Surrey remains a popular destination for first-time homebuyers and families. According to Anita Huberman, CEO of Surrey Board of Trade, nearly 1,200 people move to Surrey every month.
This city in the province of British Columbia has always been a city of families. People look to Surrey as alternative housing markets.
In their official community plan, Surrey has actually focused on greenery, livability, bike access routes, festivals, community events, parks and recreation centers.
The Rising House Prices Doesn’t Scare Off Buyers
According to the Fraser Valley Real Estate Board, the benchmark price for a single-family detached home in Surrey equaled $981,700 in June 2016, an increase of 40% compared to $689,700 in June 2015, while for a townhouse, it was $387,100, an increase of 27.9% compared to $302,600 and for an apartment, it was $231,900, an increase of 20.8%, going from $191,900.
A great hike in the prices for all kinds of residential properties didn’t really turn off the buyers. With 2,864 sales of all property types this year in June, we witness an increase of 18.7% home sales compared to June 2015.
Statistics of Home Sales, June – July 2016:
|Single family detached homes||Townhomes||Apartments|
Although sales dipped 1.5% as compared to May 2016, demand for Fraser Valley housing was still high in June.
3,705 new listings were added to the Multiple Listing Service (MLS) in June, a rise of 11.7% compared to the previous year, and a 0.8% increase from May 2016. But the total active inventory for June 2016 was 5,612, which was 8,105 last year, at this time. So, definitely, the sales are high this year.
No doubt, Surrey is a very desirable place to live. This is why people continue to move into this city to purchase homes.
Good News: Fraser Valley Real Estate Market Simmers
This July, Fraser Valley has 1,962 sales of all property types on its MLS, which is a decrease of 10.2%, contrasted to the 2,184 sales in July, last year.
Surely, the slowdown of sales is what many potential homebuyers were waiting for! As the year ends, the pace of the market is expected to slow down even further, and then, inventory has a brighter chance to catch up.
The Fraser Valley Real Estate Board received 3,226 new listings in July, an upsurge of 14.6% compared to July 2016, and a 12.9% decline from June 2016. Last month, the total active inventory was 6,012, which was 7,681, at this time, last year.
With a rise in inventory, there will be a more balanced environment for consumers, and prices will tumble.
Are you a struggling buyer? Contact Robbie Johal, your Clayton, Cloverdale, and Surrey real estate specialist and find your best path through this complex real estate environment.