Current: New West & E. Burnaby's Residential Detached housing is in a Seller Market with 27 %SOLD rate.
(meaning 27 homes out of 100 sold last month with an average $500 Discount from the original list price)
Most Active Range: Homes below $950,000 have a High 42.9 %SOLD rate.
Least Active Range: Homes above $1.7 mill. have a 19.1 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices decreased $221,348.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $226,243.
*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; 145 homes are for sale and with the 27 %SOLD Monthly Rate giving us a ~4 Months of Inventory. Another indicator: 7% of the Active Listings have Reduced their Price by $77,514 on Average and $63,125 on Median in the last month. We project New Westminster- East Burnaby Detached to be a Seller Market.
May's Real Estate Statistics show that the seller's market is near its end. We have seen 86% of the Single-Family Homes in Metro Vancouver go up with an Average Monthly Price increase of $8,840! On the Other Hand, 67% of the Fraser Valley Detached Markets went up with a Monthly Price increase of $9,394 on average! Due to tougher mortgage qualification rules, we are forecasting that the majority of the Metro Vancouver Markets will flip to a Buyer's Market within 2-3 weeks.
Currently, Condos are in a more subdued Seller's Market with 77% of the Greater Vancouver (Lower Mainland) Condo Prices increasing. The average monthly price increase was $6,150. On the other hand, 96% of Townhouse Markets (27 out of 28) increased an average of $7,859. We analyze and provide 97 individual City's Home Price Indexes to supply you with the MOST ACCURATE Market Trends every Saturday. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.