Buying and Selling Real Estate Blog
Selling Unique BC Properties
September Market Stats
September showed us that we are well into a 'Balanced Market' with the Sales-to-Active Listings Ratio for the Fraser Valley being 14%. With 12-20% being the range of what is called a Balanced Market, 14% is getting to the low side and close to a Buyers market. We saw a continuing growth of new listings along side a decrease of sales both in comparison to August, as well as September of 2017.
This means good things for buyers, with more options becoming available and without the panic of previous years, there is more time for making good decisions. Of course, when the right property comes along at the right price there is still the need to act quickly. Just because the market has balanced, it doesn't mean that there is no competition and although multiple offers, back-up offers and bidding wars are far less common, they haven't disappeared completely.
Speaking of 'the right price', we've also seen a slight be steady decline in pricing over the past six months, and although prices are still higher now then they were this time last year, they are on a small downward trend. Depending on location and type of home, some changes are slight, while others are drastic. Single Family Detached homes in the Fraser Valley saw the September Benchmark price only rise 1.1% compared to Sept. 2017, townhouses have increased 9.5% and apartments have increased 22.5%. Comparing the difference of Sept 2018, to Aug. 2018 has Single Family Detached down 2%, Townhouses decreased only 0.4% and Apartments have gone down 1% from August.
These changes also show themselves in the timeline for the sale of homes with Single Family homes taking on average 39 days to sell where Apartments took 33 days and Townhouses took on average 32 days.
Contact Michele to find out what your home is worth in this changing market!