Community Snapshot – Burnaby’s Tulips

Tulips

In this the second snapshot of real estate activity in seven Vancouver communities, Burnaby’s real estate market looks like anything other than a tip toe through the tulips.

This snapshot encompasses all of the Burnaby neighbourhoods for the periods January 24 to February 25, 2012 and February 24 to March 25, 2012.

Total Listings

The total number of listings dropped about 10% over during the two periods with Jan/Feb recording 525 listing compared to 471 in Feb/Mar.

Homes Sold

As seen in yesterday’s Coquitlam snapshot, Burnaby has also suffered a sales setback with Jan/Feb recording 105 units sold while Feb/Mar recorded 60 – a 42% decrease.

Expired, Days on Market

  • 20 listing mandates expired in Jan/Feb. That number eased to 11 in Feb/Mar.
  • It took 35 days to sell a home in Jan/Feb. The selling cycle decreased to 19 days in Feb/Mar.

Burnaby Detached Homes Average and Median Prices

  • Jan/Feb’s Average Ask price was $1,003,932. Maybe it was a late spring frost that wilted Feb/Mar’s average when it dropped to $981,646.
  • The Median Ask price for Jan/Feb budded at $928,000. In Feb/Mar it appears that the tulips were crushed by Jack Frost’s foot with Median Ask prices hitting the ground at $878,500.
  • Jan/Feb’s Average Sold price blossomed at $974,022. The frosted air of Feb/Mar had an affect as it made the tulips drop Average Sold price petals leaving a bare stem of $959,943.
  • The Median Sold price recorded in Jan/Feb was $900,000 but the effect of the cold market weather made the Median Sold Price tulips droop to $930,250.

Tulip Bulbs

Burnaby’s real estate tulips are a part of the greater field viewed as the Vancouver real estate market. Current informal coffee chats with some of my fellow Vancouver Realtors® suggest a market in turmoil.

It will be interesting to see if their thoughts are validated at month end. Everyone will be on Tip Toes waiting to find out if we will be selling tulips or adjusting to eating the bulbs.

Image Credit

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:

vanpro Says:
March 26th, 2012 at 5:33 pm

Interesting analogy: Tulips – Freudian slip or intentional?

PS: thanks again for your continued supply of good data.

March 26th, 2012 at 5:39 pm

@vanpro
not sure about Freud but it could have been a senior’s moment 🙂

Smoking Man Says:
March 26th, 2012 at 8:04 pm

Great work Larry. Glad to see some of your signs about (westside).

Hope things are going well for you.

Coffee talk – hmm, that’s interesting.

Time for a cigar.

vangrl Says:
March 26th, 2012 at 10:13 pm

thanks Larry for all the hard work you put into your blog, much appreciated!

March 26th, 2012 at 10:39 pm

@vangrl

ooooo warm fuzzies – thanks 🙂

ManfredSteyn Says:
March 27th, 2012 at 4:23 pm

Thanks, Larry. This is great data. I hope you are doing well in this tumultuous market.

Peter Pan Says:
March 27th, 2012 at 8:15 pm

Vanpro, I was thinking the exact same thing when I read the title…

March 27th, 2012 at 8:24 pm

@peter pan

do you mean @vangrl?

Peter Says:
March 28th, 2012 at 7:46 pm

Hmmm, yes Freudian slip indeed. Tulip has a bad connotation when we’re talking about markets here.

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