The White Rock real estate spring market is in full force again this year especially in the condo market.
This update is based on the Fraser Valley Real Estate Board's statistics which are available here.
Town Home HPI
The MLS® Home Price Index (HPI) is the single most accurate way to gauge housing price trends. The HPI is the value of a general property in White Rock and South Surrey based on the characteristics of homes typical to our area such as number of bedrooms, square footage, etc.
For houses, the HPI remained stabilized and continued it's upward climb but by under $6,000 and still below last August's HPI peak by $48,700. The number of sales climbed from 73 in February to 117. That's 48% of the 245 sales reported at the peak sales volume last March 2016. The average sales price for the 117 sales was $50,800 below last month's average and $545,000 below the $1.985M at the sales price average peak last October.
For White Rock area town homes, the HPI had a healthy recovery after 3 months of decline. to $582,800, just $1,300 short of last November's HPI peak. The number of sales increased to 86 from 45 in February compared to 109 in March 2016. The average sales price of the 86 sales increased by $17,900 over February. The percentage of the townhouse inventory selling continued to increase. With 78% of inventory selling last month, it's a perfect time to sell.
And for White Rock area condos, the HPI increased to a new historical high, slightly exceeding last November's peak by $4,200. The number of sales increased to 129 in March from 73 in February. The percentage of inventory selling shot up to 108%, also a new record. The average sale price of the 129 sales increased by $32,000 over February. The median number of days to sell a condo remained very low at 10 days.
It's a good time to sell houses, townhouses and condos while everything is near historically high prices. Phone 604-842-3503 today while the market is hot.