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Current: New West & E. Burnaby's Residential Detached housing is in a Seller Market with 10 %SOLD rate.
(meaning 10 homes out of 100 sold last month with an average $8,500 decrease from the original list price)
Most Active Range: Homes below $1.4 mill. have 16.7 %SOLD rate.
Least Active Range: Homes above $2.5 mill. have 5.9 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices increased $5,231.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $44,338.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: New Westminster- East Burnaby has an average Listing Supply; 147 homes are for sale and with the 10 %SOLD Monthly Rate giving us a ~10 Months of Inventory. We project New Westminster- East Burnaby Detached to be a Stable Market. 7% of the Active Listings have Reduced their Price by $61,779 on Average and $69,950 on Median for the last month.
Greater Vancouver April 2024:
Single-family detached home costs have increased on average by $11,953, slightly less than the $18,256 average rise observed in March. Although fixed mortgage rates have dropped significantly, it seems that buyer confidence is dependent on the Bank's policy rate falling as well, which could entice some buyers to enter the market. We forecast that the seller-friendly real estate market will switch to a buyers within the month.
In Vancouver, the average cost of 78% of condominiums has declined by $536. However, townhouses are selling for an average of $2,505 presently as opposed to $10,973. We forecast the sellers' market to end within the next month.
For the most accurate and up-to-date market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, please don't hesitate to contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley April 2024:
Single-family detached home costs have increased on average by $4,367, slightly less than the $13,015 average rise observed in March. Although fixed mortgage rates have dropped significantly, it seems that buyer confidence is dependent on the Bank's policy rate falling as well, which could entice some buyers to enter the market. We forecast that the seller-friendly real estate market will switch to a buyers within the month.
In Fraser Valley, the average cost of 75% of condominiums has gone up by $3,141. However, townhouses are selling for an average of $7,202 presently as opposed to $9,716. We forecast the sellers' market to end within the next month.
For the most accurate and up-to-date market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, please don't hesitate to contact Bill Coughlin and the Coughlin Team at 778-374-3744.
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