We’ve seen some interesting changes in our market in the last 30 days. The average sale price is down and the average days on market is up.
There are currently 18,861 homes available on our MLS. In the last 30 days, we saw 2,636 of those homes sell. In that same 30-day period, we saw an additional 5,648 new homes on the market, which represents a real replenishment of the inventory.
If you would have sold your home a month ago, it would have taken, on average, about 14 days. That number has since stretched out to almost 17 days. If we look at the pricing that has resulted, you can see that while last month the average sale price was $602,667, it has been adjusted down to $595,745. This price adjustment is more in the top end of the market than in condos or townhomes, which are a little more stable.
What does this mean in terms of opportunity for sellers and buyers? For sellers, you’ve got to choose the right price and market your home aggressively to capture this opportunity. For buyers, you need to make sure you’re pre-qualified so you can purchase that perfect home at the right price when it comes along.
Sellers have to choose the right price and buyers need to be qualified.
If you or anyone you know is thinking of buying a home in Surrey, don’t hesitate to give me a call or send me an email. I would love to answer any questions you may have.
