I hope everyone is continuing to stay safe while also getting to enjoy some of this beautiful sunshine we have been having! I have been keeping a very close eye on this unprecedented market and this is what I am seeing:
The Real Estate Board is processing a record number of new listings however they are also processing a record number of sales. This means that inventory is increasing substantially however demand remains unusually strong. The question is how long will this demand last? If we continue to see this increase in supply it will eventually outweigh the demand. Currently we are seeing that happening on a small scale. Prices from what I can see are starting to plateau, except in the condo market where I am just seeing sale prices start their rise (They are always last to see it).
As we get into the nicer months, we usually see more and more inventory coming to market, so it will be interesting to see what is to come in May/June. As always, I will keep everyone informed!
Take away: From a monetary perspective we do know one thing, there has never been a better time to sell!
If you have any questions about your home value or your market. Reach out to me anytime! – Garry
©2020 SnapStats Publishing Co. *All data sourced from the FVREB MLS®. Market Speed is based on the Sales-to-Active Listing ratio and the Fraser Valley Real Estate Board’s market types (ie Balanced Market 12 to 20%.) All data reported is Median and
represents Single Family Homes and Condo/Townhomes in the following areas: Surrey, South Surrey/White Rock, North Delta, Cloverdale, Langley, Abbotsford and Mission. Market Speed is best defined over several months. Refer to our YTD reports for
sustained periods of the Sales Ratio %. This communication is not intended to cause or induce breach of an existing agency agreement. More info at Snap-Stats.com.