July’s market update is live! As we head into the dog-days of summer, real estate is still going strong in the Fraser Valley. We are still in a Seller’s Market, with a 43% home selling rate.
There were a total of 4087 active listings in July. This is up from the previous year slightly. There were 1744 sales made in July, which was on par with last year’s sales at this time as well.
One of the most interesting, and still a concern for many first time and buyers in general, was the rise in sale price of 15% from last year. The main issue that is driving prices up continuously is the lack of inventory. Despite a record setting month in construction, there is still a high demand and low supply.
If you would like to see your snap-stats report for your area, get in touch with us and we will set you up!
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!
The new year will be here before you know it! But there is still time to find your dream home in 2016—and there are 4 reasons why you SHOULD buy before we hit 2017!
- Harder for First Time Home Buyers Increased Government Intervention: With each passing month there seems to be more regulations and interest rate volatility. From the changes on October 17th, to the new one’s coming into effect as of November 30th buyers are seeing a significant impact on their spending ability.
- A Market Rebound will make Buying More Expensive The Real Estate market slowed in Vancouver for the month of October-which is good news for First Time Home Buyers. However, there is the potential of a market rebound occurring, and prices going back up in the new year.
- Segments of our Market are Increasing: Two segments have been growing in the real estate market and will continue to do so in 2017. These two segments are First Time Home Buyers and Baby Boomers looking to downsize. This increase in demand, coupled with a lack of supply, tends to bring higher prices.
- Healthy Inventory of Homes Taper Off in the Winter: The supply of homes for sale is usually fairly low in January and February, making November and December a good time to pick up a new home. Buyers like a higher selection of homes and a lower chance of a bidding war.
The new year and holidays will be here before you know it! Take advantage of the less government intervention, lower pricing, and good supply available right now. This fall and winter could be your time to find the perfect home.