Current: New West & E. Burnaby's Residential Detached housing is in a Buyer Market with 10 %SOLD rate.
(meaning 10 homes out of 100 sold last month with an average $96,001 Discount from the original list price)
Most Active Range: Homes between $1 mill.- $1.15 mill. have a High 20.0 %SOLD rate.
Least Active Range: Homes between $1.45 mill. - $1.65 mill. have a 2.9 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices decreased $6,110.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $2,986.
*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; 179 homes are for sale and with the 10 %SOLD Monthly Rate giving us a ~10 Months of Inventory. Another indicator: 13% of the Active Listings have Reduced their Price by $61,258 on Average and $50,000 on Median in the last month. We project New Westminster- East Burnaby Detached to be a Buyer Market.
January's Real Estate Statistics shows 69% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $13,255 which more than last December's price drop of $11,497. On Average, the Fraser Valley Market shows a $3,389 monthly price decrease. Consumer confidence has been damped with the Volatile Stock Markets, tougher mortgage lending rules, and pending interest rate increases. We are forecasting a Buyer's Market across most Detached Markets for the following months.
Currently, the Condo Market presents a Cool Market with 77% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 71% of Townhouse Markets are decreasing. (20 out of 28 Markets). Both Markets still indicate a Buyer's "Wait-To-Drop-More" behavior for the last 3 quarters. We are forecasting a Buyer’s Market in all Condo/Townhouse Markets for the foreseeable future. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. 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.