May 2019Mimi's South Surrey and Langley Real Estate Market Updates Slower than normal market still attracting buyers in the Fraser ValleySURREY, BC – The Fraser Valley real estate
Home buyer demand remains below long-term historical averages in the Metro Vancouver* housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,608 in the region in November 2018, a 42.5 per cent decrease from the 2,795 sales recorded in November 2017, and an 18.2 per cent decrease compared to October 2018 when 1,966 homes sold.
Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008.
“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, REBGV president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”
There were 3,461 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2018. This represents a 15.8 per cent decrease compared to the 4,109 homes listed in November 2017 and a 29 per cent decrease compared to October 2018 when 4,873 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,307, a 40.7 per cent increase compared to November 2017 (8,747) and a 5.2 per cent decrease compared to October 2018 (12,984).
For all property types, the sales-to-active listings ratio for November 2018 is 13.1 per cent. By property type, the ratio is 8.9 per cent for detached homes, 14.7 per cent for townhomes, and 17.6 per cent for apartments.
Mimi grew up in the Real Estate Industry and spent the past 20 years working and being involved in various levels of many large and small real estate transactions, law reforms, on-going development pr....
Latest Blog Posts
10 Top Surrey Real Estate Agents of 2018 Announced by Rate-My-Agent.com(Surrey, BC, February 15th, 2019) The top 10 Surrey real estate agents for 2018 were announced last month by Rate-My-Agent.com.
SURREY, BC – Overall inventory levels continued to recover as market activity remained moderate through January.The Fraser Valley Real Estate Board processed 784 sales of all