January Fraser Valley Market Stats are in…๐Ÿ‘€

Real Estate Tips | February 11, 2022 | written by Corbin Chivers

Carissa,
Happy February Folks!!!

Hope everyone is having an awesome start to the year!

Here at Corbin & Co we’ve had our busiest start to the year ever with over 12 sales in just the first month!

If anyone has been living under a rock last month – the market literallyย TOOK OFF AGAIN!ย ย If you’re a statistics and graph nerd like me then, you’re welcomeย ๐Ÿค“๐Ÿ˜…๐Ÿคฃ!!!

Markets saw an average ofย 8%-10% appreciation…ย inย JUST LAST MONTH๐Ÿ“ˆ๐Ÿ”ฅย !

Surrey was 13%ย ๐Ÿ˜ฎ๐Ÿ˜ฎ๐Ÿ˜ฎ!!!

The interest rates that everyone expected to jump up –ย DIDN’T!

Inventory was supposed to spike up but it –ย DIDN’T!

So now here we are in February and everyone is asking what the market is going to do now!

Let’s have a look at a couple of things – to put it in perspective – we’d have to have aย TRIPLING OF INVENTORYย to bring us back to our 20 year norms:
And with the inventory currently being rock bottom seeing the RATIO of SALES to ACTIVES shoot through the roof:
Which is directly correlated to the surge inย PRICES:
So until we account for the inventory levels we are likely going to be in this extreme sellers market for some time even if interest rates slowly creep up.ย  And if interest slowly creeps up and inventory stays the same then we’ll still be in an extreme sellers market.ย  We’d need both too happen for prices to cool off – whichย surely will…just nobody knows whenย exactly!ย At some point this year we’ll see our first interest rate hike and then likely a few more in the coming months.ย  We’ll also likely see inventory naturally spike up in the spring as it always does but to what degree we’ll have to see!

Overall it’s going to take a LOT to slow down this market so we’re advising you to pay close attention to those specifically and recommend our clients call us to find outย theirย individual Real Estate situation and see if we can help!ย  For more information about your specific market area or no-obligation home evaluation, call or email us today!

We’re happy to meet/zoom any time ๐Ÿ™‚ …we got you covered!ย  #CALLME ๐Ÿ™‚
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