Oct, 19

Surrey Real Estate Report: September 2019
By Brad Richert October 08, 2019

Surrey Single Family Homes: MODERATE BUYERS MARKET

Although the overall Surrey detached market saw only 17.1% of its inventory sell, its largest inventory market, Fleetwood, had a 35.2% sales:listing ratio. The 38 sales posted was the most in a month since June 2016. Yet at the same time, Fleetwood listings dropped dramatically from the 130-147 range to 108 listings. Surrey overall has seen listings dropping dramatically the past two months, meanwhile sales are increasing. However, Bridgeview, Royal Heights and West Newton continue to struggle.

While Surrey benchmark prices have held steady, now at $1,049,000 (-3.6% cp last September), the larger neighbourhoods all saw positive month over month gains. Fleetwood increased from $1.053m to $1.065m, Sullivan Station went from $981,900 to $1.006m and Fraser Heights jumped from $1.142m to $1.186m – all in one month.

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Surrey Townhomes: BALANCED MARKET

Townhomes in Surrey have had a fairly steady year, remaining either in a balanced or moderate sellers market since February.  Again, Fleetwood tends to experience the strongest demand. However, since that neighbourhood experienced pretty significant gains in late spring, benchmark prices have plateaued and even dipped in the last month.

Surrey townhome prices of trended alongside the demand, never relly veering outside of the $560-570,000 price point throughout 2019. The current typical Surrey townhomes sells for $568,3000 (-4.7%). Sullivan Station has posted strong gains in 2019. After sliding to $561,500 in February, Sullivan has consistently gained and now is has a benchmark price of $585,000, catching up to its 2018 values (-1.6% vs Sept 2018).

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The number of Surrey sales had their 2nd best showing since mid 2018, but is still nowhere near the sales levels of the past few years. With inventory level falling for the 4th straight month, the sales to listing ratio bumped into what I consider a sellers market (24.3%) for only the 2nd time in last August.

Despite the lack of inventory and boost in sales, prices are down slightly month over month to $424,800 (-7.7% vs Sept 2018). The largest inventory market, Whalley, continues to see prices slide and is now -8.9% lower than it was this time last year. West Newton is also seeing prices fall quite dramatically over the past two months, falling from $430,400 to $416,700 since July. Guildford, on the other hand, is bucking the trend, rising from $413,600 in June to just shy of $421,000. Maybe not a massive gain, but still a positive gain.

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Brad Richert Sotheby's International Realty Canada

Brad Richert

REALTOR | License ID: 160478



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