Prices are down and sales are slow, but market activity continues. The real estate landscape is evolved in July. Here’s a snapshot of the current situation across the Fraser Valley, specifically in South Surrey and White Rock.
**Fraser Valley Snapshot:**
Inventory has dipped slightly, down 2% from June to 10,650 active listings. This is still nearly 50% above the 10-year seasonal average, meaning buyers have plenty of options.
- New listings have decreased by 5% to 3,453.
- The sales-to-active listings ratio stands at 11%, placing us in buyer's market territory (a balanced market typically ranges from 12% to 20%).
**Local Insight – South Surrey / White Rock:**
- Prices have dropped by 5.7% year-over-year.
- Sales decreased by 27.2% in June.
- Only 5.3% of homes listed were sold.
- 14.8% of listings were withdrawn.
Buyers remain cautious and are taking their time, but I’m noticing more activity compared to last month—there are more showings, more inquiries, and more buyers prepared to make an offer when they find the right home.
For sellers, being proactive is crucial:
- Staging your home is important.
- Necessary repairs should be made.
- Pricing for the current market is vital.
The days of simply “listing and seeing what happens” are over, at least for now. Homes that are well-presented and strategically priced are still selling. Additionally, there’s a broader trend across the province. For the first time in 25 years, British Columbia is experiencing more people leaving than arriving, primarily due to issues with housing affordability. In contrast, Surrey is undergoing significant developments, with over 9,500 new housing permits issued and more than 30 process improvements to expedite approvals.
**What does this mean for you?**
Whether you’re considering selling, buying, or want to understand the current market, having a clear plan is essential. I specialize in helping established professionals and families in South Surrey and White Rock navigate the market with strategy, clarity, and confidence—enabling you to make informed decisions without feeling overwhelmed. If you’d like to discuss your options or get an idea of your home’s value in today’s market, I’m here to help.