Current: West Surrey is in a Sellers Market with an average listing inventory, 18 %SOLD rate and a 97% Sell/List Ratio. (This means that there is an average of a $22,810 sales discount from the original list price)
Most Active Range: Homes between $800,000 - $900,000 have 30.3 %SOLD rate.
Least Active Range: Homes above $1.2 mill have 5.9 % SOLD rate.
History: The Surrey West Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $165,604.
The Surrey West Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $132,242.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: West Surrey has average Listing supply; 323 homes are for sale and with the 18 %SOLD monthly rate gives us a ~6 months of inventory. 4% of the active listings have reduced their price by $39,901 on average or $29,000 median in the last month. We project West Surrey to be a Sellers market.
January's Real Estate Statistics shows just 44% of Vancouver's Detached Markets increased values. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price decrease of $12,262, which the same as the $12,671 decrease that we saw in the month prior. On the Average Fraser Valley still has a stronger Market with their $7,012 monthly increase. With the much tougher mortgage lending rules upon us, the higher interest rates, pending trade tariffs and chilly economic winds arriving, we are forecasting the beginning of Buyers Market across most Detached Markets.
Currently, the Condo Markets set the breakneck pace with 93% increasing in Greater Vancouver (Lower Mainland) (28 of 30 Markets). We are forecasting a continued Seller's Market in the Condo Markets for the following months. 57% of the Townhouse Markets are currently increasing (16 out of 28 Markets), but we do expect this market to shift to a Buyer’s Market in the next few months. There is a Notable difference between the top 50% of the markets which are slowing down and decreasing over the much stronger bottom 50% of the markets. 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.