Count Down, Day 6 – Burnaby

Day Six – Burnaby

Counting down, 6 days remaining in August.

In this 7 day series we will visit seven communities that comprise the Vancouver Real Estate market. We will visit the markets of Coquitlam, Burnaby, Vancouver East, Vancouver West, North Vancouver, West Vancouver and Richmond.

Yesterday you had a look at Coquitlam’s results. Today, the 6th day, we look at Burnaby’s detached market.

During the two periods June 25, 2010 to July 24, 2010 and July 25, 2010 to August 24, 2010, detached properties in the Burnaby neighbourhoods had the following results.

Listings

Total Listings decreased from June/July’s 572 to July/Aug’s 554.

Sales

Sales had a slight drop from June/July’s 67 to 60 in July/Aug.

Expired, Reductions, Increases, Days on Market

Sinking Train – Photo Credit

  • June/July had 59 listing mandates expire decreasing to 48 in July/Aug.
  • Price reductions in June/July were 182 increasing to 189 in July/Aug.
  • There were 14 price increases in June/July and 13 in July/August.
  • It took longer at 52 days to sell a house in July/Aug whereas it only took 42 days in June/July – a movement in the right direction for sellers.

Average and Median Prices

  • June/July’s Average Ask price was $821,360. This average increased in July/Aug to $918,331.
  • The Median Ask price in June/July was $808,000. This too increased to $838,000 in July/Aug.
  • The Average Sold price in the June/July was $797,816. In July/Aug this increased to $881,381.
  • The Median Sold price in June/July was $800,000. In July/Aug the median also increased to $804,250.

Looking Ahead

Burnaby had a few hurrah’s for sellers in both price categories, days on market, reduced number of listings and number of price reductions. It’s not much to go on but, based on this limited information, there is a hint of some market firming.

Tomorrow we’ll cross the Knight Street Bridge and take a look at always interesting Richmond.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

specialfx3000 Says:
August 26th, 2010 at 8:04 am

Why that sinking train picture Larry? Foreseeing Sept numbers?

Certainly no derailment or sinking in Burnaby in Aug.

August 26th, 2010 at 8:41 am

@special
just an interesting picture that reminded me of my CPR days as a brakeman passing along the Sapperton line. It is so boggy you were never sure if the train would make it. Amazing how those tracks bent under the weight.

specialfx3000 Says:
August 26th, 2010 at 9:02 am

Like this housing market. Feeling boggy and tracks all bent but train keeps on choochooing along.

I really feel the tracks will give soon so can the brakeman stop the train before it derails? No so IMHO.

specialfx3000 Says:
August 26th, 2010 at 9:03 am

Larry, I meant to say “Not so”

John E Veltheer Says:
August 26th, 2010 at 10:13 am

I feel you were surprised by these numbers …

davers Says:
August 26th, 2010 at 3:31 pm

At first I thought Burnaby was doing a moonshoot but then I saw the median was only up 4K. It would appear there were a few pricy sales in burnaby last month which popped the average up a fair amount.

An interesting thing is that the difference between asking and sold prices increased quite a bit in the past month.

In June the median sold was only 8K lower than the ask but in july the sold median was 34K off the ask.

Could this be a sign of a softening market or just that sellers are setting a higher asking price?

Then again this is all based on 127 sales over 2 months so it’s probably wise to not read too much into the numbers.

August 26th, 2010 at 3:54 pm

@davers
wait till you see the rest of the community snapshots. I’ll look for your call on the 31st.

August 26th, 2010 at 3:55 pm

@john
Not sure how I feel. My job is to work within what ever market is at hand.

ReformedBullsitter Says:
August 26th, 2010 at 6:50 pm

Sold, now waiting.

Money in a 3 year gic. Expect to buy at 50-60% lower than current prices.

We are set for a fall plummet as listings surge next month.

August 26th, 2010 at 8:57 pm

@reformed aka junius
“We are set for a fall plummet as listings surge next month.” – You are talkin out of your hat!

jesse Says:
August 26th, 2010 at 9:24 pm

Interesting there are so few expired listings.

August 26th, 2010 at 9:28 pm

@jesse
wondered whether anyone would notice – will this be filed in the ‘hard to let go’ column?

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