Burnaby Mountain Sellers competing for attention in July

July saw the Burnaby Mountain real estate market continue to be very competitive amongst Sellers in hopes of attracting buyers. There was some positivity as sales increased over Junes totals but those homes that did sell often did so at lower prices than recent comparable sales.

Here’s the breakdown:

• Month to month SFU condo prices are down by 3%, while townhouse prices experienced a 1% decrease.
  
• Looking at home prices on the mountain from the same time last year condos are down by 5.7% while townhouses are down by 4.6%.
  
• Month to month sales are up by 25% while inventory rose by 2%.
  
• Home inventory on SFU has been rising since December last year and levels are currently the same as the peak levels seen last summer in August. 
  
• Homes on SFU sold on average at 95.4% of list price and in 26 days.
  
• With a 13% list to sale ratio in July it’s officially a balanced market.