Tram Tracks

Community Series – Burnaby

Yesterday we took snapshot of Coquitlam’s detached real estate market. Today, it’s Burnaby’s turn.

During the two periods of September 24,2010 – October 23,/2010 and October 24, 2010 – November 23, 2010 detached properties in the Burnaby community experienced these results.

Listings

Total Listings decreased slightly from Sept/Oct’s 492 to Oct/Nov’s 463.

Sales

Sales dropped. Sept/Oct’s 77 sales took a bumpy ride as it slid into Oct/Nov’s 54 sales.

Expired, Reductions, Increases, Days on Market

  • Sept/Oct had 39 listing mandates expire. Oct/Nov saw this reduce to 33.
  • Consistent price reductions spanned both periods with Sept/Oct recording 117 and Oct/Nov 116.
  • Sept/Oct must have been a more positive month as there were 12 price increases. It might have been Oct’s Halloween that scared sellers back to reality as Oct/Nov recorded 8 price increases.
  • Quite steady was the number of days it took to sell a detached property. In Sept/Oct it took 41 days whereas in Oct/Nov it took a day longer at 42.

Average and Median Prices

  • Sept/Oct’s Average Ask price was $867,238 rising to $892,112 in Oct/Nov.
  • The Median Ask price in Sept/Oct was $799,000. Median Asking prices however, dropped to $773,000 in Oct/Nov.
  • The Average Sold price in the Sept/Oct was $840,393. Oct/Nov saw Average Sold prices increase to $853,248.
  • The Median Sold price in Sept/Oct was $785,000 only to see this drop to Oct/Nov’s $760,096.

Thoughts

As we approach the traditional slow month in Vancouver real estate, over all, Burnaby seems to be at the opposite end of the tracks as it continues to roll downhill.

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.

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*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:

surprised Says:
November 25th, 2010 at 11:19 am

From this post, it looks like 77 detached properties sold in Burnaby from Sept 24 to Oct 23

Yet from previous snapshot:

http://www.yattermatters.com/2010/10/vancouver-community-series-burnaby/

47 detached properties sold in the same area from Sept 25 to Oct 25.

Granted the periods are off by 1-2 days but why such a large difference?

Also, the same October snapshot tells us that 73 detached props sold in Burnaby between Aug 25 and Sept 25. Yet the Sept snapshot http://www.yattermatters.com/2010/09/community-series-burnaby/ says that only 37 properties sold in those same dates.

Am I reading this right? It’s strange to see 30-50 % drop in sales in each of the monthly snapshots

November 25th, 2010 at 12:04 pm

@surprised
Snapshots are a ‘single moment’ in the market. The SnapShot results are dynamic – with the potential to have 10,000 Realtors® inputting data at any given time you need to understand that the results actually change by the minute.
As such, referring a current period to a period prior will not correlate. Example – were I to repeat the same search date today, for the prior period, the numbers would be different. Furthering this example – Were I to repeat the same Nov 23 snapshot today, I can assure you the numbers would also be different.

So no you are not reading it incorrectly, it’s simply that to my knowledge you can not repeat that moment in market activity. Thus any comparison rendered will be invalid.
FYI – the only numbers that are ‘locked down’ are those generated by the board at 11:59:59 pm at the end of each month. All other number results during the interim are subject to change.

surprised Says:
November 25th, 2010 at 6:40 pm

Larry, thanks for the explanation. Sounds like today’s posting would have fairly reliable stats for Sept-Oct period (can’t imagine that changing much from here on as all sales for that period would be entered by now). October snapshot would have reliable stats for Aug 25-Sept 25 timeframe and so on…

just looking for a reliable method that would give an apples-to-apples comparison

November 25th, 2010 at 7:27 pm

@surprised
no worries. it’s very hard to pin down a constantly moving target. Your best option is with month end numbers.

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