In December the Burnaby Mountain SFU condo and townhouse real estate market was in a “Seller’s” market as we cycle through the year end process of typical inventory and sales declines. Though 2019 was a year of adjustment to new mortgage rules, tax’s, and policy changes buyer confidence appears to be returning to the market and creating demand for well priced condos and townhomes.
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 25%, with 28 listings and 7 sales in December.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The BIGGER picture
Here’s the breakdown for condos and town homes in the city of Burnaby in December:
Overall a “Seller’s” market with a 43%, list to sales ratio with an average 4.3 in 10 selling rate
The most active price range was for homes between $500K to $600K/$700K to $800K with an average 58% list to sales ratio
Condos & townhomes are selling on average 2% below list price.
Buyer’s Best Bet: Homes between $1.25M to $1.5M, in Central Edmonds, Forest Glen, and minimum 4 bedroom properties
Seller’s Best Bet: Selling Homes in Government Park, South Slope, Sullivan Heights, and up to 1 bedroom properties.
When comparing December to November Burnaby condo & townhome inventory decreased by 34%, total sales decreased by 20%, and benchmark prices increased by 5%.
Any Q's or more specific information needed on a particular neighbourhood please contact us.
We're here to help! Over 13 year’s of awarding winning experience and service for home buyers and sellers.
All stats derived from Dean Wegman & SnapStats.
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 25%, with 28 listings and 7 sales in December.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The BIGGER picture
Here’s the breakdown for condos and town homes in the city of Burnaby in December:
Overall a “Seller’s” market with a 43%, list to sales ratio with an average 4.3 in 10 selling rate
The most active price range was for homes between $500K to $600K/$700K to $800K with an average 58% list to sales ratio
Condos & townhomes are selling on average 2% below list price.
Buyer’s Best Bet: Homes between $1.25M to $1.5M, in Central Edmonds, Forest Glen, and minimum 4 bedroom properties
Seller’s Best Bet: Selling Homes in Government Park, South Slope, Sullivan Heights, and up to 1 bedroom properties.
When comparing December to November Burnaby condo & townhome inventory decreased by 34%, total sales decreased by 20%, and benchmark prices increased by 5%.
Any Q's or more specific information needed on a particular neighbourhood please contact us.
We're here to help! Over 13 year’s of awarding winning experience and service for home buyers and sellers.
All stats derived from Dean Wegman & SnapStats.