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It’s still a Seller’s Market in North Delta and other parts of the Fraser Valley. According to the Fraser Valley Real Estate Board (FVREB) property sales have surpassed the last 100-years of the board’s history. The last six months in particular in terms of property sales have been unprecedented, much like the pandemic itself. It’s remarkable. For the most part, each pocket neighbourhood in North Delta has continued to reflect a high sales ratio when accounting for the number of homes offered for sale and the number of homes sold this month.
Annieville, North Delta Real Estate Highlights: There were 35 homes for sale and a total of 20 homes sold in February 2021 in Annieville, North Delta. Inventory is not sitting, to say the least, and homes are selling within more or less a week or two in most scenarios.
In February 2021, upon reviewing home sales in Annieville, North Delta, several sold over $150,000 dollars over the asking price! If that’s not an astounding number I am not sure how much more “wow” you need. Generally speaking, the median price ($1,243,500) outlined below is somewhat accurate with many typical North Delta Annieville properties offering 4 to 5 bedrooms and 3 bathrooms.
Single Detached Homes in Annieville North Delta were selling between $1,050,000 upwards to $1,250,000 and more! If your property offers a legal suite you can definitely count on your property weighing in more at the higher end of this spectrum.
Nordel, North Delta Real Estate Highlights: There were 32 homes for sale and a total of 15 homes sold in February 2021 in Nordel, North Delta. There was a bit of a decrease in the sales ratio compared to the previous month (but don’t be fooled).
In January 2021, the sales ratio in Nordel was 70% and this month it is 47%, ultimately still a Seller’s Market. It’s really easy to perceive this dip in the sales ratio as an indication of a decline in supply and demand, but it’s actually very far from the truth once you look closer at the homes that sold in Nordel in the month of February 2021. The numbers are astounding! Generally speaking most homes in the Nordel neighbourhood for the month of February 2021 sold within a week of listing the property.
Furthermore, many sold for close to $200,000 to $260,000 dollars over the asking price! What helped homes sell so much over asking? Pricing it right for multiple offers in a high demand market. You will definitely want to offer a listing price that draws in these ready to purchase home buyers, rather than pricing higher than the market is ready for. If you are looking for a quick sale and a big return make sure you have insight on what a promising listing price should be. In our experience, pricing high in a heated market can result in two-folds, taking longer to sell (time is money) and not really benefiting from a multiple offers situation.
Scottsdale, North Delta Real Estate Highlights: Just a slight dip in the sales ratio from 67% in January of 2021 to 64% in February 2021 within the Scottsdale, North Delta neighbourhood. Typically, the Scottsdale and Annieville neighbourhoods are similar in most aspects of home selling in the North Delta region. You can call them neighbourhood siblings, they don’t fall too far from the apple tree and their market stats are quite similar.
Most Single Detached Homes in the Scottsdale neighbourhood of North Delta sold over asking. The range spanned from $100,000 dollars to $250,000 or more than the listed home price. On average Scottsdale, North Delta homes were selling between a week to a month of listing the property.
Again, just a friendly reminder for some home sellers who are thinking of selling quickly and for top dollar, not to list over the market trends, but to price it just right. You can sell quickly for top dollar with the right strategy or you can list higher, sell slower and not take advantage of the multiple offer situation and negotiation power.
Take this house we sold this month, it sold within just one weekend of showings (by appointment due to Covid-19), it received over 17 offers and sold over $155,000 dollars above our set asking price. This Scottsdale home was the highest selling home in the month of February 2021, so basically, we broke the mould and set a new market value with our strategic marketing strategies! It was a great experience for our clients and another success story for our team to share. We love these types of happy endings and we aspire to be leaders in the Real Estate Industry.
On a side note, this market is great for home sellers who are holding onto rental properties, this property also had a 2 bedroom legal suite and we only had to show the suite once over the weekend to get this type of record selling results! You don’t have to inconvenience your tenants, you can sell quickly and you can profit from this hot market with the right strategies in place. Now, without further delay, let’s take a look at Sunshine Hills.
