When realtors say the market is hot, that means there is a lot of activity happening, open houses are busy, showings are happening left and right, and multiple offers are common with most listings.
A few indicators that show how hot the real estate market is DOM, which is the number of days on market a property takes to sell and price, which is definitely bouncing back up!
In Surrey, it takes 23 days on average to sell a single family home, 19 days to sell a townhome and 20 days to sell a condo.
In Cloverdale, it takes 20 days for single family, 15 days for townhomes and just 8 days for condos. For Langley, it takes 21 days for single family, 14 days for townhomes and 19 days for condos.
So on average, listings are selling within 2-3 weeks of entering the market.
If you want to know what’s happening in your neighborhood, please give us a call or send us a DM and we’d be happy to help.
PJ @ 604-725-1258 | Razaik @ 604-537-8447