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East Surrey RE/MAX Reports Market Update

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How will the BC Election change future home prices and your income? How many cities have had price increases in the last month?

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Price Reductions Work! In April, in the Vancouver area, 49% of the single family home sales over 30 Days On Market REDUCED their list price by $49,000 (median)
At the same time 48% of the April single family sales in FV/Chilliwack that were over 30 DOM REDUCED their list price by $20,000 (median)
Note: 66% of the listings now expiring have no price reduction at all! Last year 63.5% of the listing expired! All that time, money and future client lifetime value is GONE!

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Index Abbotsford Burnaby North Burnaby Chilliwack Coquitlam North Delta Delta Ladner Langley N. Langley Maple Ridge Mission New West Port Coquitlam Port Moody Richmond Surrey West Surrey East South Surrey White Rock Vancouver Westside Downtown-West End East Vancouver West Van North Van

East Surrey May 1, 2013

Current: East Surrey is a Buyer's market with a 11 %SOLD rate, 22 DOM and a 97% Sell/List Ratio. (This means that there is an average (m) of a $16,900 sales discount from the original list price)

Most Active Range: Homes between $500,000-$600,000 have 17.6 %SOLD rate keeping prices stable.
Least Active Range: Homes above $1 million have a low 2.3 %SOLD rate.

History: East Surrey RMR Home Price Index* shows that prices increased $6,096 in 2012.
*The RMR HPI (Home Price Index) is an approximate reflection of the Average Home Price Changes.

Forecast: East Surrey has high Listing supply; 654 homes are for sale and with the low 11 %SOLD monthly rate gives us a ~9 months of inventory. At this sell through rate approximately 449 of these listings will not sell. Currently 21% of the active listings have reduced their price by $33,297 on average or $20,000 median. The next few weeks should see increased sales in the local real estate market. The Spring Fever and the Election Resolve should inspire a new buyers confidence. If you have longed to move to another community, or create income through rental property, now might be your best chance to do so.

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NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver, Fraser Valley, Chilliwack which assume no responsibility for its accuracy.

We thank Bill Coughlin for his support of these East Surrey Real Estate Market Updates which include sub-areas such as Panorama Ridge, Fraser Heights, Fleetwood Tynehead, Sullivan Station, Guildford etc. Contact Bill Coughlin as the Local Expert..... more details.

Download the full East.Surrey.Marketupdatereport.PDF

This East Surrey Real Estate Market update includes the sub areas Sullivan Station, Guildford, Panorama Ridge, Fraser Heights, Fleetwood Tynehead etc.