Healthy, balanced market in October 2013
We are able to gauge this trend by following and monitoring “micro markets” within the Fraser Valley (27 of them, to be exact). Micro markets are determined by the location and the type of property. (e.g. Langley townhomes) My observations of the 27 micro markets are giving me reason to believe the Fraser Valley market is in the recovery phase.
Ok, I should qualify recovery. At this point, recovery will be slow and most will not see the subtle market changes or influencers that point to the early stages of the recovery phase. The market is not going to see prices increases or volume/sales increases just yet; this will take time, maybe years. However, there are signs of a strengthening market, which signals that the real estate market is entering the recovery phase.
Here are some noteworthy recent trends:
- Only one micro market (Surrey Central condos) had a lower STR number in comparison to October 2012. All other areas and types of homes had stronger STR numbers.
- Inventory (number of houses available for sale) is continuing to decrease. Only two areas had slight increases in the number of homes on the market.
- Sales volume is up in 21 of the 27 Fraser Valley micro markets from October 2012.
- The hottest housing market? Langley, with lower inventory and strong sales volume.
These are very positive signs for the real estate market! Remember, investors, the timing of the market is where the real money is made and the magic happens in the recovery phase of the market.
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