If size matters, and we know it does, so does value. To buy a great investment condo in White Rock your target needs to be a 2br, re-sale condo built prior to 1993. In this Real Estate Insight we are going to concentrate on that specific product segment in White Rock of South Surrey, BC, Canada.
Looking at the marketplace for the last 6 months we see that 20 properties have come to market and failed to sell, 66 sales, and currently 18 for sale. If you are looking to sell, and you are priced reasonably you can expect to sell within 2 months. If you are looking to buy, you can expect a total turnover of inventory in that same 2 months.
A Deeper Dig
Of the properties currently for sale the median: asking price is $383,900; size - 968 sq ft at an asking price - $394/sq ft.
Of the properties that have sold, the median: sale price was $390,000; size of 967sq ft - $389/sq ft.
Moving into 2020. December, as seasonally expected, showed a reduction of Total Inventory of 2br condos by 22%. Sales volumes have exploded across Greater Vancouver with a 40+ % in sales year-over-year results monthly in the last 4 months of 2019.
Condos in this price range are selling and selling quickly when priced right. Timing is great to buy as inventory options are high.
For Sellers, it is still a competitive marketplace even though pressure has eased with the high sales volumes. Focusing on your ‘next’ move/purchase becomes a higher priority and retaining that property 1st, as confidence in selling your current property has regained.
Interested in the value of your home? The most influential factor on the value of your home is… your neighbours! Click here to have properties in your neighbourhood emailed to you when they come to market.