Burnaby’s Real Estate Snapshot Might Be Dazed and Confused

You Might Think

In this the second snapshot of real estate activity in seven Vancouver communities, you might think Burnaby’s real estate market looks like….

This snapshot encompasses all of the Burnaby neighbourhoods for two 30 day periods beginning February 25 and ending April 24, 2012.

Total Listings

The total number of listings dropped just enough so you would notice as Feb/Mar tallied 566 while Mar/Apr signaled a small drop to 553 units.

Homes Sold

It will be interesting to see what the month end stats show us but Burnaby’s indicators suggest a slow down as sales declined from Feb/Mar’s 91 units down to 64 in the Mar/Apr period.

Expired, Days on Market

  • Something to watch is the number of listing mandates that expire. Expired mandates tell you that some sellers have set price goals out of line with the market or they have a crappy house that nobody wants at any price, or dare it be said, the Realtor® doesn’t know how to establish a market value. At it’s worst it could be all three.

    Speculative reasons put aside, Burnaby saw 12 mandates expire in Feb/Mar then saw that number more than double to 26 in Mar/Apr.

  • Good well priced homes in any market sell fast and as we can see Burnaby had some of these as the average number of days it took to sell a house dropped from Feb/Mar’s 24 to Mar/Apr’s 17.

Burnaby Sold Homes Average and Median Prices

  • Feb/Mar’s Average Ask price of a sold property was $992,000. This price wobbled in Mar/Apr as it dropped to $987,243.
  • The Median Ask price for sold Burnaby detached home in Feb/Mar was $898,000. The Median saw a small up tick as it reached $899,000 in Mar/Apr.
  • Feb/Mar’s Average Sold price was $992,000. The Average held on as it registered $980,201 in Mar/Apr.
  • The Median Sold price for a sold home in Burnaby during the Feb/Mar period rang in at $888,000. Those good Feng Shui numbers worked their magic in Mar/Apr as it registered a Median sold price of $919,000.

Smacks

Burnaby’s real estate seems to be an example of what I’m hearing on the street from various Vancouver Realtors®.

There isn’t a clear direction that smacks you in the face saying it’s this or it’s that! The lack of sales in almost any other circumstance would dictate substantial price adjustments. However, the words substantial and adjustment together have yet to appear in this snapshot of Burnaby’s real estate market rendering this us dazed and confused.

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:

Bubbleboy Says:
April 26th, 2012 at 10:34 pm

Sales are off 30% MoM. In a spring market that’s suppose to bring activity! It’s going to be interesting to see sales in the fall. Substantial price drops are just around the corner.

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