In the dynamic realm of Surrey, BC, the real estate landscape experienced a notable evolution in October. As consumers cautiously approached home buying decisions amidst elevated interest rates, the Fraser Valley Real Estate Board recorded a significant shift. With 970 transactions on its Multiple Listing Service® (MLS®), marking a 12% decrease from the previous month, the market showcased resilience amid the fourth consecutive decline since the 12-month peak recorded in June.
New listings followed suit, echoing the market's cautious sentiment. At 2,535, new listings saw an 11% decrease from September and a substantial 28% drop since their peak in May at 3,533. This pause in buying and selling decisions is a reflection of the impact of sustained high-interest rates, a sentiment echoed by Narinder Bains, Chair of the Fraser Valley Real Estate Board. Bains noted, "This has been the case since the latter half of the year so far, and we anticipate the trend will continue until we start to see some downward movement in the policy rate."
As we delve into the statistics, active listings in October totaled 6,580, showing a slight increase of less than 1% from the previous month and a notable 17% rise from October 2022. The sales-to-active listings ratio stood at 15%, indicating balanced conditions in the overall market. However, detached houses dipped into buyers' market territory at 12%, reflecting the nuanced dynamics within the Fraser Valley.
Baldev Gill, CEO of the Fraser Valley Real Estate Board, emphasized the critical role of pricing and financing strategies in navigating the current market. Gill stated, "A knowledgeable professional REALTOR®, armed with the latest comparative market data and neighbourhood insights, can be the key to determining optimal market timing."
Benchmark prices continued their downward trend for the third consecutive month, losing 1.4% compared to September. Delving into housing categories:
Single Family Detached: At $1,503,300, the Benchmark price decreased by 1.5% from September 2023 and increased by 4.8% compared to October 2022.
Townhomes: Priced at $845,300, the Benchmark decreased by 0.4% from September 2023 but rose by 4.7% compared to October 2022.
Apartments: With a Benchmark price of $545,400, there was a marginal 0.1% decrease from September 2023 but a significant 3.7% increase compared to October 2022.
As we navigate these market shifts, understanding the intricacies becomes paramount. Whether you're a buyer, seller, or investor, staying informed is key. For personalized insights and guidance tailored to your unique situation, reach out to us. Together, let's navigate the currents and chart a course for your real estate success.