a sales-to-active ratio of 11.4 percent, a balanced market. The number of days properties spend on the market is also increasing, with 171 new listings and 18 sales in September, translating to an estimated 9.5 months to clear the existing inventory (absorption rate). Additionally, the list-to-sale ratio currently stands at 90 percent. This means that, Sale price is, on average 10% less than the list price. Price the right property within the market, and it will sell.  By the way, this is a good market to buy a home first before you sell and use the subject to sale clause. If you need to understand where your home would sit in the market, reach out to me. I can tailor-make a strategic plan to help you make the move you have been thinking of. I look forward to hearing from you.