Current: West Surrey is in a Sellers Market with an average listing inventory, 20 %SOLD rate and a 98% Sell/List Ratio.
(This means that there is an average of a $17,900 sales discount from the original list price)
Most Active Range: Homes between $600,000 - $700,000 have 54.5 %SOLD rate.
Least Active Range: Homes above $1.2 mill have 9.3 % SOLD rate.
History: The Surrey West Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $144,099.
The Surrey West Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $116,230.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: West Surrey has average Listing supply; 390 homes are for sale and with the 20 %SOLD monthly rate gives us a ~5 months of inventory. 6% of the active listings have reduced their price by $52,788 on average or $49,000 median in the last month. We project West Surrey to be a Sellers market.
March's Real Estate Statistics shows 48% of Vancouver's Detached Markets decreased values this last month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price decrease of $2,135 which is a slight improvement over the $3,340 decrease that we saw in the month prior. On the Average Fraser Valley continues to show a stronger Market with their $10,681 monthly increase, which is even more than the $8,381 increase that we saw in the month prior. With many new foreign buyer taxes, the much tougher mortgage lending rules, the higher interest rates, pending trade tariffs, we are forecasting the beginning of Buyer's Market across most Detached Markets.
Currently, most of the Condo and Townhouse Markets are hot, and we are seeing higher sales prices across the Greater Vancouver (Lower Mainland). 89% of the Townhouse Markets are currently increasing (25 out of 28 Markets). There is a Notable difference between the top 50% of the attached markets which are stabilizing over the much stronger bottom 50% of the markets which can see multiple offers. We are forecasting a continued Seller's 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.