This morning our boards stats came out, along with a news release that supports what we have been telling our clients over the last few weeks. We have been working with a number of buyers throughout Cloverdale, South Surrey/White Rock and Langley and the inventory in each community is quite low. Which seems to be the case in other communities as well. The lack of inventory makes things harder for our Buyers when they are looking for a new home. If there's a well priced property that has a lot to offer, it is gone before we can even get our clients in. We have had to explain to clients, if there's any interest they need to get out to see the home right away and then not take too long thinking about it. If they do, they will likely miss out on it.
All this bodes well for Sellers, so when our clients ask if this is the right time to sell their home, I always let them know in my opinion it is. The Buyers out there shopping right now are serious Buyers and the likelyhood of sellers getting their asking price is greater when there is less for Buyers to choose from.
If you thinking of making a move, why not consider putting your home on the market now adn give us a call today!
SURREY, BC – The Fraser Valley Real Estate Board processed 1,136 sales on its Multiple Listing Service (MLS®) in November, an increase of 15 per cent compared to the 986 sales during the same month last year and 22 per cent lower than the 1,448 sales processed in October.
New listings in the Fraser Valley decreased by 2 per cent in November, going from 1,774 last year to 1,748 last month taking the number of active listings to 8,302, a decrease of 4 per cent compared to the 8,641 active listings in November of 2013.
“This is the time of year when families are settling in for winter and the holidays, so we expect to see a decrease in activity,” explains the Board’s president, REALTOR® Ray Werger. “After a busy fall with volumes reaching 5-year highs, we’re winding down the year with sales on par with the ten-year average, but about 8 per cent fewer new listings therefore home buyers will notice a shortage of inventory in certain price ranges.”
Pricing continues along the same trends as seen for most of 2014, with single family detached prices continuing to rise; townhouse prices remaining steady, and apartment prices decreasing. The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in November was $575,400 an increase of 4.6 per cent compared to November 2013, when it was $550,300.
The MLS® HPI benchmark price of townhouses increased 2.2 per cent from $292,400 in November 2013 to $298,900 last month. The benchmark price of apartments decreased year-over-year by 3.5 per cent, going from $196,200 in November of last year to $189,400 in November 2014.
“Prices are a function of supply and demand - which your REALTOR® will explain varies considerably from area to area and within the different property types - as well as local amenities, transportation options and future community development, underscoring the importance of expert guidance when you’re looking to list or buy,” says Werger.
“Overall, 2014 is shaping up to be a good year for Fraser Valley real estate,” continues Werger. “We hit a bit of a trough during the summer of last year, but since then sales have recovered and we’re tracking towards a 15 per cent increase in year-to-date sales for 2014 compared to 2013 with prices remaining relatively stable.”