The real estate market in Surrey, BC, experienced a significant increase in new listings in May, up over 40% from April. Active listings also grew by 20% compared to the previous month. Despite the influx of supply, demand remained strong, with a 10.1% increase in sales compared to the previous month and a 25.8% increase compared to May of the previous year.
Prices continued to rise across all property categories, with the composite Benchmark price reaching $1.01 million, the highest level since September 2022. Detached homes took 23 days to sell, apartments took 23 days, and townhomes were the quickest at 18 days.
The increase in supply and buyer confidence is encouraging, but potential rate hikes due to elevated inflation should be considered. Real estate professionals can provide guidance to buyers and sellers. Compared to April, the Benchmark prices for single-family detached homes increased by 2.5%, townhomes by 1.4%, and apartments by 2%. However, prices decreased compared to May of the previous year.
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Fraser Valley ReSIDENTIAL REAL ESTATE: May 2023 statistics in infographics
HPI Benchmark Prices
The Home Price Index (HPI) measures the price of a benchmark, or typical, property in a given market and is not influenced by the change in composition of properties sold, which can fluctuate quite significantly from month to month. As a result, this metric is a more pure and stable representation of market price change than average or median prices.
Sources: Breakside Real Estate Group, Fraser Valley Real Estate Board
This representation is based in whole or in part on data generated by the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.