A Market of Extremes: near-record sales in August combined with the lowest supply in four decades
At the beginning of August, I received many urgent calls to purchase or sell real estate with me. The Fraser Valley Real Estate Board reported similar findings with the highest sales ever for the month against a backdrop of decreasing supply. Throughout the month, I continued to see homes selling well over list price with multiple offers in certain areas, and the demand has spread over into the townhouse and condo market. The driving factors are low interest rates that continue to drive buyers to search for homes and a lack of listings that have left buyers with limited options to choose from. All of which could drive prices higher as more buyers enter the market. Our neighbourhood is no exception and has the lowest number of homes on the market that I have seen since living here. In short, there needs to be a greater supply of homes on the market. The FVREB has called for all levels of government to correct the structural housing shortage and achieved by creating higher-density homes to match the demand. As I have mentioned in the past, the South Surrey/White Rock landscape is rapidly changing and will continue to grow and adapt to this demand.
If you are in the market and wish to know how to go about selling, buying or buying and then selling, please reach out to me. Every client I have helped buy or sell this year has been in a similar situation as you, and I have been successful in helping them. If you want to make a purchase, don’t delay. The market can change every week, and the opportunity cost of not being in the market grows every day.
I look forward to hearing from you.Amanda
South Surrey White Rock$1,801,171 | +16.2%
Surrey$1,497,000 | +31.5%
At the beginning of August, I received many urgent calls to purchase or sell real estate with me. The Fraser Valley Real Estate Board reported similar findings with the highest sales ever for the month against a backdrop of decreasing supply. Throughout the month, I continued to see homes selling well over list price with multiple offers in certain areas, and the demand has spread over into the townhouse and condo market. The driving factors are low interest rates that continue to drive buyers to search for homes and a lack of listings that have left buyers with limited options to choose from. All of which could drive prices higher as more buyers enter the market. Our neighbourhood is no exception and has the lowest number of homes on the market that I have seen since living here. In short, there needs to be a greater supply of homes on the market. The FVREB has called for all levels of government to correct the structural housing shortage and achieved by creating higher-density homes to match the demand. As I have mentioned in the past, the South Surrey/White Rock landscape is rapidly changing and will continue to grow and adapt to this demand.
If you are in the market and wish to know how to go about selling, buying or buying and then selling, please reach out to me. Every client I have helped buy or sell this year has been in a similar situation as you, and I have been successful in helping them. If you want to make a purchase, don’t delay. The market can change every week, and the opportunity cost of not being in the market grows every day.
I look forward to hearing from you.Amanda
South Surrey White Rock$1,801,171 | +16.2%
Surrey$1,497,000 | +31.5%