Burnaby Residential market took off in February, 2012 according to the mls burnaby website and held strong into the summer of that year. However, 2014 has seen slower market than it was the same time last year, even with townhouses for sale in burnaby. The following statistics on Burnaby Property market demand (sales), supply (inventory), and the effect on mean prices from February 2010 through to February 2012 may help shed more light on the trends in the market according to a local burnaby realtors.
Burnaby Real Estate Market Supply, February, 2014
The current inventory in Burnaby is the largest has been since 1996. In February 2011, the inventory of house for sale in burnaby increased from 1,154 the previous year (2010) to 1,176 (+1.9 percent). This upward trend in burnaby houses for sale continued over the last two years hitting a record high of 1,352 houses (+15 percent). February is usually the month when inventory starts to boost but typically the levels remarkably rise in April when the Spring Market fully running. Having had a high inventory level in Burnaby this February probably mean that the current level of listings in the MLS North Burnaby Condo system will stay high through to summer as the inventory level will not be absorbed before those sellers planning to list their property this spring enter the market. That is the case even with north burnaby condos for sale, which is usually lower.
Burnaby’s Property Market Demand, 2014
There were thirty percent of homes sold in February, according to The MLS North Burnaby Real Estate Board in 2014 (304 units) when compared to the same time last (334 units sold), according to this realty site. Thirty fewer sales in just a month is a significant number, especially when compared to The Less expensive South Burnaby Condos For Sale which are lower tier When coupled with the fact that the supply has increased appreciably during the same period, sellers should expect less competition for their property which translate into longer time in the market and possibly lower rates.
Interestingly though, the total sales from March 2011 to February 2012 (12 month sales volume) in the Burnaby Residential Market still recorded 205 units more than was over the same period the year before. Going back to 2010, the sales volume was significantly low (383 units) yet the prices skyrocketed.
Burnaby Home Market Prices, 2014
Many burnaby realtors say it is always expected that an increase in supply accompanied by a decrease in demand results in lower prices of homes for sale in burnaby bc. This has not been the case in the Burnaby Real Estate Market. The average prices have held steady and have risen over the last February.
In February 2010 the average price was $502,851, followed by $564,236 (+12.2 percent) in February 2011. In February 2012, the average home prices rose to $624,021 – a 10.6 percent increase compared to the same period the year before.
Key Points for Burnaby Buyers
Despite the steadiness in prices followed by an increase in the past year, the Burnaby market still remain favorable for buyers – mainly because of the lower interest rates and the opportunity to get a five-year fixed rate at or close to prime. It may be the right time to buy given the large inventory to choose from and the lower interest rates.
Key Points for Sellers
When you give buyers more choices to make by increasing supply, it will take the buyers longer to buy. Just stick out from the rest and make sure your prices are competitive enough.