“While Sales are inching closer to the record-breaking pace of 2016, the market itself looks different…This year, it’s clear that townhomes and condominiums are leading the way.” Says the Real Estate Board of Greater Vancouver.
Market speed for the Fraser Valley is 70% which officially makes it a seller’s market. Total sales last month were 2417 which is 6% less year over year and 22% greater month over month
Median Sale price was at $659,000, which was a 9% increase year over year and a 6% increase month over month.
Active listings were at 3449 which is a 9% decrease year over year and 9% increase month over month.
9 days was the average time on the market. In comparison that is 10% less than a year ago and 10% less than the previous month.
If you are interested in getting the Real Estate Statistics for your specific area, give me and my team a call at Young Real Estate or email us at firstname.lastname@example.org. We do more than sell your home-we get you the best price!
Another month, another market update! The real estate market in the Fraser Valley has remained a seller’s market over the past month. We have seen average home prices rise, sales inventory slightly increase, and multiple bidding wars associated with many listings. To see last month’s stats for comparison please click here.
Here is what we saw this month for inventory, sales, and sales ratio:
Surrey had an inventory of 748 homes with 366 sales. This gives a sales ratio of 49% White Rock/South Surrey had 565 homes listed, with 166 sold. Total sales ratio of 29% North Delta had less inventory at 153 homes listed, but 91 sold giving it a sales ratio of 59%. Following that, Cloverdale had the highest sales ratio at 86% with 103 listings and 89 sales. Langley saw 232 homes listed with 183 Selling and a sales ratio 0f 79% (second highest). In Abbotsford, 288 homes were listed, 209 sold giving a high sales ratio of 73%. Last but not least, Mission had a sales ratio of 61% with 138 homes listed and 84 selling.
The upward trend of prices and low inventory continues to drive the market. Homes are selling quickly and for top dollar making this an excellent time to sell. If you or someone you know is selling, please get in touch with us at Young Real Estate by calling: 604-533-3491, or email email@example.com
At 63% MarketSpeed™ (sales-to-active listing ratio) we are officially in a seller’s market. But the question is: Why?
- Sales: 25% less than the previous year, and with an average list price of $623,000 giving us a 5% increase compared to this time last year, and a 2% increase month over month.
- Active Listings: Active listings totaled 3169 which is a 15% decrease year over year, but a 5% increase month over month
- Days on the Market: Homes were on the market for an average of 10 days in April, which is an 11% increase from last year, and 23% less than the previous month.
All of these factors play into producing a Seller’s Market in the Fraser Valley. If you are interested in learning about the stats in your area please contact us and we will be happy to send you a report!
It’s that time again–another month of Real Estate stats for you! This month the market continued to rise however, it was substantially down from this time last year. In total, residential property sales in Metro Vancouver totaled 3,553 last month, a 25.7% decline compared to a year ago.
However, the statistics for the Fraser Valley show that although there were fewer sales than there was last year, the market continues to be one of the hottest one’s in Canada. This month also showed that condominium and townhome sales now make up a larger percentage of all residential transactions. In Vancouver Condo and townhome sales were up by 68.5% on average.
Our market is in line with the forward momentum we see during the spring time. If you are looking to sell now is an excellent time to put your home on the market. We at Young Real Estate will work with to not just sell your home, but get you the best price. Give us a call today at 604-533-3491 and take advantage of the current seller’s market.
Sources: Vancouver Sun: http://vancouversun.com/news/local-news/vancouver-home-sales-slide-nearly-26-last-month-condo-and-townhouse-demand-rise
Statistics: SnapStatsReport (not available to public)
Spring has officially sprung and with it the Real Estate market has picked up! In the spring we typically begin to see the market’s inventory become more saturated, an increase in buyers and a sense of urgency to buy. Below are the statistics for March for detached homes.
In comparison below are February’s statistics, showcasing a clear growth especially in the Langley, Cloverdale and Abbotsford area.
Another area that has been of interest over the past few months is the foreign buyers tax’s overall effect. The interest of foreign buyers appears to be levelling off, as they accounted for little more than three per cent of both the value and number of all transactions, according to the most recent property transfer tax data.
It is still unclear of the overall effect of the tax and how the recent announcement of the exemption from the tax if one is a skilled worker here under the provincial nominee program and/or is a foreign national who obtained permanent Canadian residency within a year of living in Canada. To learn more about the exemptions check out this article.
Back to the Fraser Valley though! This month shows the general growth of the market and the increase in overall sales. This will continue over the next few months making it a great time to put your home on the market! It is a great time to look at selling your home and by partnering us at Young Real Estate we promise to work with you to sell your home for more!! #SellingHomesForMore
This new program for first time homebuyers called the HOME Partnership Program may be able to help them! In a nutshell the program breaks down as follows:
- Offers qualifying home buyers loans of up to $37,500, interest and payment free, for five years.
- The province has started accepting applications, started on January 16, 2017.
- To qualify, buyers must:
- be buying their first home
- obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price
- have a combined gross household income not exceeding $150,000
- have saved a down payment amount at least equal to the loan amount
- be a Canadian citizen or permanent resident for at least five years
- have lived in BC for at least the full year preceding their application.
- The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.
- The Facts:
- The loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price
- The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees)
- After five years, buyers can either repay their loan or enter into monthly payments at current interest rates
- Loans through the program are due after 25 years.
- The Application:
- Applicate/purchaser applies for loan
- Expected fees are $560.00
- Expected turnaround time is 5 days
- Housing Loan Approval is good for six months *** Pre Approval Certificate is required from a Bank before applying for the BC Housing Loan for Down Payment ***
- Applicants selects a home and writes offer.
- Lender approval and final contract to be sent to BC Housing minimum 14 days prior to closing date
- BC Housing will send instructions to lawyer/notary 4 days before closing date
- Please allow extra time if your client is applying for the program for subject removals.
For easy reference, please view the PDF Flow chart, power point, and scenario’s.
If you or someone you know has questions about this program, please contact me. I would be delighted to help!
It is officially the “New Year” and with the new year comes the yearly wrap ups! Check out the final Snap-Stats report + Video by clicking the link, for December 2016 and find out how the year ended off.
You can also view the FULL report by Snap-Stats and see how different municipalities & cities in the Fraser Valley wrapped up 2016.
If you want to know more about your home’s market speed, or get set-up to put your home up for sale (It’s a seller’s market this month!) give me an email and I will help you sell your home for the best price!