North Delta Market Snapshot

North Delta Real Estate Market Update (July 2022)

North Delta Housing Market (Neighborhood Overview)

North Delta July 2022 Dettached Real Estate Neighbourhood Highlights

As a result of the continued interest rate sales in the Fraser Valley Region have dropped. The weaker demand has also caused home prices to continue to drop. In North Delta, there was an inventory of 143 detached homes and 24 attached homes. 

 

Anneville, North Delta Real Estate Highlights: There were 29 detached homes on the market and a total of 3 sold. In July 2022 there were 9 attached homes on the market and 2 sold. Single-family homes in Annieville all sold for an average of $1,158,333 which is 4.7%  less than the average list price. 

 

Nordel, North Delta Real Estate Highlights: In July 2022, 6 detached homes sold for an average selling price of $1,263,571. Homes in Nordel, North Delta were on the market for an average of 18 days and they all sold for $1,110,000 or more. 

 

Scottsdale, North Delta Real Estate Highlights: 7 single-family homes sold in Scottsdale in July 2022 with an average day on the market of 20 days. Detached homes in Scottsdale had an average sold price of $1,283,400, all selling for $1.22 million or more!

 

Sunshine Hills Woods, North Delta Real Estate Highlights: There were 31 detached homes on the market and 8 sold in July 2022! In the Sunshine Hills Woods neighbourhood of North Delta, homes had an average sold price of $1,476,828 which is 6.8% less than the average list price. 

90 Day Median Home Price Trend

Average House Price North Delta, BC

 

Homes in North Delta sold in an average of 18 days after being listed on MLS in July 2022. The median price for homes in MayJune was $1,390,000  and in July it was $1,290,000, which is a decrease of 7.2%!

 

***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 July 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 July 2022: $1,290,000

Median Price in North Delta for Single Detached Homes in July 2021: $1,230,500

Percentage of change: 4.8%

[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 July 2022: $1,412,500

Benchmark Price in North Delta for Single Detached Homes in July 2021: $1,249,800

Percentage of change: 13.0%

[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 July 2022: $1,371,700

Average Price in North Delta for Single Detached Homes  in July 2021: $1,284,945

Percentage of change: 6.8%

[Average = adding together all the home sales prices within that month and dividing it by the total number of homes 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, in July 2022 was $1,371,700  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. 

Home Supply Vs. Demand in North Delta, BC

North Delta Real Estate Trends

The five-year fixed rates are at their highest level in the past 10 years and residential prices are still 20% higher than a year ago. These two factors have pushed the market towards a balance. This means 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 18 days and attached homes are on the market for an average of 9 days. 

This Month’s Final Thoughts

According to Baldev Gill, the Chief Executive Officer of the Fraser Valley Real Estate Board, “With rising interest rates and uncertainty in the market, it is even more important to seek out the guidance of a professional REALTOR®. Their ability to tap into the latest data and market intelligence — down to the neighbourhood level — allows buyers and sellers to make informed decisions about one of the largest transactions they’ll ever make.” Prices may continue to decrease and sales will continue to decline. This could be the perfect opportunity to buy or upgrade your home. 

If you are 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 one of North Delta’s Top Realtors leading the way, you will have a combined asset of over 20 years of local expert knowledge and guidance to best navigate the market.

 

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