Share this post:
New stats from Fraser Valley Real Estate Board state that Fraser Valley Real estate remains robust in July, however, for the first time since September 2020, did not break a historical record.
Annieville, North Delta Real Estate Highlights: Out of the 33 total homes listed, 7 were sold in July, 2021 in Annieville, North Delta. We saw a decline in the sales ratio from 54% in April to 24% in May, then went up to 31% in May. In June there was a little downward slope in the sales ratio to 21%, which is not a lot if we compare it to the dip from April to May.
Nordel, North Delta Real Estate Highlights: The total houses on the market were 32, out of which 24 sold in July, 2021. There was a little decline in the inventory but the sales decreased by a huge margin compared to last month where total inventory was 44 out of which 17 sold. In June 2021, the sales ratio in Nordel was 39% which went up to 75% in July.
In regards to Condos and townhomes, in Nordel in July 2021, not much inventory came up on the market. There was an inventory of 5, out of which 5 sold making the sales ratio 100%
Scottsdale, North Delta Real Estate Highlights: The inventory in Scottsdale remained the same but there was a decline in sales. The sales ratio went slightly from 54% in June 2021 to 60% in July 2021. This trend was the opposite in the Condos and townhomes. The sales ratio increased from 68% in June 2021 to 42% in July 2021.
There were 25 houses on the market for July, out of that 15 houses were sold. The average days on the market for these houses was 11 days.
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. Sales ration declines a little as compared to June, where it was 49% to 6P8, 9% in July 2021. A total of 26 properties were listed in the area, out of which 18 were sold. There was not a definitive change in the listing or sale of Condos and townhomes in this area either.
In May, the listed houses were sold within 7 days of being listed on Multiple Listing Service (MLS) in the North Delta region. The median price in July 2021 in North Delta sits at $1,230,500. An Incline in Median Price was seen as compared to June 2021 at $1,200,000.
***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 July 2020. For example, if 64 homes were sold in North Delta when combining all the pocket neighbourhoods (Annieville, Nordel, Scottsdale and Sunshine Hills Woods), the sale price of the 32nd home would be the median sales price.***
Median Price in North Delta for Single Detached Homes in July 2021: $ 1,230,500
Median Price in North Delta for Single Detached Homes in July 2020: $ 976,500
Percentage of change: 26.0%
[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 July 2021: $ 1,191,600
Benchmark Price in North Delta for Single Detached Homes in July 2020: $ 938,400
Percentage of change: 27.5%
[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 June 2021: $ 1,284,945
Average Price in North Delta for Single Detached Homes in June 2020: $ 1,036,178
Percentage of change: 24.0%
[Average = adding together all the home sales prices within that month and dividing it by the total number of homes 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 North Delta in July 2021 was $1,284,945. 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 June 2021’s demand and supply. The inventory for homes in June reduced as compared to May, 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-t0-active-listing-ratio of 54.70% (that is from 64 sales over 117 active listings).
This month, the Inventory decreased from 143 homes in the month of June to 117 homes in July 2021. From the above supply and demand curve, the market shifted from an extreme seller’s market to a strong seller’s market.
This month’s Final Thoughts:
According to stats released by the board in August, In July, the Board received 2,431 new listings, a decrease of 31.5 per cent compared to last year, and a decrease of 22 per cent compared to June 2021. The month ended with total active inventory sitting at 4,901, a 10.5 per cent decrease compared to June, and 33 per cent fewer than July 2021.
The Board processed a total of 2,006 property sales on its Multiple Listing Service® (MLS®) in July, a decrease of 11 per cent compared to June and a 4.5 per cent decrease compared to the same month last year. Sales continued to remain above normal for July – 15 per cent above the ten‐year average.
MLS® HPI Benchmark Price Activity
If you are thinking of listing your home at this time, it is critical that you work with a professional who knows the fast pace and rapidly changing market, to ensure your asking price is realistic and competitive and is according to TODAY’S market! 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.