The market appears to be balanced right now. The Average days on the market has risen to 41 which is the highest in the last 5 months. The inventory of homes is building so there is more selection for the buyer. Still the best homes in the right location are selling quickly and even in multiple offers.
The month of August topped the $1,000,000 mark for average home pricing in the South Surrey White Rock area for the second straight month. The $1,018,955 is at the highest average seen for the area. There were 113 Sales in September with 593 active homes. 223 new homes have come on the market. This ratio of new homes coming on the market is the indicator that buyers are getting into a better position. At 19% the number of sales to the number of listings is right in the middle of a balanced market. Right now the market in South Surrey and White Rock is stable and if the trends continue the year will mellow a little as it comes to a close.
As for the overall South Surrey market, townhouses and apartments lag behind single family homes. Apartments which are sitting at 11.1% sales to listing ratio are firmly favouring Buyers. This is an area that a Buyer can make a purchase and get good value in today’s market. Townhouses are fairing slightly better at 14.6%.
With interest rates remaining low there has been no affect on the purchases. The rates are not slowing or increasing the amount of sales. Earlier in the year there was talk about rates increasing which may have spurred some Buyers to make a new purchase. That rate hike effect was not strong has now been further reduced with current conditions. The rates have varied little through the year and buyers have had the opportunity to make good purchases at low interest rates. There is no indication at this time that this will change and affect the market in the near future. Overall it appears to be a good time to Buy and Sell in a stable market.
Stewart Peddemors
RE/MAX Colonial Pacific
15414 24th Ave., Surrey, BC, V4A 2J3
O 604-541-4888
C 604-329-6759
F 604-531-6800
