North Delta Housing Market (Neighborhood Overview)
In the Fraser Valley region active listings have tripled since December 2021 and sales of all property types in May were down 16.9% from April 2022. Sales have come down and inventory has increased, moving the market to a balance. In North Delta there was an inventory of 137 detached homes and 65 attached homes.
Anneville, North Delta Real Estate Highlights: There were 29 detached homes on the market and a total of 3 sold. In May 2022 there were 11 attached homes on the market and 29 sold. Single family homes in Annieville all sold for an average of $1,433,000 which is 3% less than the average list price.
Nordel, North Delta Real Estate Highlights: In May 2022, 10 detached homes sold for an average sold price of $1,387,564. Homes in Nordel, North Delta were on the market for an average of 11 days and they all sold for $1,190,000 or more.
Scottsdale, North Delta Real Estate Highlights: 7 single family homes sold in Scottsdale in May 2022 with an average day on the market of 18 days. Detached homes in Scottsdale had an average sold price of $1,439,928, all selling for $1.1 million or more!
Sunshine Hills Woods, North Delta Real Estate Highlights: There were 32 detached homes on the market and 7 sold in May, 2022! In the Sunshine Hills Woods neighborhood of North Delta, homes had an average sold price of $1,593,000 which is 1.8% higher than the average list price.
Average House Price North Delta, BC
Homes in North Delta sold in an average of 11 days after being listed on MLS in May 2022. The median price for homes in April was $1,586,500 and in May it was $1,555,000, which is a decrease of 2%!
***The median price is acquired by taking the middle sales price from the list of properties ranked highest to lowest that sold in North Delta in May 2022. For example, if 67 homes were sold in North Delta when combining all the pocket neighbourhoods (Annieville, Nordel, Scottsdale and Sunshine Hills Woods), the sale price of the 34th home would be the median sales price.***
Median vs. Benchmark vs. Average
Median Price in North Delta for Single Detached Homes in May 2022: $1,555,000
Median Price in North Delta for Single Detached Homes in March 2021: $1,225,000
Percentage of change: 26.9%
[Median = the sale price of the property that sits in the middle of a compiled list of properties sold in a set period of time ranging from the highest sales price to the lowest sales price]
Benchmark Price in North Delta for Single Detached Homes in May 2022: $1,589,200
Benchmark Price in North Delta for Single Detached Homes in May 2021: $1,260,600
Percentage of change: 26.1%
[Benchmark = basically a sales price estimate of a “typical” home within a region; that of which is determined by a combination of popular features according to MLS®]
Average Price in North Delta for Single Detached Homes in May 2022: $1,655,177
Average Price in North Delta for Single Detached Homes in May 2021: $1,268,717
Percentage of change: 30.5%
[Average = adding together all the home sales prices within that month and dividing it by the total number of home sold]
So, how much are homes selling in North Delta, BC?
Each of the above price calculations has its limitations in terms of gaining insight about pricing a home. These numbers are best used as ballpark figures to gain a general understanding of the North Delta Real Estate market. The average home price in North Delta, May 2022 was $1,655,177 but there are many factors that come into play. For example the type of home sold and home features. Only a realtor with experience in the area can best determine how much the property is worth. The best way to determine the home’s value is to find homes that have sold in your area with similar features to the one being priced.
North Delta Real Estate Trends
The Bank of Canada’s interest rates increase has decreased home prices and an influx of inventory has replenished some of the supply. These two factors have pushed the market towards more of a balance. Homes are selling but are sitting on the market longer than they were during the peak. In North Delta detached homes are on the market for an average of 11 days and attached homes are on the market for an average of 29 days.
This Month’s Final Thoughts
“Since March, we’ve seen sales come down with an accompanying increase in inventory, subsequently restoring much-needed balance and cooling our heated market,” said Fraser Valley Real Estate Board President, Sandra Benz. The sales-to-active-ratio was 22% across the Fraser Valley in May 2022 which is comparable to the pre pandemic market. It still indicates that it is a seller’s market but the market is more balanced than it was during the peak of a ratio of 92%.
If your interested in learning more about the fraser valley’s real estate market, read the FVREB’s stats here: http://www.fvreb.bc.ca/stats/
If you’re wondering what your home is worth and how to place your home on the market to get top dollars, call us today at 604-648-7800!
As an awarding-winning team (Top 1% in all the Fraser Valley Real Estate Board Teams) and with your Top North Delta Realtor Sukh Brar leading the way, you will have a combined asset of over 20 years of local expert knowledge and guidance to best navigate the market.
