Current: New West & E. Burnaby's Residential Detached housing is in a Stable Market with 13 %SOLD rate.
(meaning 13 homes out of 100 sold last month with an average $51,000 Discount from the original list price)
Most Active Range: Homes below $1 mill. - $1.15 mill. have a High 33.3 %SOLD rate.
Least Active Range: Homes between $1.45 mill. - $1.65 mill. have a 8.0 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices decreased $51,073.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $43,816.
*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; 187 homes are for sale and with the 13 %SOLD Monthly Rate giving us a ~8 Months of Inventory. Another indicator: 12% of the Active Listings have Reduced their Price by $68,740 on Average and $50,000 on Median in the last month. We project New Westminster- East Burnaby Detached to be a Stable Market.
July's Real Estate Statistics shows 74% of Vancouver's Detached Home decreased in values this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $22,076. This demonstrates a trend of deeper declines as evidenced from the $18,158 drop in June, $14,880 drop in May and the $8,007 drop in April. On the other hand, the Fraser Valley also shows a declined this month with the monthly price decrease of $3,176. We are forecasting Declining Detached Home Prices across most of the Fraser Valley and Vancouver Markets the next quarter.
Currently, the Condo Market presents a Cool Market with 87% of the Greater Vancouver (Lower Mainland) Condo Prices decreasing $6,482 on average. On the same note, 81% of the Townhouse Markets decreased $3,507 on average (23 out of 28 Markets). We are forecasting a Buyer’s Market in most Condo and Townhouse Markets for the coming quarter. 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.