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North Delta Real Estate Market Update (December 2020)

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North Delta December 2020 Market SnapShot

December 2020 North Delta Real Estate Market Trends

North Delta Housing Market (Neighbourhood Overview)

This data was recorded on January 4th, 2021 and basically shows that everything that was listed ended up being sold within the month it was put out for sale.  The last three months prior had consistently shown a huge uptick in demand and limited supply in the North Delta region.  Definitely a Seller’s Market.

This month Sunshine Hill Woods neighbourhood took the lead in the number of homes listed for sale and the number of homes sold, in second place was Nordel with 15 new listings and 20 sales to finish the December month off.  As you can see in all the neighbourhood pockets of North Delta; the single-detached housing market is HOT.

When comparing data from last December (2019) there was 86 Active Listings and a total of 45 Sales transactions overall in the North Delta region.  That works out to be a 52% sales to active listing ratio.  We had more inventory last year, but still, 1 of 2 homes would be selling if they were listed on MLS.  For the most part of 2019 it was a balanced market but slowly and surely moving into 2020 the market shifted into a Seller’s Market.

Even with Covid-19 the demand for single-detached homes in North Delta remains high.

Average House Price in North Delta, BC

On average homes in December were sold within 10 days of being listed on Multiple Listing Service (MLS) in the North Delta region.  The median price was $1,090,000.  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 December 2020.  For example, 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 $40,000 from September 2020 to October 2020 and another $25,000 from October to November.  Taking a look from another perspective, in December of 2019, the median price was $900,000.

Median vs. Benchmark vs. Average

Median Price in North Delta for Single Detached Homes in December 2020: $ 1,090,000

Median Price in North Delta for Single Detached Homes in December 2019: $ 900,000

Percentage of change: 21.1%

[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 December 2020: $ 991,700

Benchmark Price in North Delta for Single Detached Homes in December 2019: $ 904,600

Percentage of change:  9.6%

[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 December 2020:  $ 1,126,500

Average Price in North Delta for Single Detached Homes  in December 2019: $ 985,535

Percentage of change:

[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 it’s limitations in terms of gaining insight on 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.  The best method to determine your home value is to find out what homes have recently sold in your neighbourhood that is also similar to your home’s unique features.  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 the 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.

North Delta Real Estate Market Supply and Demand

North Delta Real Estate Trends

Currently, there is very little inventory in the North Delta housing market and the intense demand from homebuyers has pushed the sales to list ratio to 100% in December 2020.  This means that there are not enough homes on the market for those looking to buy.  According to the graph above, 2020 consistently sat within a Seller’s Market since the summer months.  We are now moving into 2021 and this trend is still continuing.

If you’re thinking of selling, this could be a great opportunity for an opportunist.  The market is hot and showings signs that we had once seen in 2016 when the market sky rocked into hundreds of thousands of dollars over the listing price and in multiple offers.  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 over 15 years of local expert knowledge and guidance to best navigate this very hot and lucrative market.

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