Current: New West & E. Burnaby's Residential Detached housing is in a Seller Market with 20 %SOLD rate.
(meaning 20 homes out of 100 sold last month with an average $40,900 Discount from the original list price)
Most Active Range: Homes between $1 mill. - $1.015 mill. have a High 29.4 %SOLD rate.
Least Active Range: Homes above $1.85 mill. have a 4.2 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices decreased $52,911.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $65,176.
*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; 102 homes are for sale and with the 20 %SOLD Monthly Rate giving us a ~5 Months of Inventory. Another indicator: 9% of the Active Listings have Reduced their Price by $51,556 on Average and $41,000 on Median in the last month. We project New Westminster- East Burnaby Detached to be a Seller Market.
February's Real Estate Statistics shows a Normal Spring Market! Single Family Homes in Metro Vancouver experienced an Average Monthly Price increase of $2,749 a real improvement from the $3,176 price decrease the month prior. Finally, we have ended 32 consecutive months of dropping home prices. On the other hand, Single Family Homes in the Fraser Valley Market had a $4,302 monthly price increase, this is our most substantive recovery since the Peak in April 2018 with 94% of Detached Markets increased values. The Coronavirus issue now moves us into uncharted territory. The pent-up buyer demand is still there! Over the next few months, we are forecasting modest seasonal price increases in most Vancouver Detached Home Markets.
Currently, the Condo Market presents Seller Market conditions with 83% of the Greater Vancouver (Lower Mainland) Condo Prices increasing $1,428 on average. At the same time, 68% of the Townhouse Markets increased $831 on average (19 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.