In August the Burnaby Mountain SFU condo and townhouse real estate was one of the best neighbourhoods to be selling a condo or townhome in Burnaby. The overall trend of a cooling market is slowing things down but for the moment it remains a Seller’s market.
How do we know? List to Sales Ratio
- A buyer’s market has a 0-12% list to sales ratio
- A balanced market has a 12-20% list to sales ratio
- A seller’s market has a 21% or greater list to sales ratio
For Burnaby Mountain SFU the overall list to sales was 31% (down from 39%), with 32 listings and 10 sales. Upwards pressure on prices happens when in a Seller’s market for a period of 3 month’s or greater.
The BIGGER picture
Here’s the breakdown for condos and town homes in the city of Burnaby in August:
Overall a Seller’s market with a 25%, list to sales ratio (up from 22%)The most active price range was for homes between $300K to $400KCondos & townhomes are selling on average 1% below list price.Buyer’s Best Bet: Homes between $1.25M to $1.5M, in Forest Glen, Vancouver Heights, and up to 2 bedroom propertiesSeller’s Best Bet: Selling Homes in SFU, South Slope and up to 1 bedroom properties.
Burnaby condo & townhome inventory decreased by 1% in August after 5 months of increases, total sales increased by 9% after 3 months of decreases, & benchmark prices dipped by 2%.
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*Buyer’s Market 1-11%, Balanced Market 12-20%, Seller’s Market 21% and up.
All stats derived from Dean Wegman & SnapStats.