The summer heat has spilled over to the real estate market! This month the Fraser Valley remained in a Sellers Market.
Looking at the table above and seeing the ‘sales ratio’ you may ask how those numbers translate into a Seller’s Market. So we thought that this month we would dive into how we determine the market as a balanced, sellers, or buyers market.
First, what is a Sales Ratio? The Sales Ratio is the current inventory of homes that are selling. It is found by taking the number of sales and dividing
10% sales ratio=1 in 10 homes selling rate
33% sales ratip=1 in 3 homes selling rate
Make sense? We then take those ratios and compare them to benchmarks which determine if the market is balanced, favours buyers, or favours sellers.
- A buyers market would have a sales ratio of 11% or less
- A balanced market would have a sales ratio of 12-20%
- A seller’s market would have a sales ratio of 20% or more
Looking at the stats in the table above, you can see that we are in a seller’s market–and have been for the past several months. If you would like to learn more about the stats for your specific area–or are interested in chatting about putting your home on the market get in touch with us today. We would love to meet with you and help you understand what the market is doing in your area!
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