- We are in a Seller's market for houses with 24% of the homes selling within a month and we are in a Buyer's Market for attached homes with 13% of the homes selling within a month.
- Sales are up 12.3% from a year ago!
- Inventory is down -4.1% from a year ago.
- The detached housing market has 4.5 months of inventory while our attached market has 8.2 months.
- The average price of a house is $569,787
- The average price of an attached home is $281,158.
If we compare from a year ago (November 2013):
Prices are up 4.8% for houses and down 1.2% for attached homes.
Now... there are some areas that are selling better than others just as some areas offer better buying opportunities. Here are the three most expensive areas:
For Detached Homes:
1) South Surrey/White Rock with an average price of $846,750 which works out to $292 per square foot.
2) Cloverdale with an average price of $605,309 and at $207 per square foot.
3) Langley with an average price of $580,450 and at $240 per square foot.
For Attached Homes:
1) South Surrey/White Rock with an average price of $356,000 which works out to $291 per square foot.
2) Cloverdale with an average price of $324,200 which works out to $223 per square foot.
3) North Delta with an average price of $298,000 which works out to $220 per square foot.
The hottest area for selling a Detached house is in North Delta with 3.4 out of 10 homes selling within a month and sellers getting 97% of their asking price within an average time of 25 days. There is only 2.9 months of detached housing inventory in North Delta.
For Buyers, if you are looking to buy a house I would suggest Surrey as there is a good selection of homes available with 5.8 months worth of inventory and prices being negotiated 3% below their list price.
If you are looking to buy an Attached home I would suggest Cloverdale as there is a good selection of homes available with 6.2 months worth of inventory and South Surrey/White Rock which has 8.8 months of inventory.
The reason I would suggest Cloverdale, South Surrey and White Rock is because of its connectivity to more than one major highway The trend that I am seeing is "Baby Boomers" selling their houses and down-sizing and the "First Time Buyer" getting into the market. Both of these groups want amenities and want walk-ability. These areas are being developed as "Villages", where there will be plenty of amenities all within walking distance. This will bode well for re-sale values!   Â
If you have any questions about the market in your specific neighbourhood, or if you are curious about the value of your home, please feel free in calling or emailing me. I can also share with you some of my insights on what the market is doing and what I see it doing in the future.
I am anticipating that we are going to have another strong start to our real estate market in 2015!
Enjoy your last four weeks of 2014!
Leave A Comment