Market Update-September

September flew by and as we draw into the fall market, the numbers are starting to show the “fall spike” that we typically see in the market is happening!

The downturn in the market that we initially saw when the stress testing came out has since balanced out as is evident by the stats below:

Inventory

BY THE NUMBERS

To give you an idea of what the market is doing compared to 2017 and last month here are the stats for Sales, Sale Price and Number of Listings.

  1. Sales

There were a total of 900 sales in the Fraser Valley in the month of September. This is down by 39% year over year and down by 14% month over month.

2. Sale Price

The average sale price for September 2018 was listed at $712,000. This is a 4% increase year over year and no change month over month.

3. Number of Listings

There were a total of 5778 listings in the month of September. This was a 42% increase year over year and a 7% increase month over month.

Overall, the market speed is 16% leaving the Fraser Valley in a ‘balanced market’. Different areas of the Fraser Vally have different sales numbers and average sales prices though, with each having its own unique market speed. If you would like to chat more about the stats in your area or talk about placing your home on the market, give me a call, 604-533-3491.

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Market Update-August 2018

Summer is just about over and signs of Fall have started to appear everywhere…the kids are back in school, everyone is settling back into a routine, and the leaves are even starting to change.

With, Fall also comes an influx of inventory of listings too! The market is at a perfect point to sell or buy with balanced conditions lending itself to fair prices on real estate for both buyers and sellers.

Inventory

To give you a more in-depth view of the Real Estate Market, here is a month over month comparison:

Sales: 1044 total in August 1152 in July

Sale Price: $715,000 average in August, $740,000 in July

Active Listings: 5380 actives listings in August, 5490 active listings in July.

The overall market speed came in at 19% which is a balanced market. Are you interested in seeing the statistics for your specific area? Get in contact with me and I will happily send you a report! I would also love to sit down and grab coffee with you if you have any further questions, just give me a call at 604-533-3491

 

Enter to Win a Staples Gift Card!

Back to school is right around the corner and we want to give you the chance to stock up at Staples. From August 1-August 31, if you refer a friend or family member to us by phone or email we will automatically enter you to win a $100 Staples Gift Card!

To refer someone to us, contact us at:

604-720-5353 or by email info@alyoung.ca

The referral of the people you care about is so appreciated. Thank you. Good luck in teh draw! 

 

Market Update: July 2018

Summer is officially in full swing! With the shift towards people being on vacation, the ‘summer slowdown’ and changes in routine the real estate market tends to drop off slightly too. This month’s stats have shown that with most markets across the Fraser Valley transitioning into a “Balanced Market”.

Inventory

*stats taken from the Fraser Valley SnapStats report

In addition to the above stats, a few other things to keep in mind include the year over year comparison.

Total listings were up from last with 5,490 homes on the market compared to 4,087 in 2017. However, the total sales were down with July 2018 coming in at 1,152 and July 2017 at 1,174. One interesting note (and good news for sellers) was the prices continue to be up from last year. The average home price was up 8% year over year, giving sellers a boost within the market.

If you have questions or would just like to get together and find out the stats for your area, please give me an email–it would be my pleasure to meet with you!

 

Market Update-June

There is a variety of different markets within the Fraser Valley this month. Certain areas like Surrey, White Rock and Delta are classified as a ‘buyers market’ or like North Delta, a ‘balanced market’. Langley, Abbotsford, Mission and Cloverdale still remain a ‘seller’s market’.

Statistically, the stats for this month are:

  1. Total Listings: 5,244 listings
  2. Total Sales: 1,283 Total Sales
  3. Sales Price: 6% variance year over year average sale price

We are in a Seller’s market with a market speed indicator of 24%. The market has seen a rise in borrowing costs which will weigh on the activity and prices, coupled with low unemployment, rising wages and healthy population growth the housing market should improve. Inventory

 

Interested in learning more about the stats in your area? Send me an email and I would be happy to send them your way; info@alyoung.ca

Market Update-May 2018

This month’s real estate stats are in! May was a busy month in Real Estate; with a 33% Homes Selling Rate the Fraser Valley Real Estate Market is still a seller’s market.

However the numbers are down slightly from last month:

  • 4859 Active Listings were listed in May
  • 1591 Sales this month
  • 10% increase overall in Sale Price for Homes

These numbers have fallen slightly due to the mortgage qualificatins hindering buyers capability to increase their buying power. Over the next several months, the impact of these qualifications is expected to soften due to people re-evaluating their budgets and finances to better accomadate these new mortgage regulations.

This article from Re/Max contains a few pieces of great advice on how to better afford a home and set yourself up for financial success!

Here are the breakdown of statistics for the Fraser Valley:

Real_Estate_Fraser_Valley

Give me a call if you would like to chat about the statistics in your area and how we can help get you more!

Market Update: April 2018

 

April was an interesting month in Real Estate! As the CMHC Chief Economist pointed out:

“The local economy has been very strong with jobs attracting people and increasing demand but without the supply, that demand goes into house price increases.” -CMHC Chief Economist

The increase in demand without the necessary supply leads to an increase in home prices. With that in mind, let’s look at this month’s stats!

The market remained as a Seller’s Market for the Fraser Valley. Total listings came in at 4014 an increase from last year which was 3169.

Total sales this month totaled 1512, a drop from last year’s record of 1989.

However, due to the increase in demand but a decrease in supply the sale price reached 20% above last year’s. The median sale price was at $751,000. An increase from last month’s $719,000.

Inventory

Interested in seeing more detailed statistics about your area? Send me an email or call me and I will get you a copy delivered right to your inbox.