Posted on
February 1, 2022
by
Ben Truscott - Realtor
Hi Everyone!
Active listings are on the rise! If you have been thinking of selling, but waiting for the right moment, this could be it.
When market conditions shift they tend to shift extremely fast, and the fast paced market can be over before you know it.
Over the last month we have seen FAR more listings than previously, while the amount of sales has stayed the same, or even decreased, which means the market conditions are starting to shift away from being a "seller's market" to a "balanced market".
This means that there will be more choices for home buyers and they will not need to write a large amount over the asking price in order to win, and with interest rates rising as well it's possible we could start to see prices lower soon.
If you are thinking of selling, right now you can still get record high prices but that might change soon!
The Fraser Valley is following the same trend with record volume of new listings.
By the end of February the total active listings available for purchase were 3,790, a decrease of 8.0 per cent compared February 2021, however, 62.5 per cent higher than what was available at the end of January. It’s the highest month-over-month increase in active listings in the Fraser Valley in 20 years.
Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!
Posted on
January 1, 2022
by
Ben Truscott - Realtor
Hi Everyone!
As we start off the new year we are slowly seeing an increase in active listings.
Although active listings are still down by 31.6% at 381 in January 2022 compared to January 2021's 577 active listings, we have seen an increase from last month by 34.6% in the Chilliwack.
The Fraser Valley is following the same trend with 2,332 active listings in January 2022 compared to 4,210 in January 2021 which is a decrease of 44.6%. However compared to last month the active listings have increased by 19.2%.
Although it is still early in the year, this is a good sign for buyers. If active listings continue to increase we could see an easing of the supply and demand issue the Fraser Valley has been facing. We still have a long way to go to replenish our housing stock and bring balance to the market, however this is a step in the right direction.
The average days on market continues to decrease from last year at 29 days In January 2022 compared to 38 days in January 2021. That is a decrease of 23.7% for the Chilliwack.
The Fraser Valleys average days on market has decreased by 42.8% with 20 days in January 2022 compared to 35 days in January 2021.
Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!
Posted on
December 1, 2021
by
Ben Truscott - Realtor
Hi Everyone!
As the year comes to an end we are still facing extremely low inventory with only 1,541 active listings in the Fraser Valley down 58% compared to the 3,692 active listings in December 2020.
Chilliwack currently has the lowest inventory it's ever had on record with only 283 active listings down 49% Compared to 555 active listings in December 2020.
Total sales year-to-date are still on the rise up 40.9% with 26,420 sold compared to last year's 18,746 in the Fraser Valley and up 37.5% in Chilliwack with 4,793 sold compared to the 3,484 sold last year.
It is a difficult market especially for new buyers, the average number of days on market is down 57.9% at only 8 days compared to 19 days last year in the Fraser Valley and down 37.8% at 23 days on market compared to 37 last year in Chilliwack.
With such low inventory and quick sales, homes are selling so fast that it leaves little room for negotiation while competing against subject-free offers.
One of the best steps you can take before shopping for a home is getting in touch with a mortgage broker and getting a pre-approval put into place. Once you know your buying power you will have a better chance of putting an offer in before it's too late.
If you don't have a mortgage broker and would like me to refer you to one or if you have any other questions give me a call or text at 604-798-3960.
Posted on
November 1, 2021
by
Ben Truscott - Realtor
Total sales year to date are up 45.1% at 25,885 compared to 17,845 last year in the Fraser Valley, and up 42% at 4,557 sales year to date compared to 3,208 last year in Chilliwack.
Average home prices are still on the rise in the Fraser Valley with a 38.2% increase on detached homes compared to last year. Chilliwack has gone up 36.9% in the last year for detached homes as well.
Low inventory continues to be the biggest factor impacting the market. Buyers and Sellers are facing difficulties with the lack of supply, quick turn-around times and multiple offer situations and are relying on the experience of their Realtor to navigate the situation.
The Fraser Valley has 47.9% less active listings at 3,048 compared to 5,847 in November last year.
Chilliwack has also decreased 50.6% in active listings at 383 compared to 776 in November 2020.
If you or someone you know is thinking of selling, now is a great time to get maximum profit on listings.
If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960.
Posted on
October 31, 2021
by
Ben Truscott - Realtor
Hi Everyone!
The market remains strong in the Fraser Valley with a total of 23,917 sales year to date compared to 15,680 last year, which is a 52.5% increase!
