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!
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