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Condos are flying off the shelves no matter where you look in Metro Vancouver. For buyers, it’s a tough market, but things eased off slightly last month in Surrey. While sales were up 89 per cent compared with March 2015, they were nowhere near the previous month’s 128 per cent increase over February 2015. Nevertheless, the sheer number of sales was up in March over February (269 versus 205) – a 31 per cent increase.
The city’s benchmark sales prices were also up last month: close to 15 per cent over March 2015; and nearly three per cent over February. We had the opportunity to analyze about half of Surrey’s March sales and our data suggests owners here are not holding out for outrageous over-asking bids. Indeed, 89 per cent of these owners accepted offers at or below (as much as 15 per cent below) asking price.
Morgan Creek
This master-planned community has several gated condominium developments. There are 20 active listings here, with several in the under-construction Elgin House development and none of the others is more than four years old. Prices start at $264,900 for an Elgin House one-bedroom and go to $565,800 for a two-bedroom in Edgewater.
Elgin House dominated neighbourhood condo sales in March with seven properties changing hands within our reporting period – all for list price. One was on the market for 43 days but the others all sold within a day of listing.
Clayton
This is another relatively new neighbourhood when it comes to condos and the 22 active listings are a mix of preconstruction buildings and complexes no more than 10 years old. Prices begin at $169,900 for a studio in the yet-to-be-built Yale Bloc and go as high as $329,888 for a two-bedroom in seven-year-old Waterstone.
A quick look at recent area sales indicates a neighbourhood where list prices are close to the mark. Of the nine properties reported sold in March, all went at or below the asking price. A one-bedroom in Waterstone, for example, was on the market for 59 days before selling for two per cent under its $195,300 asking price.
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