Current: New West & E. Burnaby's Residential Detached housing is in a Buyer Market with 7 %SOLD rate.
(meaning 7 homes out of 100 sold last month with an average $60,000 Discount from the original list price)
Most Active Range: Homes below $1 mill. have a High 33.3 %SOLD rate.
Least Active Range: Homes above $1.15 mill. have 4.9 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices decreased $14,939.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $5,176.
*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; 186 homes are for sale and with the 7 %SOLD Monthly Rate giving us a ~14 Months of Inventory. Another indicator: 10% of the Active Listings have Reduced their Price by $51,435 on Average and $40,000 on Median in the last month. We project New Westminster- East Burnaby Detached to be a Buyer Market.
September's Real Estate Statistics shows 62% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $9,914. As a whole, this marks an improvement from the $26,380 drop that we saw in the month prior. On Average, Single Family Homes in Fraser Valley experienced an Average Monthly Price decrease of $7,980 which is less than the price drop of $14,299 that we saw in the month prior. Consumer confidence has been boosted with our new NAFTA trade agreement, but offset with the continued tougher mortgage lending rules and pending interest rate increases. We are still forecasting a Buyer's Market across most Detached Markets for the following month.
Currently, the Condo Market continues to present a Cool Market with 63% 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 "Taking a Rain check" behavior for the last 2 quarters. We are still forecasting a Buyers 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.