Buying or selling a home are often the most important and biggest financial transaction you will make. However, whether you are a newbie house buyer or have bought a few houses before, real estate transactions may be too complicated, stressful, and overwhelming.
The Need to Look at Accurate Statistics
When engaging in real estate, buyers and sellers need to examine the available statistics before coming up with real estate decisions. However, when understanding real estate statistics, it is best to determine how they were derived. It is also important to read the “fine print” to fully understand what the numbers are saying. Likewise, when you enter into real estate transactions, it is important to closely examine the numbers to eliminate exaggerated statistics used to mislead clients.
Accurate and reliable statistics will allow both buyers and sellers to come up with an educated decision. Sellers will look at different properties and consider different statistics such as months inventory, percentage of real estate sold, listing prices vs. sold prices, and more. Accurate statistics will allow sellers to decide on the appropriate listing price for their properties and help negotiate once an offer is received.
On the other hand, buyers may use accurate real estate statistics to create a thoughtful offer that is justifiable based on current real estate trends within their community, city, or even state. Likewise, accurate statistics will help both the buyer and seller negotiate a final number.
Statistics are a very important part of a real estate transaction. This is why real estate organizations such as the Fraser Valley Real Estate Board regularly compile statistics and real estate trends in their region located in Surrey, British Columbia.
Latest Fraser Valley Real Estate Statistics
The real estate market in the Fraser Valley region has been phenomenal even during the pandemic. From September of last year until May 2021, monthly sales have been breaking previous records. May 2021 Multiple Listing Service (MLS) statistics showed 2,951 sales which are 266.6% over from May 2020 sales. However, the May sales have indicated that the trend is about to change as that month’s sales were 2.2% less than a month before.
In June 2021, the Fraser Valley Real Estate Board processed 2,247 property sales. When compared against June 2020, this number increased by 31 percent. However, the numbers did not break historic records and decreased by 24 percent compared to May’s sales.
Larry Anderson, Fraser Valley’s Board President, said that the sales performance for June shifted from an extreme seller’s market to a strong seller’s market since the demand for homes within the Fraser Valley region remains at high levels with more than 40% of active listings being sold during the month. Anderson added that the trend indicates that the market is settling down, which gives buyers and sellers more space for negotiations.
Anderson also mentioned that the lack of supply of properties on the listing is the single largest factor affecting the real estate market and that an added 3500 more listings will get them back on balance.
On average, the number of days a single-family detached home remained in the listing before being sold was 17 days, 12 days for townhomes, and 21 days for apartments.
Baldev Gill, CEO of Fraser Valley Board, is optimistic that sales will increase coming this July. Gill stated that effective July 1, realtors will be allowed to hold open houses and schedule in-person showings of active properties while following public safety recommendations.
As of this writing, the MLS HPI Benchmark pricing for a single-detached family home is $1,324,000, $678,4000 for a Townhome, and $493,500 for an apartment or condo unit.
When you are looking to buy or sell properties, being prepared is key. Carefully examining and understanding the latest statistics and trends in your region’s real estate market will allow you to identify the best opportunities available.
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