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The Fraser Valley Real Estate Board received a record-breaking volume of new listings in February 2022. New listings increased by 75.3 % from January 2022. In North Delta, there was an inventory of 90 detached homes and 41 attached homes.
Anneville, North Delta Real Estate Highlights: There were 18 detached homes on the market and a total of 14 sold. In February 2022 there were 8 attached homes on the market and 5 sold. Single-family homes in Annieville all sold for an average of $1,695,433 which is 3.7% more than the average list price.
Nordel, North Delta Real Estate Highlights: In February 2022, 13 detached homes sold for an average selling price of $1,749,554. Homes in Nordel, North Delta were on the market for an average of 13 days and they all sold for $1,630,000 or more.
Scottsdale, North Delta Real Estate Highlights: 14 single-family homes sold in Scottsdale in February 2022 with an average day on the market of 13 days. Detached homes in Scottsdale had an average sold price of $1,685,555, all selling for $1.6 million or more!
Sunshine Hills Woods, North Delta Real Estate Highlights: There were 26 detached homes on the market and 17 sold in February 2022! In the Sunshine Hills Woods neighbourhood of North Delta, homes had an average sold price of $1,758,299 which is 7% higher than the average list price for February.
Homes in North Delta sold in an average of 7 days after being listed on MLS in February 2022. The median price for homes in January was $1,730,000 and in February it was $1,720,450, which is a decrease of 0.5%!
***The median price is acquired by taking the middle sales price from the list of highest to lowest properties sold in North Delta in January 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 Price in North Delta for Single Detached Homes in February 2022: $1,720,450
Median Price in North Delta for Single Detached Homes in February 2021: $1,243,500
Percentage of change: 38.4%
[Median = the sale price of the property that sits in the middle of a compiled list of properties sold in a set period ranging from the highest sales price to the lowest sales price]
Benchmark Price in North Delta for Single Detached Homes in February 2022: $1,537,100
Benchmark Price in North Delta for Single Detached Homes in February 2021: $1,068,500
Percentage of change: 43.9%
[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 2022: $1,846,127
Average Price in North Delta for Single Detached Homes in February 2021: $1,313,032
Percentage of change: 40.6%
[Average = adding together all the home sales prices within that month and dividing it by the total number of homes sold]
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 understand the North Delta Real Estate market. The average home price in North Delta, in February 2022 was $1,846,127 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.
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 North Delta Real Estate Market trend.
As you can see below, the last row shows October 2021’s demand and supply. The inventory for homes in October reduced as compared to September, not because there are fewer listing homes but everything that is listed is going fast. The demand is still on the rise, making it yet another month of Seller’s Market. As we mentioned earlier we came to calculate a sales-to-active-listing ratio of 81% (that is from 50 sales over 62 active listings).
It was the seller’s advantage in 2021 due to the high demand created from low-interest rates and people’s desire for a more spacious home. The Bank of Canada’s to keep lower interest rates allowed has allowed many to purchase a home, however, the Bank of Canada has announced that they plan to increase interest rates sometime this year. Although it was still a seller’s market in February 2022 there was a historic increase in supply, if this trend continues the market could move towards a more balanced market.
This month’s Final Thoughts:
According to the FVREB, there was an increase in new listings by 62% from January 2022. If this trend continues with new listings increasing each month this could ease the demand and supply dynamics in the Fraser Valley region. As the inventory rises, homes listed will take longer to sell, meaning buyers will have more choices and opportunities to purchase without dealing with bidding wars.
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 thinking of selling, this could be a great opportunity for an opportunist. 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 this very hot and lucrative market.