Burnaby Mountain see's 80% drop in home sales in April as pandemic continues

In April Burnaby Mountain SFU condo and townhouse sales activity nearly came to a standstill as the COVID 19 pandemic and lockdown continued. Prior to the pandemic local conditions had favoured Seller’s and sharply priced homes were selling in competition and over asking price. April’s 80% reduction in sales activity and 20% increase in home inventory when compared to March has shifted the the neighbourhood into a Buyers 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 ratio in April was 2% (previously 23%), with 53 listings (previously 44) and only 2 sales (previously 10 in March).

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 

Burnaby Mountain home sales

Here’s the breakdown for condos and town homes in the city of Burnaby in April:

  • Overall a “Balanced” market with a 12% list to sales ratio (down from 34% in March) with an average 1.2 in 10 selling rate
  • The most active price range was for homes between $600K to $700K with an average 16% list to sales ratio
  • Condos & townhomes are selling on average 1% below list price.
  • Buyer’s Best Bet: Homes between $1M to $1.25M, Government Rd, SFU, Sullivan Heights and minimum 3 bedroom properties
  • Seller’s Best Bet: Selling Homes in Highgate and minimum 4 bedroom properties.

When comparing April to March Burnaby condo & townhome inventory increased by 1%, total sales decreased by 63%, and benchmark prices were up by 3%.

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All stats derived from Dean Wegman & SnapStats.