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Let’s take a look at where the market is at and where it’s going based on what the numbers are telling us. We can see that in June, 51% of all available inventory in Surrey sold. We’d call that a seller’s market.
If we contrast that with a year ago when only 26% of available homes sold, we can see that what we call the absorption rate actually doubled. For buyers, that means far fewer choices, and for sellers, it means getting prices that were very strong.
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Compared to just a year ago, the average sales price has jumped 23%
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When looking at the questions of whether or not it’s going to continue, we just have to look at the overall picture of where prices have gone in the last year. Looking at this June, we see that the average price was $703,207. Looking back to June of last year, this figure was $571,595. Average prices for the same home are 23% higher, and in some cases, much more.
This is because a lot of buyers who could have afforded a single-family home a year or two ago can now maybe only afford a townhome.
If we look at where the real winners in the market are going to be, we can see that townhomes are doing well because there’s a lot of demand for them. We can also see that because of interest rates being five-year rates at 2.25% a lot more buyers will enter the market.
If we’re looking at what’s going to happen in the summertime - generally between mid-July and August - many home buyers have purchased and are now in moving time. We can see beyond that that we do not have enough inventory to level out demand, so prices will continue in the upward trend.
If you or someone you know is looking to move in the market, I invite you to give me a call. I look forward to hearing from you soon!
