Current: West Surrey is in a Sellers Market with an average listing inventory, 18 %SOLD rate and a 98% Sell/List Ratio. (This means that there is an average of a $19,000 sales discount from the original list price)
Most Active Range: Homes between $600,000 - $700,000 have 30.8 %SOLD rate.
Least Active Range: Homes above $1.2 mill have 9.9 % SOLD rate.
History: The Surrey West Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $161,414.
The Surrey West Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $153,475.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: West Surrey has average Listing supply; 364 homes are for sale and with the 18 %SOLD monthly rate gives us a ~6 months of inventory. 5% of the active listings have reduced their price by $49,084 on average or $40,000 median in the last month. We project West Surrey to be a Sellers market.
December's Real Estate Statistics show 51% of Vancouver's Detached Markets increasing values this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price decrease of $12,671, which is a big drop from the $3,870 increase that we saw in the month prior. On the an Average Monthly Price increase of $5,518, which is close to the $6,132 increase that we saw in the month prior. With the much tougher mortgage lending rules upon us, the pending higher interest rates, pending trade tariffs and the chilly economic winds arriving starting in January, we are forecasting the beginning of Buyers Market across most Detached and Townhouse Markets.
Currently, the Condo Markets set the pace with 67% still increasing in Greater Vancouver (Lower Mainland) (20 of 30 Markets). We are forecasting a continued Seller's Market in the Condo Markets for the following month. 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.