Current: New West & E. Burnaby's Residential Detached housing is in a Stable Market with 12 %SOLD rate.
(meaning 12 homes out of 100 sold last month with an average $75,000 Discount from the original list price)
Most Active Range: Homes between $1 mill. - $1.015 mill. have a High 23.1 %SOLD rate.
Least Active Range: Homes between $1.45 mill. - $1.65 mill. have a 6.3 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices decreased $42,780.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $63,176.
*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; 91 homes are for sale and with the 12 %SOLD Monthly Rate giving us a ~5 Months of Inventory. Another indicator: 9% of the Active Listings have Reduced their Price by $51,500 on Average and $51,500 on Median in the last month. We project New Westminster- East Burnaby Detached to be a Stable Market.
December's Real Estate Statistics shows that we have hit BOTTOM! Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of just $1,777. This is a vast improvement from the $5-25,000 monthly drops that we have seen for the last 30 consecutive months. This long dropping market means that we have built up a lot of pent-up buyers just waiting for the market to bottom out. Now some of these buyers are finally stepping back into the market. Today we have a stark difference between the Low-End and High-End Markets. Overall, Single Family Homes in the Fraser Valley Market had a $1,355 monthly price increase, which is a positive trend from last month's price increase of $792. Over the next few months, we are forecasting price increases in the Low-End (lower-50%) and stabilization for the High-End (Top-50%) Vancouver Detached Home Markets.
Currently, the Condo Market presents stable Market conditions with 57% of the Greater Vancouver (Lower Mainland) Condo Prices increasing $424 on average. On the other hand, 61% of the Townhouse Markets decreased $242 on average (11 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.