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This data was recorded on February 2nd, 2021 indicates that over 50% of the inventory in each neighbourhood in North Delta sold throughout January 2021.
This month the Nordel neighbourhood took the lead in the number of homes listed for sale and the number of homes sold, in second place was Scottsdale with 18 active listings and 12 sales and Sunshine Hills Woods with 12 active listings and 8 sales to finish the January month off. As you can see in all the neighbourhood pockets of North Delta; the single-detached housing market is HOT.
Although it may appear to seem less “hot” this month, inventory is still relatively low when reviewing and comparing a 5-year span in the North Delta Real Estate trends. In January 2021, there was 48 sales and 75 active listings. The sales-to-active-listings-ratio worked out to be 64%. This means we are still in a Seller’s Market. Generally speaking the number of active listings in past “normal” North Delta market conditions you would typically see 100 to 150+ active new listings for the start of the year.
On average homes in January were sold within 8 days of being listed on Multiple Listing Service (MLS) in the North Delta region. The median price in January 2021 in North Delta sits at $1,150,000. In December 2020 it 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 $25,500 from October 2020 to November 2020 and another $44,500 from November to December. Last January the median price for North Delta homes was $972,500. That works out to be 18.3% change year over year.
Median Price in North Delta for Single Detached Homes in January 2021: $ 1,150,000
Median Price in North Delta for Single Detached Homes in January 2020: $ 972,500
Percentage of change: 18.3%
[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 January 2021: $ 1,010,900
Benchmark Price in North Delta for Single Detached Homes in January 2020: $ 916,600
Percentage of change: 10.3%
[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 January 2021: $ 1,176,960
Average Price in North Delta for Single Detached Homes in January 2020: $ 1,021,062
Percentage of change: 15.3%
[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 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. Generally speaking the average house price in Noth Delta in January 2021 was $1,176,960. But, there are so many factors involved, for example, the types of homes sold in this 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 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.
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 were 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, in the last row shows January 2021’s demand and supply. As we mentioned earlier we came to calculate a sales-t0-active-listing-ratio of 64% (that is from 48 sales over 75 active listings). In January of 2015, a year that turned out to be the start of one of the hottest years in real estate for most of the lower mainland and in North Delta, there was 101 active listings and in January 2016 there was 54. So, now in January 2021, we have 75 active listings. The supply is low and small signs that may indicate something similar to that of what we experienced in 2015 and 2016 are beginning to arise.
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.
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.