The Stats don't lie ~ the townhome and condo markets in Langley and Surrey are hot. If you are considering selling, now could be the time!
When looking at the strength of the market, we watch a few main statistics which we have shared below.
Average Sales Price: In Langley, townhomes are up over 18% year-over-year, and Apartments are up over 27% year-over-year.
|March 2017||$493K [+18%]||$302K [+27%]|
Average Sales Price: In Surrey, townhomes are up over 11% year-over-year and Apartments are up over 6% year-over-year. Keep in mind, in some pockets of surrey; i.e: Grandview, the average sales price is up close to 13% year-over-year and Apartments up close to 17% year-over-year. This also means average prices are higher in some neighborhoods than others. Going back to Grandview, the average sale price for a townhome was $620K and for an apartment at the end of February was $368K.
|March 2017||$509K [+11%]||$292K [+6%]|
Days on Market - Langley: Selling your home for top dollar is not our only goal. Selling it quickly is another one of our primary goals. The current median number of days between listing to selling is 10 days for townhomes and 7 days for apartments.
Days on Market - Surrey: Selling your home for top dollar is not our only goal. Selling it quickly is another one of our primary goals. The current median number of days between listing to selling is 9 days for townhomes and 9 days for apartments. This statistic means that if priced and marketed correctly, the chances of your home selling within the first week to two weeks of being listed is very high. A recent listing of ours sold within 2 days of being listed for well over list price.... this is not uncommon!
Sales / Actives Ratio: This ratio reflects the number of new listings on the market relative to the number of sales. In Lehman's terms, it tells us the rate at which properties are selling. We consider it a sellers market if this ratio is over 22%, so when we see a 85.4% sales to actives ratio in Langley and a 62.4% ratio in Surrey; we are clearly in a very strong seller's market ~ TIME TO SELL!
You may be concerned where you will move to if you were to sell your home. Don't worry... we have you covered! Our buyers program gets our clients any new listing that meets their criteria on the day it is listed. Furthermore, our extensive network allows us to know of new listings prior to them hitting the market. We will definitely find you your best home choices available!
Why not start with a complimentary, no obligation home evaluation and work from there. Schedule a call here to speak with Wells or Ryan, or click the image below to get started online!
** Statistics and Charts courtesy of realtorlink.ca/statscentre and zoho.com/Langley-statistics/surrey-statistics