Market update

WHAT you NEED to KNOW about BURNABY housing market – DEC 2016 update

Oleg Articles, First time buyers, For Buyers, For Sellers, Market update, Statistics 0 Comment

Burnaby house for sale

Happy New Year guys! Here is a detailed breakdown of the housing market in Burnaby BC for December 2016. We will only focus on detached houses. New construction is excluded from this breakdown. Condos and townhouses are also excluded (Burnaby condo breakdown can be found here).

Average Sales Price of Houses in Burnaby in December 2016 (see graph below)

Burnaby, Dec 2016: $1,591,410 | +5.3% (change since December 2015)

November 2016: $1,491,466

We can see the price increase of over 5% as compared to December of last year. The average sales price is also up as compared to last month. This could be a good sign for the sellers heading into 2017.

 

Average Percent of Original Price sellers in Burnaby are getting for their homes in December 2016 (see graph below)

Burnaby, Dec 2016: 93.5% | -8.8% (change since December 2015)

November 2016: 94.2%

Since the height of the real estate market in the summer and spring of 2016 average percent of original price has been declining. Home sellers are selling their houses 5-7% under their original asking price. We haven’t seen such low numbers since 2013.

 

Total Inventory of Detached Houses for Sale in Burnaby in December 2016 (see graph below)

Burnaby, Dec 2016: 236 | +41.3% (change since December 2015)

November 2016: 419

There is substantially more inventory on the market as compared to December of 2015. However the inventory levels have dropped significantly as compared to last month. Sellers seemed to be pulling the properties off the market in December.  A large number of these properties will be back on the market at the beginning of 2017.

 

 

Number of the New Listings on the market in Burnaby in December 2016 (see graph below)

Burnaby, Dec 2016: 35 | -45.3% (change since December 2015)

November 2016: 82

As can be expected for this season there are very few listings. In December 2016 we had half of the new listings as compared to the December of last year. To be fair, December 2015 was an usually busy year for detached houses in Burnaby.

 

Total Number of Detached Houses Sold in Burnaby in December 2016 (see graph below)

Burnaby, Dec 2016: 40 | -56.5% (change since December 2015)

November 2016: 48

We see lower than usual number of sales in the last quarter of 2016. Slight decline in sales as compared to November 2016. However, more than a 50% in sales as compared to December of 2015.

 

Sales to Active Listings Ratio for Detached Properties in Burnaby in December 2016 (see graph below)

Burnaby, Dec 2016: 0.169 | -69.3% (change since December 2015)

November 2016: 0.12

Burnaby housing market is still a “buyers” marker in December 2016. Huge difference when we compare to earlier this year when we had a very strong “sellers” market.

In conclusion, the housing market in Burnaby continues to be a “buyers” market. The average sales price has not gone down as compared to November of this year. In fact the average sales price has gone up. Overall we see low levels of inventory and low transaction levels. Burnaby detached housing market is “slow” heading into 2017.

If you found this article helpful leave a comment below. 

*all the information has been take form the Real Estate Board of Greater Vancouver.  

Burnaby condo market update. Everything FIRST TIME buyers NEED to KNOW – Dec 2016

Oleg First time buyers, For Buyers, For Sellers, Market update, Statistics 0 Comment

burnaby condos and skytrain view

From my experience, most of the people searching for 1 bedroom condos in Burnaby BC are either first time buyers or investors.  However, you don’t have to be a first time buyer or an investor to find the information in this article useful.

We will breakdown 1 bedroom, resale (no new construction), condo and apartment units in Burnaby BC. Townhouses are not included in these graph and statistics. We will focus on November 2016 and the changes in the real estate trends over the past year. Each graph is from January 2013 to November 2016.

Lets start by looking at Average Sale Price for 1 bedroom condo in Burnaby in November 2016 (see graph below)

Burnaby: $344,681 | +17.6% (change since November 2015)

We see huge market price gains in November 2016 as compared to November 2015. There is a slight dip in prices as compared to Summer 2016. Not a big deal. Slight price variations are expected over the annual cycle of the real estate market.

 

Next, lets look at Average Percent of Original Price in November 2016 (see graph below)

Burnaby: 99.2% | +2.9% (change since November 2015)

Sellers in Burnaby are still getting almost full asking price for their 1 bedroom condos. 99.2% of the asking price is well above the 10 year average. This tells us that the demand for 1 bedroom condos in Burnaby is high.

 

Lets talk about Average Price Per Square Foot in November 2016 (see graph below)

Burnaby: $547 | +24.0% (change since November 2015)

The average price per square foot is up quite a bit since November of last year. We see record breaking numbers here.

 

Now, lets look at the Total Number of 1 Bedroom Condos for Sale in Burnaby in November 2016 (see graph below)

Burnaby: 50 | -71.8% (change since November 2015)

Huge drops in total inventory numbers. In fact it’s the lowest it has been since December 2007. With high buyers’ demand and record low inventory it’s likely for prices to go up even higher.

 

Lets take a look at the Number of New Listing on the Market next (see graph below)

Burnaby: 33 | -45.0% (change since November 2015)

Big drop in the number of new listings as compared to November 2015. However, it’s not unusual for the number of new listings to be low for this time of year.

 

Now, lets take a look at the Total Number of 1 Bedroom Condos Sold in November 2016 (see graph below)

Burnaby: 43 | 0.0% (change since November 2015)

We have identical number of sales as we did last November. It is well about the 10 year average for this time of year. Buyers demand for 1 bedroom condos in Burnaby is high.

 

Lastly, lets have a look at Sales to Active Listings Ratio in November 2016 (see graph below)

Burnaby: 0.860 | +253.9% (change since November 2015)

Huge increase in the sales to active listings ratio since November 2015. Currently Burnaby 1 bedroom condo market is a very strong “sellers” market. 8.6 out of 10 condos were sold this November.

In summery, Burnaby 1 bedroom condo market is a very strong “sellers” market. The inventory levels are very low and the demand is high. We see record breaking prices.

I hope you found this article helpful. If so, please, share it with someone who’s looking for a Burnaby condo or someone who owns a condo in Burnaby and would appreciate the extra info.

Find Burnaby condos for sale here!

*All of the statistics and graphs have been taken from Real Estate Board of Greater Vancouver.