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New stats from Fraser Valley Real Estate Board state that Fraser Valley Real estate remains robust in June, however, for the first time in since September 2020, did not break a historical record.
Annieville, North Delta Real Estate Highlights: Out of the 36 total homes listed, 11 were sold in June, 2021 in Annieville, North Delta. We saw a decline in the sales ration from 64% in March to 54% in April, then went further down to 24% in May. In June there was a little increment in the sales ratio to 31%, which is not a lot if we compare it to the dip from March to April.
In June 2021, home sales in Annieville, North Delta, unlike past few months, where most properties were selling over asking price, not many sold above asking. The median sale price for the area was $1,175,000 with houses offering average of 4 bedrooms and 3 bathrooms.
If we compare the Single Detached Homes in Annieville, North Delta property prices seem to have stabilized for the past 2 months. Not much change is seen from May, where houses sold between $1,1060,000 upward to $1,285,000 while being only on market for 9 days in average, compared to June, where sale prices started at low of $1,107,000 upward to $1,285,000 with average of 14 days on the market.
Nordel, North Delta Real Estate Highlights: The total houses on the market were 44, out of which 17 sold in June, 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 48 out of which 32 sold. In May, 2021, the sales ratio in Nordel was 67% dropping down to 39% in June.
The sale of homes in Nordel in June 2021, we see a shift where the sales were mostly below the asking price. Some did go above the asking price with the range between $26,000 to $187,000! According to Fraser Valley Real Estate Board, the average days on the market for listings for June 2021 were 16 days. On an average, all the properties that were sold, had 4-5 bedrooms and 2-3 bathrooms. Even though there was not a huge difference between list price and sale price in most cases, a property listed for $1,395,999 with 4 bedrooms and 3 bath, sold for $1,271,250 which was way below the asking price. Though the market is still in favour of sellers, it gave buyers a little relief as the market stabilizes.
In regards to Condos and townhomes, in Nordel in May 2021, not much inventory came up on the market. There was inventory of 6, out of which 5 sold making the sales ratio 83%
Scottsdale, North Delta Real Estate Highlights: The inventory in Scottsdale remained the same but there was a decline in sales. The sales ratio dipped from 80% in May 2021 to 54% in June 2021. This trend was opposite in the Condos and townhome. The sales ratio increased from 52% in May 2021 to 68% in June 2021.
There were 35 houses on the market for May, out of that 19 houses were sold. The average days on the market for these houses was 10 days. According to MLS stats, properties in the area still sold above the asking price ranged from $20,000 to $126,000.
The lowest sale price in the area was $990,000 and the highest price that the house sold in the area was $2,009,000. The lowest price that the houses were listed at, was $990,000 with 3 bedroom and 3 bath. If we look at the condos and townhomes for Scottsdale, the inventory did not change much but the number of sales changed. The sales ration went from 52% in the month of May to 68% in June.
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 May, where it was 53% to 49% in June 2021. Total of 37 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 town homes in this area either.
The lowest price at which property sold in Sunshine Hills was $977,000. Usually properties in the Sunshine Hills area are a little higher that other areas of North Delta. The Highest listing price for property in Sunshine Hills was for $2,638,000 which included 6 bedrooms and 7 bathrooms and was lot size of 7,700 sq,ft. The sale price ranges from $46,000 above asking price to $225,000 above asking price and houses were on average listed for 16 days
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 June 2021 in North Delta sits at $1,200,000. A decline in Median Price was seen as compared to May 2021 at $1,225,00.
***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 June 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.***
North Delta Real Estate Market update, the median price of North Delta Single Detached Homes has consistently been on the rise from February to April but that changed in May and June. It declined $97,500 from April to May 2021 and further declined by $25,000 in the last month. Last year, in June 2020, the median price for North Delta homes was $963,000. That works out to be 21.4% change year over year.
Median Price in North Delta for Single Detached Homes in June 2021: $ 1,200,000
Median Price in North Delta for Single Detached Homes in June 2020: $ 963,000
Percentage of change: 24.6%
[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 June 2021: $ 1,198,400
Benchmark Price in North Delta for Single Detached Homes in June 2020: $ 919,400
Percentage of change: 30.3%
[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 June 2021: $ 1,232,390
Average Price in North Delta for Single Detached Homes in June 2020: $ 1,015,109
Percentage of change: 21.4%
[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 North Delta in June, 2021 was $1,232,390. 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 less 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 42% (that is from 65 sales over 152 active listings).
This month, the Inventory decreased from 175 homes in the month of May to 152 homes in June 2021. From the above supply and demand curve, the market shifted from extreme seller’s market to a strong seller’s market.
This month’s Final Thoughts:
According to stats release by the board, in April, the Fraser Valley Real Estate Board (FVREB) processed 2,247 sales on its MLS®, a decrease of 24 per cent compared to May and a 31 per cent increase compared to June of last year. Sales continued to remain elevated compared to a typical June – 22 per cent above the ten‐year average.
June is the first month since September 2020 that the market has not broken a historical record. Demand remains high in Fraser Valley, but we are seeing the market settling down giving buyers and sellers time to think before taking an action. Supply is still low compared to demand. The good news in all this is that effective July 1, 2021 realtors can hold in-person open houses while still taking precautions and following safety procedures.
MLS® HPI Benchmark Price Activity
If you are thinking of listing your home at this time, it is critical that you work with the professional who knows the fast pace and rapid changing market, to ensure your asking price is realistic and competitive and is according to TODAY’S market! 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.