the vancouver rennie review | August 2024

surrey CONDO - JULY 2 0 2 4

SALES TO LISTINGS RATIO 15% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 3% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 75% VS 2023

▼ 3% VS 2023

▼ 2% VS 2023

▼ 24% VS 2023

There were 1,143 condo listings in Surrey in July, 6% above June and 75% higher than July 2023.

July condo sales decreased by 12% month-over-month, to 169, and were 24% below July 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No. 223 654

% Change

No.

% Change

The sales-to-listing ratio for condos in Surrey, at 15%, reflected a balanced market.

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

$716 $525,870 $525,000 15% 169 1,143

-57% -24% 75%

$713 $576,564 $574,000 18% 193 1,078

0.4% -9% -9% -17% -12% 6%

The condo median price in July was $525,000, a 9% decrease from June and 2% below July 2023. The average sold price was $525,870, 9% below last month; the average PSF sale price was $716, up 0.4% to last month.

$737 $539,729 $537,000 34%

-3% -3% -2%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUL 2023 ● JUL 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,078

1,143

925

996

810

792

746

738

654

670

667

632

605

226

213

205

195

223

150

148

169

193

190

162

148

138

$574K

$554K

$550K

$550K

$545K

$543K

$537K

$541K

$542K

$534K

$535K

$525K

$525K

SURREY

FVREB

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● S-L RATIO

350

4+ bdrms

300

1

250

6

200

3 bdrms

50%

36

150

35%

100

89

17% 15%

2 bdrms

14%

596

50

5%

2%

0

74

<$400K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M+

<2 bdrms

S-L RATIO SALES INVENTORY

63 22 35%

294 50 17%

349 53 15%

270 37 14%

113 2 2%

44 2 5%

6 3 50%

4 0 n/a

510

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. 46 ●

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