Future Babble
It’s the time of year where professionals and experts in various fields and industries are asked to give their predictions or forecasts for the next 365 days. Predictions or forecasts can be arrived from a crystal ball like a fortune teller, not very credible or accurate. Or, from hard, factual data that is built around anchor points and trends that give credibility to the predictions or forecasts; real estate is no different. One needs to research the past and present metrics/conditions that influence and drive the market to predict or forecast the future. Research that includes 1, 5, 10, or even 20 years of data brings accuracy and credibility to the prediction or forecast. Stats like; Sales volume, days on market, failed listings, sales success rate, average active listing count, and Sale Through Rate (STR) numbers are all key metrics.
Breaking down the STR numbers by the winners and losers in the Fraser Valley for 2013 it is very clear what the buyers are looking for when it comes to location, type, and price point. Langley and Cloverdale are the two locations in the Valley that the detached and townhome buyers are scrambling for. Both types were a whopping 7-8% stronger than their weakest competitors in Surrey Central 10% (detached) and Mission 8%(townhome). The bright light in the condo market was Maple Ridge in 2013 with a 12% STR. Overall the condo market suffered the most which provided excellent opportunities in the cash flow investment condos.
I believe that all areas and types will see a slight increase in the STR numbers throughout the year making for a strong and healthy balanced market in 2014. If you like to discuss these or other statistics in more depth please feel free to contact me at 604-807-4366. To sign up to receive monthly stats package please click here
Randy Dyck
President
