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Current: Burnaby's Residential Detached housing market is in a Stable Market with 14 %SOLD rate.
(This means 14 homes out of 100 sold last month with an average $111,500 Discount from the original price) Lesson
Most Active Range: Homes between $1.45 mill. - $1.6 mill. have 28.0 %SOLD rate
Least Active Range: Homes above $2.5 mill. have 3.8 %SOLD rate.
History: The Burnaby Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $123,659.
The Burnaby Home PriceIndexHPIp (Lower 50%) Year-To-Date shows that prices decreased $70,545.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Burnaby has a normal Listing supply; 191 homes are for sale and with the 14 %SOLD monthly rate gives us a ~7 months of inventory. 6% of the Active listings have reduced their price by $83,727 on average or $75,000 median. We project Burnaby to be a continued Stable market.
January's Real Estate Statistics shows that we are almost a stable market! Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $3,176 which is slightly up from $1,777 price decrease the month prior (the inclement weather dampened sales.) The Last 31 consecutives months-long dropping market means that we have built up some pent-up buyers just waiting for the market to the bottom out, and for them to start buying. The Coronavirus growth damages any residual Chinese Foreign investors. Over the next few months, we are forecasting price stabilization in most Vancouver Detached Home Markets. On the other hand, Single Family Homes in the Fraser Valley Market had a $1,642 monthly price increase, which is similar to last month’s price increase of $1,355. We are forecasting the Detached Home Prices to increase across most of the Fraser Valley and the Lower-End Vancouver Markets in the coming months
Currently, the Condo Market presents near stable Market conditions with 73% of the Greater Vancouver (Lower Mainland) Condo Prices increasing just $730 on average. At the same time, 53% of the Townhouse Markets increased $43 on average (22 out of 28 Markets). We are forecasting increasing Condo and Townhouse Markets in the coming months. 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.
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