Burnaby records 22% drop in monthly real estate sales from November

image

Prices for Burnaby real estate dropped modestly last month.

However, fewer listings and preferred options for interested homebuyers also led to 22 per cent dip in local sales, according to the Real Estate Board pf Greater Vancouver’s (REBGV) latest data.

The benchmark price for residential properties hit $1,166,400 in November for Burnaby East (-2.2 per cent compared to October), $1,003,000 in Burnaby North (-1.8 per cent) and $1,106,600 in Burnaby South (-1.4 per cent).

Single family detached homes hit a benchmark of $1,819,400 in Burnaby East (-4 per cent), $2,057,900 in Burnaby North (-1 per cent) and $2,168,800 in Burnaby South (-1.4 per cent).

The biggest dive in sales was for detached Burnaby properties at nearly 33 per cent.

In total, 215 residences were sold (141 apartments, 37 detached and 37 attached) out of 379 listings for November.

That was 62 fewer homes taken off the market compared to 277 sold in October, representing a 22 per cent overall monthly decline, according to the REBGV.

The number of available homes also dropped by 33 per cent from the 562 properties listed a month earlier. 

In a news release, the REBGV believes the decrease in each category also stems from current owners holding off listing their properties as other priorities took hold.

The number of active listings continue to build in Metro Vancouver, creating the largest selection since the heady days of 2021, and remained elevated in the Fraser Valley despite slower activity last month.

“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” REBGV spokesperson Andrew Lis said in a statement of the monthly analysis.

“When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”

The benchmark price for Metro Vancouver residential properties in November was $1,185,100, up 4.9 per cent from a year earlier.

Regionally, the REBGV’s data showed home sales in Metro Vancouver totalled 1,702 in November, which is a 4.7 per cent increase from the 1,625 sales recorded in the same month in 2022.

The final number, however, was 33 per cent below the 10-year seasonal average of 2,538 for November.

There were 3,369 new listings of detached, attached and apartment properties last month, a 9.8 per cent increase from November 2022, but new listings were 2.8 per cent less the 10-year seasonal average.

Areas covered by the REBGV include New Westminster, Burnaby, Coquitlam, Maple Ridge, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.

– with files from Peter Mitham, Western Investor

Sign up to receive the best Underground art & real estate news in your inbox everyday.

We don’t spam! Read our privacy policy for more info.

This post was originally published on this site