Current: West Surrey is in a Stable Market with an average listing inventory, 12 %SOLD rate and a 97% Sell/List Ratio.
(This means that there is an average of a $27,444 sales discount from the original list price)
Most Active Range: Homes below $600,000 have 19.0 %SOLD rate.
Least Active Range: Homes above $1.2 mill. have 7.7 % SOLD rate.
History: The Surrey West Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $73,716.
The Surrey West Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $44,318.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: West Surrey has average Listing supply; 567 homes are for sale and with the 12 %SOLD monthly rate gives us a ~8 months of inventory. 11% of the active listings have reduced their price by $49,720 on average or $39,106 median in the last month. We project West Surrey to be a Stable market.
June's Real Estate Statistics shows 64% of Vancouver's Detached Markets decreased values this last month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price decrease of $11,020 which shows an improvement from the significant drop of $16,674 that we saw in the month prior. On Average the Fraser Valley continues to show a further Market decline with their $8,889 monthly decrease from $4,469. With the latest trade tariffs, foreign buyer taxes, higher personal taxes, tough mortgage lending rules and the pending interest rate increase, we are forecasting a Buyer's Market across most Detached Markets.
Currently, the Condo Market is turning from a Hot to a Cooler Market, with 57% of the Greater Vancouver (Lower Mainland) still increasing. At the same time, just 50% of the Townhouse Markets are increasing (17 out of 28 Markets). The "I-Will-Wait" Attitude now outweighs the buyer's emotions of the "Fear-Of-Missing-Out" that we saw in early spring. We are forecasting a Buyers Market in the lower end Condo/Townhouse Markets for the following months. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighbourhood.