A year like no other.
We have given a firm and swift kick goodbye to the arse of 2020. As it fades into oblivion we welcome 2021 with open arms and a stern warning; Be better than your predecessor! While there were some positives to take away from the past year, the feeling of Groundhog Day, without the charm of Bill Murray, was hard to escape. Resiliency, patience and kindness were needed in abundance and we recognize that we are not out of the woods yet! But there have been glimmers of light giving us the notion that we are close. We feel very optimistic of what lies ahead this year.
In spite of the pandemic and perhaps due in part to the pandemic, last year was an incredibly busy year in the real estate market. With the lockdown, twelve months were condensed into about nine months.There were a few factors that played a part, and in no particular order they were: lowered interest rates on already low interest rates, not as much job loss as feared, everyone forced to stay local, and savings from not traveling or entertaining.
The early returns for 2021 are that the demand is here now but there is very little inventory. We are seeing lots of traffic on those detached properties and townhouses currently available. A potential road block to more listings coming to market is that prospective sellers are hesitant, as they worry about what will be available once they sell and put their buyer's hat on. However that may be a premature worry as it is only January. This is not usually a month where we see lots of listings, so patience will be needed. We should see more come to market in the months ahead. However, this is not a market to expect success with a subject to selling your property clause.
So when does this end? Well nobody knows for certain, but the feeling is once people can safely get on planes. That could be sometime in late summer/early fall. The question is where will prices be by that point?
The time we are in has the feeling of what we experienced in 2016/2017, although this time around it is the locals driving the market. We helped many clients navigate successfully through that super charged market, and we can do the same for you now. Contact us today to discuss a plan that will work for you!
We have given a firm and swift kick goodbye to the arse of 2020. As it fades into oblivion we welcome 2021 with open arms and a stern warning; Be better than your predecessor! While there were some positives to take away from the past year, the feeling of Groundhog Day, without the charm of Bill Murray, was hard to escape. Resiliency, patience and kindness were needed in abundance and we recognize that we are not out of the woods yet! But there have been glimmers of light giving us the notion that we are close. We feel very optimistic of what lies ahead this year.
In spite of the pandemic and perhaps due in part to the pandemic, last year was an incredibly busy year in the real estate market. With the lockdown, twelve months were condensed into about nine months.There were a few factors that played a part, and in no particular order they were: lowered interest rates on already low interest rates, not as much job loss as feared, everyone forced to stay local, and savings from not traveling or entertaining.
The early returns for 2021 are that the demand is here now but there is very little inventory. We are seeing lots of traffic on those detached properties and townhouses currently available. A potential road block to more listings coming to market is that prospective sellers are hesitant, as they worry about what will be available once they sell and put their buyer's hat on. However that may be a premature worry as it is only January. This is not usually a month where we see lots of listings, so patience will be needed. We should see more come to market in the months ahead. However, this is not a market to expect success with a subject to selling your property clause.
So when does this end? Well nobody knows for certain, but the feeling is once people can safely get on planes. That could be sometime in late summer/early fall. The question is where will prices be by that point?
The time we are in has the feeling of what we experienced in 2016/2017, although this time around it is the locals driving the market. We helped many clients navigate successfully through that super charged market, and we can do the same for you now. Contact us today to discuss a plan that will work for you!
SOUTH SURREY/WHITE ROCK REAL ESTATE STATISTICS
STATISTICS SUMMARY
- With nothing being typical about 2020, December did not disappoint. Sales surged to end the year. Seasonality is out the window. Buyers are in abundance with little to choose from. There may have been a thought for some that it would take until March or later for product to come to market so lets pull the trigger now.
- While there were more properties that came to market than we usually see in December, the demand was such that the overall pool of inventory decreased. The only segment to buck this trend was the condo market. While still a strong showing when looked at in isolation, it paled in comparison to the demand for townhouses and detached homes.
- With multiple offers becoming much more frequent it is no surprise to see prices tick up agin this month. Benchmark prices gained 12%-7% this past year in South Surrey/White Rock, depending on product segment.
- Interest rates remain ultra low with little appetite for an increase. This along with everyone remaining local due to the pandemic should continue to keep demand high. The only visible impediment at the moment is lack of inventory. Many sellers that are looking to purchase up the food chain are hesitant to list their homes wondering where they will end up.
- When sales are broken down for South Surrey/White Rock we saw the following:
- 24.8% of the total attached market sales were between $400K - $500K and 22.5% were between $600K - $700K.
- the most "in demand" price band for attached properties - both condos and townhouses - was between $600K - $700K, having a 79% sales ratio (7.9 sales for every 10 listings).
- the overall attached South Surrey/White Rock market has a 49% sales ratio average (49 sales for every 100 listings).
- detached houses priced between $1,250,000 - $1,500,000 totalled 30% of the total sales for houses; with those between $1,250,000 - $1,500,000 having a 92% sales to active ratio(9.2 sales to every 10 active listings).
- There were 29 sales above $2,000,000 in the detached market.
- Overall, for detached homes, there were 59 sales for every 100 active listings (a 59% sales to active listings ratio*).
* A sales to active listings ratio between 12 to 20 percent is considered a balanced market. Below 12 percent is considered a buyer's market and above 20 percent is considered a seller's market.
Interested in reading the full statistics package for the Fraser Valley?
Click HERE for more information
INSIGHT MAGAZINE
Looking for an escape? INSIGHT - The Art of Living- is a magazine and online portal featuring spectacular properties, interior design ideas and much more, curated by Sotheby's Realty. Click here to view: INSIGHT MAGAZINE
205 1725 128th Street- OCEAN PARK GARDENS! Beautiful executive style two bedroom and den condo with lovely OCEAN VIEW from multiple rooms. At almost 2000 sq ft this condo feels more like a house with its open spaces and generous room sizes. Renovations include hardwood flooring, quartz counter tops.. More Info...
13 2250 Christopherson Road- ROCKCREST ESTATES. Start Enjoying your beach lifestyle in this waterfront charmer. Totally remodeled 3 bedroom rancher with loft. High end finishings throughout! More Info...
14863 Hardie Avenue- Stunning ocean views from this West Beach hillside property! Perched above the iconic White Rock pier, this home offers sweeping ocean and island views. This property, with its 50 foot frontage and 6000 sq ft lot, is the perfect spot to build your dream house. More Info...
2702 Cedar Drive- ESTATE OPPORTUNITY - this is an absolutely stunning property with over 13,821 sq ft. Building plans available for a 3 level basement home at a total of 7321 sq ft with almost 500 sq ft of covered deck space. The new build will have a partial Ocean View.. More Info...
1534 Best Street-THE COURTYARDS, fantastic central location in White Rock! Rarely available three bedroom three bathroom townhome in a quiet location. Recent renovations include kitchen, bathrooms, flooring in flex room, H/E furnace, and painting. More Info...
418 15210 Pacific- Ocean and Courtyard Views !!! Completely renovated unit in 2018 and simply stunning! Wonderful open floor plan with no wasted space. Timeless white shaker cabinets in the kitchen with beautiful quartz counters and quality stainless steel appliances. Gorgeous engineered hardwood flooring throughout....More Info...
2880 Trinity Street- Trinity street in East Vancouver, home to the famous Christmas Light Tour. Build your dream home on this pristine lot with gorgeous views of the North Shore Mountains.....More Info...
