Current: West Surrey is in a Buyer Market with an average listing inventory, 11 %SOLD rate and a 96% Sell/List Ratio.
(This means that there is an average of a $39,000 sales discount from the original list price)
Most Active Range: Homes between $825,000 - $900,000 have 19.8 %SOLD rate.
Least Active Range: Homes above $1.1 mill. have 7.1 % SOLD rate.
History: The Surrey West Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $30,595.
The Surrey West Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $5,035.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: West Surrey has average Listing supply; 576 homes are for sale and with the 11 %SOLD monthly rate gives us a ~9 months of inventory. 11% of the active listings have reduced their price by $31,146 on average or $26,000 median in the last month. We project West Surrey to be a Buyer market.
November's Real Estate Statistics shows Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $11,521. This exceeds the $7,184 drop that we saw in the month prior. On Average, the Fraser Valley Market had a $7,425 monthly price decrease. Consumer confidence has been boosted with our new NAFTA trade agreement but offset with the continued, the GM plant shutdown in Oshawa, on tougher mortgage lending rules and pending interest rate increases. We are still forecasting a Buyer's Market across most Detached Markets for the following months.
Currently, the Condo Market continues to present a Cool Market with 87% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 89% of Townhouse Markets are decreasing. (25 out of 28 Markets). We are still forecasting a Buyer’s Market in all Condo/Townhouse Markets for the foreseeable future. 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 Neighborhood.