For real estate aficionados in Surrey, Cloverdale, and Langley, the landscape of the market is always changing. As we navigate from intense bidding wars and a notable listing deficit, the tides seem to be shifting towards a more balanced market. Here's a detailed examination of the current real estate scene based on the data collected by our dedicated realtor team.
September Sales Overview
Sales reached a total of 1,100 in September. While this marked a 13.6% decline from August, it's noteworthy that it's an impressive 22.6% increase from September 2022.
New Listings in Focus
September experienced a surge in new listings, totaling 2,860. This shows a 9.1% growth from August and an even more significant 25.8% leap when compared to the same period last year.
Market Dynamics for Detached Homes
The market for detached homes appears balanced currently, evident from a sales to active listing ratio standing at 14%.
Townhomes & Apartments: The Current Demand
Townhomes and apartments continue to be in the limelight with a high demand. The sales to active listing ratios for these categories are 31% and 25% respectively, clearly hinting at a robust seller’s market.
Pricing Trends Unveiled
Prices have showcased stability over the past month. Every property type has seen a decrease of less than 1% in pricing when compared to the previous month. However, on a year-over-year basis, detached homes have appreciated by 4.6%, whereas townhomes and condos have ascended by 3.4%.
Average Time on the Market
Properties aren't lingering too long, with townhomes and apartments averaging around 23 days on the market. In contrast, detached homes take slightly longer, averaging close to 29 days.
The Bigger Picture
With regions like Surrey and Langley in the Fraser Valley witnessing these remarkable market transitions, this moment is pivotal for prospective buyers and sellers. Crafting a strategic approach for your next real estate endeavor is essential.
If you're interested in visual insights and further expert analyses, we invite you to watch our video, where we delve deeper into these statistics and more.
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