Current: West Surrey is in a Buyer Market with an average listing inventory, 11 %SOLD rate and a 98% Sell/List Ratio.
(This means that there is an average of a $20,000 sales discount from the original list price)
Most Active Range: Homes between $800,000 - $900,000 have 20.6 %SOLD rate.
Least Active Range: Homes between $1 mil. - $1.05 mill. have 3.0 % SOLD rate.
History: The Surrey West Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $49,026.
The Surrey West Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $26,901.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: West Surrey has average Listing supply; 364 homes are for sale and with the 11 %SOLD monthly rate gives us a ~9 months of inventory. 7% of the active listings have reduced their price by $46,675 on average or $34,000 median in the last month. We project West Surrey to be a Buyer market.
April's Real Estate Statistics shows that 76% of Single-Family Homes in Metro Vancouver have been in a Seller's Market. The Average Monthly Price increase was $2,100 which is a small decline from last month's $4,090 gain. On the other hand, Fraser Valley’s Detached Markets increased values this month. Single Family Homes had a $2,239 monthly price increase. Yes, both sales and inventory have dropped in the last month and the sell-through rates are falling enough to become a Buyer's Market. With that being said, we are not going to forecast the Markets this coming month, due to the Stock Market volatility and the Pandemic on hand.
Currently, Condos are in a Seller Market with 77% of the Greater Vancouver (Lower Mainland) Condo Prices increasing. On average, the Condo Market went up $1,476. At the same time, the Townhouse Market increased $1,366 on average. That is 79% increased (22 out of 28 Markets). We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.