The Spring market is in full swing! Sales are up as we saw 1,424 homes sell in the month of May, which is up 16.8% from last May. We are also seeing fewer homes for sale as the listing inventory is down by -3.4% when we compare the amount of homes that were on the market this May compared to the same time last year.
So for May 2014... we are at the top end of a "Balanced Market" because the list to sales ratio was 19.64%. 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 May with 5.1 months of inventory. Those inventory level tells us that prices are stable and are rising in some areas. When inventory is around 5 to 6 months, prices are stable and are fairly flat. 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 $576,178, which is up 6.2% from this time last year and up 2.1% from last month. South Surrey/White Rock is the most expensive area for houses with an average price of $925,000 followed by Langley at $588,500, and then closely by Cloverdale at $587,750.
For Attached Homes, the average price is $298,835 which is up 15.3% from this time last year! North Delta is the most expensive at $469,500, followed by South Surrey/White Rock at $377,500 and Cloverdale at $297,000.
The three hottest area for Detached homes are in Langley with 31.40% of the listings selling, North Delta with 31.25% of the homes selling, and Cloverdale with 24.46%. In these areas homes are selling in less than 3 weeks on average.
The three hottest area for Attached Homes are in Langley at 26.52%, North Delta at 17.81% and Cloverdale at 17.74%. In these areas Condos, townhouses and 1/2 duplexes are being snapped up in less than 6 weeks on average.
Low mortgage rates, the current transfer of wealth, and our supply levels is what is helping the market outperform last years market and is continuing to gain month after month.
If you would like to know how your neighbourhood is doing or your particular property type, please feel free in calling or emailing me 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.
Posted by Tony Cikes