Real Estate Market Outlook - Fall Edition

What is the State of the Housing Market and Where is it Headed?

Real Estate Market Update: Overall sales volumes decreased compared to August 2017, but we are still above historical September averages for the Fraser Valley. The market has been led primarily by the apartment and townhome segments where they continue to be in a seller's market and price increases are still expected. The detached housing market is now trending towards a more balanced market with little movement in price anticipated. Price changes over August by segment for the Fraser Valley were as follows:

• Single Family Detached: -0.2%*

• Townhome: +1.4%*

• Apartment: +2.5%*

In looking at other statistical data, the average sold price for a detached home in South Surrey for September 2017 was $1,308,000 which declined from $1,388,000 in August 2017. The sale price per sq foot was $490 (interior psf) down from $519 psf from August 2017. In September 2017, it took an average of 40 days for a detached home in South Surrey to sell, up from 34 days in August 2017.**

Despite current mortgage and price changes, we are in a strong housing market and it is still a good time to sell and invest in residential real estate in the lower mainland.

If you are thinking of making a move in the next few years, it is not too early to talk to a qualified residential real estate consultant who can best position your needs for the future. I provide comprehensive, analytical market evaluations for your home free of charge.

For a complimentary copy of a year-to-date housing market report for the Greater Vancouver or Fraser Valley, please email me at shanarivett@remax.net or contact me through my website www.oceanparkrealtor.com.

Source: FVREB* SnapStats**