Current: New West & E. Burnaby's Residential Detached housing is in a Stable Market with 9 %SOLD rate.
(meaning 9 homes out of 100 sold last month with an average $67,143 Discount from the original list price)
Most Active Range: Homes between $1.35 mill. - $1.45 mill. have a High 19.5 %SOLD rate.
Least Active Range: Homes above $1.65 mill. have 2.4 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices decreased $3,020.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $5,617.
*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; 170 homes are for sale and with the 9 %SOLD Monthly Rate giving us a ~9 Months of Inventory. Another indicator: 12% of the Active Listings have Reduced their Price by $54,035 on Average and $29,200 on Median in the last month. We project New Westminster- East Burnaby Detached to be a Stable Market.
August's Real Estate Statistics shows 90% of Vancouver's Detached Markets decreased $26,380 in this last month and that compares to the COMPLETE OPPOSITE Market we saw in August 2015 when 90% increased by an average of $$23,833. Our August 2018 Drop demonstrates a continuous decline from $23,555 price drop we saw in July 2018. On Average, the Fraser Valley Market shows a $14,299 monthly price decrease. With the latest trade tariffs, foreign buyer taxes, higher personal taxes, tough mortgage lending rules and the pending interest rate increase, we are still forecasting a Buyer's Market across the Detached Markets for the following quarter.
Currently, the Condo Market continues to present a Cool Market with 90% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 86% of the Townhouse Markets are decreasing. (24 out of 28 Markets). Both Markets indicate a Buyer's "Watching and Waiting" behavior which was evident in the previous quarter. We are still 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.