More on the Market in May

June 7, 2017

You can tell that summer is just around the corner, more home owners are thinking about moving over the next few months. Whether a move up or down, closer to schools for the kids or further away for empty-nesters, the late spring and summer tends to see a fair bit of activity while school is out and holidays are coming up.

This past May was the second-highest for sales in the month of May and the highest sales since June 2016, with over 25% more listings coming on the market compared with April. Sales are also up over April, with combined home sales in Central Surrey, Surrey-Cloverdale, and North Surrey up almost 12% in the last month. Looking at types of homes, detached single-family homes are still the most desired home in the areas, but apartments and condos are also up over six per cent. The BC Home Ownership Program and the number of new developments as well as resale units in established buildings are making this part of the market an attractive way to for first-time buyers to start building their own equity and become home owners.

At the same time, demand has not appeared to slow down that much, though the increase in available inventory may only seem like activity has quieted down. Different neighbourhoods are experiencing different levels of demand, and what might sell in a week in a North Surrey neighbourhood might wait a little longer for a buyer in Cloverdale, or vice-versa. There are a myriad of factors that influence the level of activity in a given area, and the features, amenities, or things you as a homeowner feel are convenient may feel too close for another buyer. Maybe being that little bit farther from the main route is a drawback for someone who needs transit service. The needs of every buyer are different, and it pays to work with an experienced realtor who can market your home effectively to expose it to as many buyers as possible. As they say, there is a shoe for every foot. If you’re thinking about making a move, give me a call at 604-230-7788. I’d be happy to discuss the current conditions and how best to market your home to find your best buyer and the best price.

May 2017 table