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West Surrey Market Update (Detached)
East Newton, West Newton, Cedar Hills, Bear Creek Green Timbers, Queen Mary Park Surrey and all the sub-areas of West Surrey Real Estate Market Update Report.

 

April 1, 2014

gas gauge

Current: West Surrey is in a Stable Market with an average listing inventory, an 10 %SOLD rate and a 97% Sell/List Ratio. (This means that there is an average of a $14,900 sales discount from the original list price) (Lesson)

Most Active Range: Homes between $400,001 and $500,000  have 15.9 %SOLD rate.
Least Active Range: Homes above $800,000 have 4.1% SOLD rate.

History: The Surrey West Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $14,296.
The Surrey West Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased  $16,671.
             *The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.

Forecast: West Surrey has average Listing supply; 788 homes are for sale and with the  10 %SOLD monthly rate gives us a ~10 months of inventory. Approximately 542 of these listings will not sell at this sell through rate. 11% of the active listings have reduced their price by $21,100 on average or $17,000 median in the last month.

The Fraser Valley Real Estate Market has been experiencing a continued Stable-Strong Market this year. The Fraser Valley is a more Local Employment/Job Dependent Marketplace; and BC's potential Mega Development projects are good Economic news. We project most Fraser Valley markets should see increased activity with modest price increases. We project West Surrey to be a stable market. If you have longed to move to another community, or create income through rental property, now might be your best chance to do so.

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