the vancouver rennie review | August 2024

surrey DETACHED - JULY 2 0 2 4

SALES TO LISTINGS RATIO 10% BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 0.6% VS 2023

▲ 39% VS 2023

▲ 3% VS 2023

▼ 1.1% VS 2023

There were 1,882 detached listings in Surrey in July, 7% above June and 39% higher than July 2023. July detached home sales decreased by 14% month-over-month, to 180, and were 3% above July 2023. The sales-to-listing ratio for detached in Surrey, at 10%, reflected a buyers' market.

THIS MONTH No. $1,787,296 $1,567,500 10% 180 1,882

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,775,758 $1,585,714 13% 175 1,350

0.6% -1.1% -26% 3% 39%

$1,690,840 $1,515,000 12% 209 1,766

-19% -14% 7%

The detached median price in July was $1,567,500, a 3% increase from June and 1.1% below July 2023.

The average sold price was $1,787,296, 6% above last month and up 0.6% to July 2023.

6% 3%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,766

1,882

1,524

1,497

1,460

1,643

1.84

1,358

1.82

1.79

1,350

1,392

1,275

1.62

1.62

1,120

1,094

1.47

977

249

178

186

166

147

134

130

123

180

175

219

209

203

$1.59M $1.62M $1.59M

$1.50M $1.50M $1.43M

$1.50M $1.58M $1.60M $1.57M $1.60M $1.52M $1.57M

23-Jul

24-Jun

24-Jul

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

700

600

500

400

300

28%

200

19%

10%

8%

6%

5%

100

4%

3%

2%

0

<$1M

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M

$6.0M+

S-L RATIO SALES INVENTORY

12 1 8%

39 11 28%

321 60 19%

689 72 10%

317 19 6%

206 7 3%

141 6 4%

60 3 5%

36 0 n/a

61 1 2%

Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of August 6, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 44 ●

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