Here is a first look at the one bedroom condo market in Burnaby BC in January 2017. Let’s take a look at market statistics for one bedroom and studio units (no townhouses). Brand new construction is excluded from the statistics. We will only be looking at resale units.
Average Sales Price for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)
January 2017: $388,204 | +25.5% (change since January 2016)
December 2016: $357,435
Prices continue going up for 1 bedroom condos in Burnaby. The one bedroom market is primarily driven by the first-time buyers. Vancouver prices have gone up beyond the comfort level for a lot of first-time buyers and a lot the buyers have concentrated their search in Burnaby.
Average Percent of the Original Asking Price for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)
January 2017: 99.2% | +2.2% (change since January 2016)
December 2016: 97.8%
Sellers of one bedroom units in Burnaby are getting almost 100% of their original asking price. I’ve seen a lot of buyer demand this past month and a lot of units getting multiple offers.
Average Price Per Square Foot for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)
January 2017: $610 | +27.3% (change since January 2016)
December 2016: $537
Average price per square foot continues going up. We’ve seen a huge increase in the pricing as compared to January of last year. We also see a big increase as compared to 2 months ago (December 2016).
Total Inventory of One Bedroom Condos in Burnaby in January 2017 (see graph below)
January 2017: 51 | -58.5% (change since January 2016)
December 2016: 36
In January 2017 we’ve seen less than half of the available inventory of January 2016. One bedroom units in Burnaby this January were scarce, although an improvement over December 2016.
Total Number of New Listings of One Bedroom Condos in Burnaby in January 2017 (see graph below)
January 2017: 43 | -39.4% (change since January 2016)
December 2016: 18
We’ve have seen a little bit more new inventory on the market this January than we did in December 2016. However, the number of new listings on the market was very low. Nowhere near enough to satisfy current levels of buyer demand.
Total Sales for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)
January 2017: 24 | -52.9% (change since January 2016)
December 2016: 21
Due to low the inventory levels we’ve seen very few sales of one bedroom condos in Burnaby last month.
Total Sales for 1 Bedroom Condos in Burnaby in January 2017 (see graph below)
January 2017: 0.471 | +13.5% (change since January 2016)
December 2016: 0.54
Not surprisingly one bedroom condo market in Burnaby remains a very strong sellers market. A lot of units have received multiple offers in January 2017.
In conclusion, prices of one bedroom condos in Burnaby continue going up in price. We still see “bidding wars” on some units. One bedroom condo real estate market continues being a strong sellers market. More inventory would definitely bring a little bit of balance to the real estate market and satisfy current buyer demand. Overall a great start for 2017.