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Current: West Surrey is in a Buyer's Market with an average listing inventory, 7 %SOLD rate and a 95% Sell/List Ratio.
(This means that there is an average of a $69,999 sales discount from the original list price)
Most Active Range: Homes below $1.35 mill. have 13.7 %SOLD rate.
Least Active Range: Homes above $2.6 mill. have 1.3 % SOLD rate.
History: The Surrey West Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $97,121.
The Surrey West Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $10,011.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: West Surrey has average Listing supply; 572 homes are for sale and with the 7 %SOLD monthly rate gives us a ~14 months of inventory. 8% of the active listings have reduced their price by $64,235 on average or $50,000 median in the last month. We project West Surrey to be a Buyer's market.
Greater Vancouver November 2024:
In November, 52% of detached homes in Greater Vancouver dropped in value. On average, single-family homes in Metro Vancouver lost $1,245 in price. With lower mortgage rates, more buyers are expected to enter the market, especially for condos and townhouses. We predict that Metro Vancouver will stay a buyer's market until the end of the year.
For condos, the average price went up by $280, and townhouses increased by $110. We expect these markets to stay either a buyer's market to a stable market in the months ahead.
To stay updated on market trends, visit VancouverMarketReports.com every Saturday at noon. We share insights on which areas in the Lower Mainland are gaining or losing value. For a full report on prices, forecasts, and details about your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley November 2024:
In November, 56% of detached homes in the Fraser Valley lost value. On average, single-family homes in the area dropped by $311 in price. With mortgage rates going down, more buyers are expected to enter the market, especially for condos and townhouses. For now, the Fraser Valley is likely to stay a buyer's market until the end of the year.
Last month, condo prices went up by $1,138, while townhouse prices dropped by $1,106. We predict that the condo and townhouse markets will remain either a buyer's market to a stable market in the coming months.
To stay informed about the latest market trends, visit VancouverMarketReports.com every Saturday at noon. We provide updates on which areas in the Lower Mainland are gaining or losing value. For a detailed report on prices, forecasts, and your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
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