Current: New West & E. Burnaby's Residential Detached housing is in a Stable Market with 14 %SOLD rate.
(meaning 14 homes out of 100 sold last month with an average $13,500 decrease from the original list price)
Most Active Range: Homes between $1.4 mill.- $1.6 mill. have 33.3 %SOLD rate.
Least Active Range: Homes between $2 mill.-$2.5 mill. have 10 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices decreased $13,318.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $40,122.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: New Westminster- East Burnaby has an average Listing Supply; 99 homes are for sale and with the 14 %SOLD Monthly Rate giving us a ~7 Months of Inventory. We project New Westminster- East Burnaby Detached to be a Stable Market. 8% of the Active Listings have Reduced their Price by $82,875 on Average and $51,000 on Median for the last month.
Greater Vancouver February 2024:
In Greater Vancouver, the average monthly cost of single-family detached homes has increased by $20,376. This is a substantial recovery from January's $3,444 price increase. Listing inventories are still low; thus, with limited sales, there is enough pressure to push the market upward. This spring, we forecast a seller's market in the Vancouver area.
With an average price increase of $8,951, 72% of condos in Vancouver's condo market are in a seller's market. The average price of townhouses has decreased to $1,247 but will shift to a Buyer's market now.
For the most accurate and up-to-date market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, please don't hesitate to contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley February 2024:
In Fraser Valley, the average monthly cost of single-family detached homes has increased to $19,686. This is a substantial recovery from January's $1,040 price increase. In the Fraser Valley Area, we forecast a seller's market this spring.
The Fraser Valley's condo market saw an average price increase of $8,223, 92% of the condo markets are in a Seller's Market. Furthermore, the average price of townhouses in the market has increased by $4,856.
For the latest and most accurate market trends, join us every Saturday at noon on VancouverMarketReports.com, where we analyze the performance of winners and losers in each Lower Mainland city. For a comprehensive market value update, including forecasts and a thorough analysis of your neighborhood and local market area, feel free to reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.
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