Current: West Surrey is in a Stable Market with an average listing inventory, 12 %SOLD rate and a 96% Sell/List Ratio.
(This means that there is an average of a $39,900 sales discount from the original list price)
Most Active Range: Homes between $600,000 - $750,000 have 23.1 %SOLD rate.
Least Active Range: Homes below $600,000 have 6.0 % SOLD rate.
History: The Surrey West Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $5,437.
The Surrey West Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $30,072.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: West Surrey has average Listing supply; 592 homes are for sale and with the 12 %SOLD monthly rate gives us a ~8 months of inventory. 21% of the active listings have reduced their price by $38,579 on average or $30,000 median in the last month. We project West Surrey to be a Stable market.
August's Real Estate Statistics shows 67% of Vancouver's Detached Home decreased in values this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $13,210. This is a positive improvement from the $22,076 drop we saw in July. On the other hand, the Fraser Valley also shows a minimal monthly price decrease of just $1,699. We are forecasting Declining Detached Home Prices across most of the Fraser Valley and Vancouver Markets the next quarter.
Currently, the Condo Market presents a Cool Market with 80% of the Greater Vancouver (Lower Mainland) Condo Prices decreasing $3,518 on average. Many new Condo Projects are now competing against the existing market. On the same note, 64% of the Townhouse Markets decreased $3,432 on average (18 out of 28 Markets). We are forecasting a Buyer's Market in most Condo and Townhouse Markets for the coming quarter. 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.