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MARKET UPDATE: SURREY (NORTH/CENTRAL/SOUTH) OCT 2021



By Ali Kaya



When dealing with buying and selling a home, the market you're in definitely matters. In this article we'll go through the market statistics and insights of Surrey's detached single family homes (central, north, and south/White Rock) that way you have all the information you need in making the best decision for you and your family. At this present moment, we are in a very one sided seller's market. If you'd like more information on what that means, click here.


Right now, prices have and are still skyrocketing simply due to lack of inventory. On average, Surrey as a whole is down 40-50% in active listings, which is a HUGE plummet from last year. With lots of demand, low inventory, and low interest rates, you can see as to why your home prices are rising at a drastic rate. However, even though prices are very much up, homes can still expire. Be sure to work with a knowledgeable and honest agent as well as price your property correctly.


The market is very much on the seller's side, but we must still act in accordance with the market. Surrey's housing market has been on a tear in the last 6-7 years. With a massive influx of buyers, amazing infrastructure and development, and an economic rise; Surrey has been one of the best markets in Canada. We will be going over each individual part of Surrey and their own market insights for single family homes. North Surrey is the hustling and bustling entrance to Surrey which features a vibrant yet also suburban feel. Central Surrey is the main hub of Surrey, having most of the population and most of the real estate. South Surrey/White Rock is the expensive and ritzy areas of Surrey, with a great mix of large lot mansions and new development.


Let's get started on the market insights.



NORTH SURREY

North Surrey is an amazing area and one where I have a lot of experience in. With tons to offer, it's a very popular area for families. Let's look at active listings, new listings , sales, and average price.



INSIGHTS:

Sales - the drop in sales is simply due to the lack of inventory. When inventory is so low, obviously sales will drop as there's less to buy. Seller's would be advised to look at their options as right now may be an amazing time to sell prior to a more popular and saturated Spring market.


New Listings - this refers to the new listings that were offered for sale in October. As you can see, a 42.9% drop from new listings in October 2020 is quite a steep decline. With such low inventory, sellers who decide to list will enjoy the benefits of a better price.


Active Listings - this refers to the inventory currently for sale within the month of October, no matter the date of listing. With a near 45% decrease, buyers have a hard time finding a home they not only like, but can compete for.


Average Price - supply vs. demand is the key ingredient for a market fluctuation, whether good or bad. Since real estate today is a highly sought after asset, and inventory is so low, the prices have climbed to extreme highs. This results in an increase of 33.7%.



CENTRAL SURREY

Central Surrey is the hub of Surrey. With so much to offer and such an immense variety of real estate, it's a home owners dream. Let's look at active listings, new listings , sales, and average price.



INSIGHTS:

Sales - the drop in sales is again due to the lack of inventory. Seller's would be advised to look at their options as right now may be an amazing time to sell prior to a more popular and saturated Spring market.


New Listings - this refers to the new listings that were offered for sale in October. As you can see, a 34% drop from new listings in October 2020 is quite a steep decline. With such low inventory, sellers who decide to list will enjoy the benefits of a better price.


Active Listings - this refers to the inventory currently for sale within the month of October, no matter of the date of listing. With a 59.8% decrease, buyers have a hard time finding a home they not only like, but can compete for.


Average Price - supply vs. demand is the key ingredient for a market fluctuation, whether good or bad. Since real estate today is a highly sought after asset, and inventory is so low, the prices have climbed to extreme highs. This results in a price increase of 42.4%



SOUTH SURREY/WHITE ROCK

South Surrey and White Rock is a dream to live in. In these areas you get an amazing mix of homes however the majority give you a large lot and a sizable home. Let's look at active listings, new listings , sales, and average price.



INSIGHTS:

Sales - the drop in sales is again due to the lack of inventory. Seller's would be advised to look at their options as right now may be an amazing time to sell prior to a more popular and saturated Spring market.


New Listings - this refers to the new listings that were offered for sale in October. As you can see, a 41.9% drop from new listings in October 2020 is quite a steep decline. With such low inventory, sellers who decide to list will enjoy the benefits of a better price.


Active Listings - this refers to the inventory currently for sale within the month of October, no matter of the date of listing. With a 46% decrease, buyers have a hard time finding a home they not only like, but can compete for.


Average Price - supply vs. demand is the key ingredient for a market fluctuation, whether good or bad. Since real estate today is a highly sought after asset, and inventory is so low, the prices have climbed to extreme highs. This results in a price increase of 24%.



Well, that's it for our quick recap on October's market stats and insights. As mentioned previously, these are the stats for single family homes so if you'd like an in depth market recap for your townhome or your condo, feel free to reach out at any time. Surrey is an incredible place to live and the market has always shown that. If you're looking to buy or sell anywhere in Surrey you can contact me anytime. Surrey has always been a popular destination with my clients and I'm positive I can help accomplish your goals as well.


Thank you very much for visiting my website and reading this article. Feel free to look at my other articles that may be of help to you whether you're looking to buy, sell, or generally looking for more information on the market. Also be on the look out for more market recap articles for other areas that may interest you coming soon. Once again if you're looking to buy or sell in Surrey or anywhere else in the Lower Mainland you can contact us at your convenience. We can chat over a cup of coffee and discuss your plans and options. Thank you again and enjoy the rest of your day, speak to you soon!





By Ali Kaya



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