Sunshine Hills Woods, North Delta Real Estate Highlights: Location matters. In Sunshine Hills, North Delta we are seeing single detached homes selling from approximately $1.3 Million dollars for a sizable property you can tear down and rebuild a brand new home to over $1.8 Million for an executive renovated type property.
Many homes in Sunshines Hills, North Delta in February of 2021 were selling over asking from $70,000 dollars to over $250,0000 dollars above the asking price. Generally speaking properties in the Sunshine Hills neighbourhood in North Delta were selling within 7 days of listing the property.
The demand is also very high in Sunshine Hills, North Delta with a sales ratio of 130%, this shows that single-detached properties in this location are in high demand.
On average homes in February were sold within 7 days of being listed on Multiple Listing Service (MLS) in the North Delta region. The median price in February 2021 in North Delta sits at $1,243,500. In January 2021 it was $1,150,000.
***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, 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 $60,000 from December 2020 to January 2021 and another $93,500 from January to February 2021. Last February the median price for North Delta homes was $931,000. That works out to be 33.6% change year over year.
Median Price in North Delta for Single Detached Homes in February 2021: $ 1,234,500
Median Price in North Delta for Single Detached Homes in February 2020: $ 931,000
Percentage of change: 33.6%
[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 February 2021: $ 1,068,500
Benchmark Price in North Delta for Single Detached Homes in February 2020: $ 916,600
Percentage of change: 16.6%
[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 February 2021: $ 1,313,032
Average Price in North Delta for Single Detached Homes in February 2020: $ 1,007,214
Percentage of change: 30.4%
[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 February 2021 was $1,313,032. But, there are so many factors involved, for example, the types of homes sold that month (ie. rancher, older home, brand new builds, subdividable 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 February 2021’s demand and supply. As we mentioned earlier we came to calculate a sales-t0-active-listing-ratio of 63% (that is from 62 sales over 99 active listings).
Currently, there is still very little inventory in the North Delta housing market and the demand for housing is continuously pushing upwards. Over the last several months the supply and demand in North Delta show a trend to a Sellers advantage.
This month’s Final Thoughts:
When are things going to settle down? According to Baldev Gill, Chief Executive Officier at the Fraser Valley Real Estate Board, “We know more people are choosing to move to the Fraser Valley right now because they’re seeking more usable space, a better quality of life, and they recognize that their housing dollar goes further. The challenge is selection. We anticipate as the vaccination roll-out accelerates, confidence to list will increase and we’ll see inventory return to more normal levels.” Once, supply and demand go back to “normal levels” we may start to see it become more of a Balanced Market rather than a Seller’s Market. It’s all speculation, but as the saying goes, “what goes up must come down”, hopefully not the bubble bursting that has been speculated for years, but less of an advantage for the home seller will diminish with a balanced market.
If you are starting to do your research and trying to figure out if it’s the right time to sell your North Delta property, don’t rely on values presented on the BC assessment. They are not current nor up-to-date in terms of providing you with an accurate assessment of your homes market value. Currently, everything selling in the North Delta neighbourhoods is above their assessed value. With some houses selling $300,000 over assessed value. Recently, a home in Sunshine Hills in the month of February sold $414,000 dollars above its assessed value. It just is not an accurate measure of market trends. The real estate industry is like the weather, changing frequently and you must be up-to-date on what homes are selling today in order to best price your property to get sold quickly and for top dollars.
Finally, there were so many stories from 2016/2017 with home sellers reflecting in 2018 that they missed the gravy train. Don’t miss the gravy train! Sometimes jumping on board when the ride is climbing to its peak is the best move. However, there always two sides to the coin, do you wait for the peak (which no one can really determine when it will be) and wait too long that the market shifts or do you jump in while the market is clearly hot (like ending a popular sitcom before its ratings take a nose dive). Historically, land has always retained and increased in value over time, but it’s nice to catch a ride on the “gravy train” too.
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 a combined asset of over 20 years of local expert knowledge and guidance to best navigate this very hot and lucrative market.