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Fraser Valley Real estate saw record-breaking sales with April topping the previous monthly high set in 2016 for the eighth consecutive month. Even though it is still ‘Seller’s Market’, increase in the inventory has certainly calmed the prices in the area, compared to last couple months of 2021
Annieville, North Delta Real Estate Highlights: Out of the 46 total homes listed, 25 were sold in Apirl, 2021 in Annieville, North Delta. We saw a boost in the sales ratio from 57%in February to 64% in March but the sales ration declined in April to 54%.
In April 2021, home sales in Annieville, North Delta, several properties sold between $100,000 165,000 over the asking price! The median sale price for the area was $1,250,000 with houses offering average of 4 to 5 bedrooms and 3-4 bathrooms. I was a little strange to see a 8 bedroom 8 bath, 8,712 sq.ft home sold for $98,800 below listing price, which further ensures market slowly stabilizing.
If we compare the Single Detached Homes in Annieville, North Delta to just last month, the property prices have seem to go higher. In March, there was an increase where houses sold between $1,090,000 upward to $2,385,000 while being only on market for 7 days in average, compared to April, where sale prices dropped starting at low of $970,000 upward to $2,280,000 with average of 14 days on the market.
Nordel, North Delta Real Estate Highlights: The total houses on the market were 67, out of which 28 sold in April 2021. There was an increment in the inventory but the sales dropped compared to last month. In March 2021, the sales ratio in Nordel was 59% which decreased to 42% in April. It still is a seller’s market but the houses being listed are more, whereas, there is not a lot of change in the number of houses sold last month.
Furthermore, just like Annievielle or any other part of Delta, in spite of some properties selling below listing price, majority of homes sold between $71,000 to $236,000 over the asking price! According to Fraser Valley Real Estate Board, the average days on the market for listings for April 2021 were 14 days. On an average, all the properties that were sold, had 3-4 bedrooms and 2-3 bathrooms. The lowest sale price for these properties was $925,000 with 3 bedrooms and 2 bath and was on the market for 4 days, whereas, the property sold for highest price composed of 8 bedrooms and 7 baths was on the market for 26 days and sold for $1,990,000.
Scottsdale, North Delta Real Estate Highlights: Unlike other areas of North Delta, sales ratio for Scottsdale increased from 47% in March 2021 to 50% in April 2021. This trend was only for the detached homes compared to Condos and Townhomes , where the sales ration dipped from 50% in March 2021 to 36% in April 2021.
There were 44 houses on the market for March , out of that 24 houses were sold. The average days on the market for these houses was 9 days, which is quite different that the other areas of Delta. According to MLS stats, properties in the area still sold above the asking price ranged from $76,000 to $176,000.
The lowest sale price in the area was $978,000 and the highest price that the house sold in the area was $1,700,000. The lowest price that the houses were listed at, was $989,898 with 3 bedroom and 2 bath. It sold below asking, probably for the reason that it was an older home built in the year 1981 and the buyers todays are looking for recently built modern homes.
Sunshine Hills Woods, North Delta Real Estate Highlights: Sunshine Hills is a prestigious area in N.Delta and it is every buyer’s dream to own a property in these suburbs . There was a huge dip in the sale ratio in February from 130% to 53% in March but there was an increase to 56% in April, 2020. There were total of 45 properties listed in the area, out of which 25 were sold. An increment was seen in the number of listings in the Sunshine Hills Woods area from 34 homes listed in March 2021 to 45 homes in April 2021.
The Median sale price for March was $1,390,000. The lowest price at which property sold in Sunshine Hills was $1,109,000 and is a little higher that other areas of North Delta. The Highest price for property to be sold was $ 2,077,000 which included 4 bedrooms and 4 bathrooms and was lot size of 16,146 sq,ft with total of 3,3019 sq.ft floor area. The price ranged from $50,000 above the asking price to as high as $266,000 above the asking price.
In April, the listed houses were sold within 10 days of being listed on Multiple Listing Service (MLS) in the North Delta region. The median price in April 2021 in North Delta sits at $1,322,500. In February 2021 it was $1,276,500. Prices have not come down even though the some buyers are not as motivated as they were in February or March this year.
