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Current: West Surrey is in a Buyer's Market with an average listing inventory, 7 %SOLD rate and a 97% Sell/List Ratio.
(This means that there is an average of a $41,000 sales discount from the original list price)
Most Active Range: Homes below $1.35 mill. have 17.5`%SOLD rate.
Least Active Range: Homes between $2.2 mill.-$2.6 mill have 1.2 % SOLD rate.
History: The Surrey West Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $97,323
The Surrey West Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $24,629.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: West Surrey has average Listing supply; 547 homes are for sale and with the 7 %SOLD monthly rate gives us a ~14 months of inventory. 7% of the active listings have reduced their price by $73,101 on average or $50,000 median in the last month. We project West Surrey to be a Buyer's market.
Greater Vancouver October 2023:
In October, the average price of Single-Family Detached Homes in Greater Vancouver continued to decline, with an average price of $15,669, representing a substantial decrease from the previous month's average of $297. This is the most significant decrease we've witnessed in the current year and the lowest October price drop in the past 25 years.
The ongoing conflicts now involving Israel and Hamas, as well as Russia and Ukraine, have significantly eroded buyer confidence. This, in turn, has led to increased uncertainty in oil prices, inflationary pressures, and higher food prices. Additionally, buyers are currently facing unprecedented limitations on their borrowing power, which have not been seen in the past 20 years. Based on our forecasts, we anticipate that the market will continue to experience a decline until February 2024.
Presently, both the condominium and townhouse markets are in a near state of balance. Condominium prices have decreased by an average of $5,697, while townhouse prices have actually risen by $2,472.
Every Saturday at noon, we analyze 97 different city House Price Indices and present the most accurate market trends to you at VancouverMarketReports.com. Please get in touch with us if you'd like a market value update that includes a thorough analysis and forecast for your neighborhood and local market area. - Your Neighborhood.
Fraser Valley October 2023:
In October, the average price of Single-Family Detached Homes in Fraser Valley decreased by $10,502, which represents a positive change from the prior month when the average decrease was $15,966. This represents the lowest price decline for the month of October over the last decade.
The ongoing conflicts now involving Israel and Hamas, as well as Russia and Ukraine, have significantly eroded buyer confidence. This, in turn, has led to increased uncertainty in oil prices, inflationary pressures, and higher food prices. Additionally, buyers are currently facing unprecedented limitations on their borrowing power, which have not been seen in the past 20 years. Based on our forecasts, we anticipate that the market will continue to experience a decline until February 2024.
As per the latest data, both the condominium and townhouse markets are experiencing significant declines. The average price of a condominium has dropped by $7,595, while the average price of a townhouse has declined by $7,783.
Every Saturday at noon, we analyze 97 different cities' House Price Indices and present the MOST ACCURATE Market Trends to you at VancouverMarketReports.com. Please get in touch with us if you'd like a market value update that includes a thorough analysis and forecast for your neighborhood and local market area. - Your Neighborhood.
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