It’s A Buyer’s Market
Fraser Valley remains in a buyer’s market when it comes to real estate, with a sales-to-active listings ratio of 11 per cent (12-20% is considered a “balanced market”).
“High inventory in the Fraser Valley is giving buyers more choice, but it also means sellers are facing more competition,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “We’re seeing that homes priced appropriately for today’s market are selling, while sellers who aren’t in a rush are choosing to hold off or stand firm on pricing and wait for more favourable conditions.”
I can confirm this with my own experience, having just sold a 6-BR detached house in South Surrey for 98% of asking price in just 2 weeks and with just 2 open houses (more than 40 groups through!). This is because my seller clients understood the market and we priced their home accordingly — not undervalued, but fairly. So, if you’re thinking of selling, you don’t necessarily have to wait for “prices to go up”, especially if you’re planning to buy in the same market. Your competitively priced home will sell quickly. You can then take advantage of this same competitive pricing on your next property purchase!
Across the Fraser Valley in May, the average number of days to sell a single-family detached home was 34, while for a condo it was 33 days. Townhomes took, on average, 27 days to sell. The average benchmark price in May was $963,200.
