Despite the supposed slip that was anticipated for the month of September, the change does not seem to be as significant as has been discussed in the media. The media has the real estate market in their cross-hairs seeking to aid the federal government’s attempt to slow the market down by creating skepticism through relentless negative broadcasting. The purpose of this article will be to give insight and hopefully balance the scales using the up-to-date information presented in the Fraser Valley Real Estate Boards monthly statistics package for September, 2016.
Inventory in September was at the highest level since October of 2015. Relative to August, 2016 active listings have increased 5.2% from 2,783 to 2,928 in September. When compared to September of 2015, active listings have increased by 22.2% from 2,397 to 2,928 in 2016. This demonstrates that the market is still very active. The average number of days that listings are on the market has increased from 17 days in June, 2016 to 27 days in September, 2016.
In Langley, the average price for a detached home was $ 937,054.00 which is down slightly from August by 0.8%. Townhomes average price $ 440,360.00 down from August by 4.1% and condos average $ 274,867.00 up 5%.
WHAT THIS MEANS FOR SELLERS:
The main take away from this: despite what you may have heard in the media, the market is still active. The average time for many homes to sell was just 10 days longer than one of the busiest times in Fraser Valley Real Estate history, June 2016. That being said, it is still a great time to list.
WHAT THIS MEANS FOR BUYERS:
With higher inventory, buyers obviously have a larger selection to choose from when searching for the perfect home. Being able to have subjects in the offers again gives buyers the time to be thorough giving them confidence that they have made the right decision on their purchase. It is important to have an inspection, financing in order, zoning is appropriate etc. We will be happy to help with your search and be sure that the proper due diligence is taken care of.
For first time home buyers, it is important to be properly informed of how the newly implemented Federal government regulations affect your purchasing power. We would happy to answer questions and provide information in that regard.
Economics tells us that when the QUANTITY of inventory increases and DEMAND is still significant the market will REMAIN BUSY. With a high level of listings, combined with living in one of the most sought after markets in the World, we should continue to see an active, dynamic market.