Chillliwack is following the same trend as the Fraser Valley at a total of 4,253 sales year to date compared to 2,838 last year which is an increase of 49.9%
We are seeing a combination of above-average sales with below-average new listings which is putting pressure on home prices.
This is creating a challenging time for buyers who not only are dealing with lower than average inventory but are also facing above-average prices that are continuing to rise.
The Fraser Valley is in need of more listings with only 3,447 active listings in October 2021 compared to 6,872 in October 2020. That is a decrease of 49.8%.
Chilliwack has also decreased 46.9% in October 2021 with only 495 active listings as opposed to 932 in October 2020.
If you or someone you know is thinking of selling, now is a great time to get maximum profit on listing their homes.
If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960
Posted on
September 1, 2021
by
Ben Truscott - Realtor
With summer over and the kids back in school, the market continues to pick up!
We are starting to see an increase in listings compared to last month, however, it is not enough to keep up with the current demand for residential homes.
Total active listings in the Fraser Valley for the month of September in 2021 is 3,812 compared to 7,377 in September 2020. That is a total decrease of 48% in one year.
Total sales year-to-date are up 65% totalling $21,984 compared to $13,316 last year.
If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960
Posted on
August 1, 2021
by
Ben Truscott - Realtor
Although sales are remaining high, home buyers are still facing one of the worst housing supply shortages in history. In fact our housing stock levels have not been this low since the early 80's.
To put this in perspective, for every 100 Townhomes on the market in August, 94 were sold.
The total active listings across the Fraser Valley board have dropped by 44.9% compared to August last year, however, total home sales are still up 2.4% compared to August 2020. This leaves us with insufficient supply to meet our growing population.
This leaves the market condition still heavily favouring the seller. If inventory stays this low than it looks like September will still be a strong sellers market.
If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960
Posted on
July 1, 2021
by
Ben Truscott - Realtor
As the market continues to soften we are seeing a lot more buyers than sellers, in fact, it is the lowest inventory we've seen in forty years.
Demand for homes has remained above average which leaves us with a lot of buyers and not enough listings to keep up!
If you have ever thought about selling now is a great time seeing as there are a lot of buyers just waiting for the perfect place to call home.
If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960
Posted on
June 30, 2021
by
Ben Truscott - Realtor
As the market continues to settle down, we are still in a very strong seller's market.
Overall sales have decreased 24% compared to May, however they still increased 31% compared to June of last year. We're definitely seeing less subject-free offers and bidding wars and for the first time in months we're starting to see price reductions on active listings.
Effective July 1st, as part of BC's Restart Plan, open houses are once again allowed due to the Covid-19 restrictions lightening up, however, we will continue to adhere to public safety recommendations.
If you have any questions at all feel free to give me a call or text at 604-798-3960
Posted on
May 31, 2021
by
Ben Truscott - Realtor
Detached home prices are finally starting to fade, with average prices settling down $60k compared to last month.
However - we are still seeing huge demand for townhomes and condos with the average price of a condo climbing another $25k from last month.
I personally think the entry level price ranges of $500k and under are going to be extremely competitive for a while yet!
Give me a call if you have any questions about the market conditions or if you are thinking of buying or selling a home!
Posted on
April 30, 2021
by
Ben Truscott - Realtor
We might be starting to see the signs of the market slowing down to catch it's breath after many months of record-setting prices and activity.
April has brought more listings, and less sales compared to March. Prices haven't eased up much yet, but we are seeing less multiple offer situations and less homes selling for over asking price, so it's possible prices will soften if that keeps up.
I suspect detached homes will start to soften but townhomes remain very competitive, and I suspect condos will be the next hot product, two-to-6 months ago condo prices were remaining steady with a 5-10% year-over-year increase, but in these last two months we've seen that shoot up to 20%
If you've been thinking about buying a condo, it's possible that now might be the best shot you get before prices go up!
Give me a call at 604-798-3960 with any questions.
Posted on
March 31, 2021
by
Ben Truscott - Realtor
Hello everyone!
Hope everyone is excited for the sunny weather coming up! (Supposed to hit highs of 22c next week)
We saw a couple hundred more homes listed this month compared to last, but then the amount of sales went up just as much so still nearly 100% of the homes listed are selling in record time.
Unbelievably, year-over-year average prices for a single family home in Chilliwack are up 40%
Give me a call or text at 604-798-3960 if you ever have more questions about the market conditions.