***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 March 2020. 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.***
Over the last 90 days prior to this North Delta Real Estate Market update, the median price of North Delta Single Detached Homes has consistently been on the rise. It went up $46,000 from March to April 2021. Last year, in April 2020, the median price for North Delta homes was $943,000. That works out to be 40.2% change year over year.
Median Price in North Delta for Single Detached Homes in April 2021: $ 1,322,500
Median Price in North Delta for Single Detached Homes in April 2020: $ 943,500
Percentage of change: 40.2%
[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 March 2021: $ 1,276,500
Benchmark Price in North Delta for Single Detached Homes in March 2020: $ 950,000
Percentage of change: 34.4%
[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 April 2021: $ 1,388,907
Average Price in North Delta for Single Detached Homes in April 2020: $ 953,137
Percentage of change: 45.7%
[Average = adding together all the home sales prices within that month and dividing it by the total number of home sold]
Each of these price calculations has its limitations in terms of gaining insight into the value of your own home. These numbers are best utilized to get a general idea of the North Delta Real Estate Market and a ballpark of home sale prices. Generally speaking the average house price in Noth Delta in April 2021 was $1,388,907. But, there are so many factors involved, for example, the types of homes sold that month (ie. rancher, older home, brand new builds, sub dividable and a variation of something in between).
The number of bedrooms, as well as the number of bathrooms, the square footage of the interior and exterior and especially the shape and size of your lot, are all factors that need to be considered when you are ready to market and sell your property. There are other factors that must be considered when comparing the sale of your neighbours home to yours – only an experienced North Delta Realtor who’s up to date on the market values can best assist you in discovering the true value and opportunity your property/investment is worth.
The best method to determine your home value is to find out what homes have recently sold in your neighbourhood that is similar to your home’s unique features (as mentioned above). This is called a Home Evaluation or a Comparative Market Analysis (CMA). As always, as your Top North Delta Real Estate Team, we can provide you with a FREE Home Evaluation and provide you with insight on recent homes sales that are similar to your home features and tips on how to increase the value of your property before putting it on MLS.
Last but not least, let’s take a quick look at the Supply and Demand in North Delta and how we determine if it’s a Sellers, Buyers or Balanced Market. Demand is basically what sold in that month and supply is how many active listings there was that particular month. This can help us determine where the market is currently sitting and possibly determine a trend in the North Delta Real Estate Market.
As you can see below, the last row shows April 2021’s demand and supply. The inventory for homes in April went up because of the market where more people are listing homes. As we mentioned earlier we came to calculate a sales-t0-active-listing-ratio of 50% (that is from 100 sales over 202 active listings).
This month, the Inventory increases again from 178 homes in the month of March to 202 homes in April 2021. From the above supply and demand curve, it can seen that due to rise in the market for the month of February and March, more and more people thought it would be good time to sell homes, hence increased listings, but if we look at the demand, there has not been much increase there. This is the reason that in the coming months, market will be steady.
This month’s Final Thoughts:
According to stats release by the board, in April, the Fraser Valley Real Estate Board (FVREB) processed 3,016 sales on its Multiple Listing Service® (MLS®), an increase of 338 per cent compared to April 2020 and a 9 per cent decrease compared to March. (Note that sales and new listings in April 2020 were significantly restricted due to the pandemic lockdown.) The previous record high for sales in April was 2,969 in 2016.
Pace of the market seems to be changing in April, which could result in this month being the turning point to slow it down. According to Larry Anderson, President of the Board, “In general, we’re seeing fewer multiple offers, fewer subject‐free offers, and homes over‐priced are starting to sit longer. These are positive signs that the market is responding to near‐record levels of new inventory.”
MLS® HPI Benchmark Price Activity
If you are thinking of listing your home at this time, it is critical that you work with the professional who knows the fast pace and rapid changing market, to ensure your asking price is realistic and competitive and is according to TODAY’S market! If you’re wondering what you 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 this very hot and lucrative market.