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East Surrey Market Update Report

Fraser Heights, Fleetwood Tynehead, Panorama Ridge, Sullivan Station, Guildford and all the sub-areas of East Surrey Real Estate Market Update Report.

 

May 1, 2014

gas gauge

Current:  East Surrey is in a Stable market with a 13 %SOLD rate, 20 DOM and a 97% Sell/List Ratio. (This means that there is an average (m) of a $24,000 sales discount from the original list price)

Most Active Range: Homes between $500,000 and $600,000 have 17.2 %SOLD rate keeping prices stable.
Least Active Range: Homes above $1 mill. have a low 7.8 %SOLD rate.

History: The Surrey East Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $26,188.
                 The Surrey East Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices  increased $5,613.
                      *The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.

Forecast: East Surrey has an average Listing Supply; 625 homes are for sale and with the 13 %SOLD monthly rate gives us a 8 months of inventory.  At this sell through rate approximately 430 of these listings will not sell. 11% of the active listings have reduced their price by $36,631 on average or $20,900 on median in the last month.
The Fraser Valley Real Estate Market has been experiencing a continued Stable-Strong  Market this year in both the Top 50% and the Lower 50% of the  Market Areas. 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 to see increased activity with modest price increases. We project East Surrey to be a continued 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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