May is here–and it\u2019s time for a Burnaby<\/a>\u00a0detached house market update. It\u2019s been a bit of a crazy year that started off with a lot of snow followed by record amounts of rain and we feel that this held back the number of sales compared\u00a0to previous years. MARKET UPDATE BY\u00a0BURNABY REALTOR JAMES GARBUTT May is here–and it\u2019s time for a Burnaby\u00a0detached house market update. It\u2019s been a bit of a crazy year that…<\/p>\n","protected":false},"author":3,"featured_media":22588,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[891],"tags":[125,131,138,141,627,765,798,811],"acf":[],"taxonomy_info":{"category":[{"value":891,"label":"Buyers"}],"post_tag":[{"value":125,"label":"burnaby"},{"value":131,"label":"burnaby homes"},{"value":138,"label":"burnaby real estate"},{"value":141,"label":"burnaby realtor"},{"value":627,"label":"real estate agent"},{"value":765,"label":"top real estate agent"},{"value":798,"label":"vancouver real estate"},{"value":811,"label":"Video Blog"}]},"featured_image_src_large":false,"author_info":{"display_name":"James Garbutt","author_link":"https:\/\/www.garbuttdumas.ca\/author\/james\/"},"comment_info":0,"category_info":[{"term_id":891,"name":"Buyers","slug":"buyers","term_group":0,"term_taxonomy_id":891,"taxonomy":"category","description":"","parent":0,"count":156,"filter":"raw","cat_ID":891,"category_count":156,"category_description":"","cat_name":"Buyers","category_nicename":"buyers","category_parent":0}],"tag_info":[{"term_id":125,"name":"burnaby","slug":"burnaby","term_group":0,"term_taxonomy_id":125,"taxonomy":"post_tag","description":"","parent":0,"count":249,"filter":"raw"},{"term_id":131,"name":"burnaby homes","slug":"burnaby-homes","term_group":0,"term_taxonomy_id":131,"taxonomy":"post_tag","description":"","parent":0,"count":90,"filter":"raw"},{"term_id":138,"name":"burnaby real estate","slug":"burnaby-real-estate","term_group":0,"term_taxonomy_id":138,"taxonomy":"post_tag","description":"","parent":0,"count":262,"filter":"raw"},{"term_id":141,"name":"burnaby realtor","slug":"burnaby-realtor","term_group":0,"term_taxonomy_id":141,"taxonomy":"post_tag","description":"","parent":0,"count":216,"filter":"raw"},{"term_id":627,"name":"real estate agent","slug":"real-estate-agent","term_group":0,"term_taxonomy_id":627,"taxonomy":"post_tag","description":"","parent":0,"count":7,"filter":"raw"},{"term_id":765,"name":"top real estate agent","slug":"top-real-estate-agent","term_group":0,"term_taxonomy_id":765,"taxonomy":"post_tag","description":"","parent":0,"count":5,"filter":"raw"},{"term_id":798,"name":"vancouver real estate","slug":"vancouver-real-estate","term_group":0,"term_taxonomy_id":798,"taxonomy":"post_tag","description":"","parent":0,"count":296,"filter":"raw"},{"term_id":811,"name":"Video Blog","slug":"video-blog","term_group":0,"term_taxonomy_id":811,"taxonomy":"post_tag","description":"","parent":0,"count":126,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/22569"}],"collection":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/comments?post=22569"}],"version-history":[{"count":0,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/22569\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media?parent=22569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/categories?post=22569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/tags?post=22569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nAs of April 26, 2017, the year-to-date number of detached houses sold in Burnaby was 276 units*, compared to 1400 units in 2016 and 558 units in 2015. That’s\u00a0basically 1\/5th of the sales volume in terms of units sold compared to this time last year. Not surprising, however, because the weather has been awful, and Burnaby houses have become very expensive! The average list price of a detached home in Burnaby at the moment is $2,212,700 (as of April 26, 2017), and the average sale price over the past 60 days has been $1,696,600.
\nTo get a good indication of how the market is doing, we look at the sales ratio<\/a>. The sales ratio is the sales-to-active listings ratio, or the number of sales that take place in a given month, divided by the number of active listings. A seller\u2019s market is considered to have a sales ratio of 21% or higher. Currently, Burnaby homes are on the fringe of a seller\u2019s market. When looking at the last 60 days of activity, the sales ratio is 21% for all houses in Burnaby. However, if we isolate homes priced under $1,500,000, the sales ration climbs to 53%. If we isolate the $2 million plus price range in Burnaby, the sales ratio decreases to 9%. Basically meaning that 1 of out 10 listings in this price range are selling in a given month. As a Burnaby Realtor, what we\u2019re seeing is that there are a lot of overpriced homes; there are a lot of higher end homes priced 10-20% above where they should be.
\nMoving forward, we expect to see the sales ratio increase in the seller\u2019s favour. The market is starting to heat up and the weather is getting better. The high end market may still struggle, but we expect houses priced under $2 million in Burnaby to be in high demand over the coming months.
\nhttps:\/\/youtu.be\/yYCDcCcepts
\nSome interesting stats for Burnaby:<\/strong>
\nThere has been just 1 detached home sold in 2017 for under $1 million and it went for $998,800. It was a small older home on a very busy street (10th Ave). It\u2019s official, the new entry price point to buy a detached house in Burnaby is $1 million. The high sale for 2017 is $3,180,000 and it was a newer home sold in ‘Upper Deer Lake<\/a>‘.
\n*Note that this information was taken on April 26, 2017. They are likely firm sales that have not registered on the MLS. Actual 2017 figures may be slightly higher than noted above.
\nFull Real Estate Board of Greater Vancouver Stat Package for April 2017<\/a>
\nIf you\u2019re thinking of buying, selling or just curious about the value of a property, contact us today!
\n
\nContact Us Today<\/a>
\n
\nJames Garbutt
\nBurnaby Realtor
\n <\/p>\nCLICK HERE FOR YOUR MAY 2017 BURNABY CONDO MARKET UPDATE<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"