It might be chilly and snowy, but the spring White Rock real estate market appears incredibly strong considering the explosive price hikes experienced last year. 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 stabilized and actually increased slightly. We are now $54,66 below last August's HPI peak. The number of sales in February climbed to 73 from 44 in January and compared to the 245 sales reported at the peak sales volume last March. The average sales price for the 73 sales was $1.490M compared to $1.985M at the sales price average peak last October.
For White Rock area town homes, the HPI declined again very slightly for the third month in a row. But only by $1,600 in February and by $13,500 since November's peak. The number of sales increased to 45 from 36 in January compared to 113 at last April's sales volume peak. The average sales price of the 45 sales reported declined to $611,930 from last July's peak average sales price of $678,828. The percentage of the townhouse inventory selling increased which should ad to the stability.
And for White Rock area condos, the HPI increased slightly again, up $4,000 from January. The number of sales increased to 73 in February from 56 in January. The percentage of inventory selling shot up to 65% from 40% in January. The average sale price of the 73 sales fell back to December's levels at $370,091. The median number of days to sell a condo increased slightly but still very low at 9 days.
This market is continuing to show remarkable stability. It's a perfect market cycle time for downsizing. Phome me, 604-842-3503, to review your plans and I will provide you with a complimentary market evaluation of your home. Now's the time to act. We are here to help assist with your White Rock real estate needs.