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 $40,900 Discount from the original list price)
Most Active Range: Homes below $1 mill. have a High 21.1 %SOLD rate.
Least Active Range: Homes above $1.85 mill. have a 3.0 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices decreased $57,400.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $13,187.
*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; 110 homes are for sale and with the 10 %SOLD Monthly Rate giving us a ~10 Months of Inventory. Another indicator: 4% of the Active Listings have Reduced their Price by $45,750 on Average and $47,500 on Median in the last month. We project New Westminster- East Burnaby Detached to be a Buyer Market.
April's Real Estate Statistics shows that 76% of Single-Family Homes in Metro Vancouver have been in a Seller's Market. The Average Monthly Price increase was $2,100 which is a small decline from last month's $4,090 gain. On the other hand, Fraser Valley’s Detached Markets increased values this month. Single Family Homes had a $2,239 monthly price increase. Yes, both sales and inventory have dropped in the last month and the sell-through rates are falling enough to become a Buyer's Market. With that being said, we are not going to forecast the Markets this coming month, due to the Stock Market volatility and the Pandemic on hand.
Currently, Condos are in a Seller Market with 77% of the Greater Vancouver (Lower Mainland) Condo Prices increasing. On average, the Condo Market went up $1,476. At the same time, the Townhouse Market increased $1,366 on average. That is 79% increased (22 out of 28 Markets). 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.