What's in Store for the Spring Market?

from Michael Ireland Real Estate Podcast · host Michael Ireland

Looking at the market's numbers from March always provides a good idea of what we can expect from the Spring market. Taking a look at the market from March always gives us a good idea of what will happen in the Surrey spring market. The good news is that March was an extraordinary month! In fact, it was the second-best sales month in the last decade with 2,213 sales. Townhome sales made up 638 sales and apartments made up 526. Basically, attached housing made up about half of everything that sold over the month. That's a lot of demand for that type of home, much of which is fueled by the first-time homebuyer program brought in by the government. As a result of this kind of absorption rate, what can we expect? Well, looking at the inventory levels in March, we can see that we peaked at 808 homes, which is fairly low compared to previous years. With supply this low and demand this high, prices will move up. With supply this low and demand this high, prices will move up. In March, attached housing prices continued to rise from more than 5% from January. With detached housing, there has been a rebound after last year's bad news in the wake of the market correction.  This all tells us that consumer demand in the housing market is clearly very strong right now, suggesting that we're in an inflationary environment for the year. This should keep sellers very alert that if you plan to sell in this market, you need to work with a great agent to get the right price for your house and to make sure you know where you're moving and that you have enough time for that purchase.  If you're buying a home, it's vital to have your financing prepared to capture the opportunity. We're now seeing a lot more time required from lending institutions to get these deals approved, so buyers need to be ready to write an offer when their agent finds a home.  If you or anyone you know is thinking about making a move this season, we'd love to help you. Just give us a call at 604-908-0804 or send us an email, we're always here to help!

What this episode covers

Looking at the market's numbers from March always provides a good idea of what we can expect from the Spring market. Taking a look at the market from March always gives us a good idea of what will happen in the Surrey spring market. The good news is that March was an extraordinary month! In fact, it was the second-best sales month in the last decade with 2,213 sales. Townhome sales made up 638 sales and apartments made up 526. Basically, attached housing made up about half of everything that sold over the month. That's a lot of demand for that type of home, much of which is fueled by the first-time homebuyer program brought in by the government. As a result of this kind of absorption rate, what can we expect? Well, looking at the inventory levels in March, we can see that we peaked at 808 homes, which is fairly low compared to previous years. With supply this low and demand this high, prices will move up. With supply this low and demand this high, prices will move up. In March, attached housing prices continued to rise from more than 5% from January. With detached housing, there has been a rebound after last year's bad news in the wake of the market correction. This all tells us that consumer demand in the housing market is clearly very strong right now, suggesting that we're in an inflationary environment for the year. This should keep sellers very alert that if you plan to sell in this market, you need to work with a great agent to get the right price for your house and to make sure you know where you're moving and that you have enough time for that purchase. If you're buying a home, it's vital to have your financing prepared to capture the opportunity. We're now seeing a lot more time required from lending institutions to get these deals approved, so buyers need to be ready to write an offer when their agent finds a home. If you or anyone you know is thinking about making a move this season, we'd love to help you. Just give us a call at 604-908-0804 or send us an email, we're always here to help!