The Spring market is here and so are house sales in the Fraser Valley. Sales are up as we saw 1,298 re-sale homes sell in the month of April which is up 7.9% from last April. We are also seeing less homes for sale as the listing inventory is down by -2.0%when we compare the amount of homes that were on the market this April compared to the same time last year.
So for April 2014... we experienced a "Balanced Market" because the list to sales ratio was 19.89%. It is a "Balanced Market" when the ratio ranges from 15% to 20%. It is deemed to be a "Buyer's Market" when we are below 15% and a "Seller's Market" when we are above 20%.
We finished April with 5.33 months of inventory. That inventory level tells me that prices are fairly flat because around 5 to 6 months, prices are stable, they are not going up much and they are not going down much. When they go below 5 months, we see prices rise and the lower the inventory gets the quicker the prices climb. When we have over 6 months, we see prices starting to decline and the more months of inventory we have, the quicker the price drops.
The average price of a Detached Home is $564,550 which is up 5.6% from this time last year. South Surrey is the most expensive at $878,000 followed by Cloverdale at $580,000, Langley at $578,000, Surrey at $569,750 and North Delta at $547,500.
For Attached Homes, the average price is $289,821 which is up 10.9% from this time last year. South Surrey is the most expensive at $328,750, followed by North Delta at $325,000, Cloverdale at $298,000, Langley at $296,000, and Mission at $285,000.
The hottest sub-area for Detached homes is Cloverdale with 30.67% of the listings selling in the first month. In fact, homes are only sitting 16 days on average in that market area.
The hottest sub-area for Attached Homes is Langley with 22.88% of the listings selling in the first month. Condos, townhouses and duplexes are being snapped up in 30 days on average.
Lower mortgage rates, less inventory, the increase of the Property Transfer Tax threshold and our steady growth of in-migration is what is causing our overall market to be better this year then it was last year. I also believe that the new Port Man bridge has helped increase sales in that area because it is much easier and Fraser to get into the city now. What to watch for in the upcoming months is what effects (if any) will the increase of the CMHC insurance premiums do?
If you would like to know how your neighbourhood is doing or your particular property type, please feel free in calling me or email us and we can share with you a more detailed report. If you would like to know what this means for the value of your home, please feel free in simply filling out our ""What's my Home Worth Form". You can also leave me a comment.
Best regards,Posted by Tony Cikes on