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In terms of sales-to-list ratio, we are still in a “Seller’s Market”. There is definitely a rise in inventory and according to the Fraser Valley Real Estate Board, it is a historical high in terms of active listings. Year over year we can see a jump from 125 active listings last spring to 178 this year.
Annieville, North Delta Real Estate Highlights: There were 44 homes for sale and a total of 28 homes sold in March, 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. The sales rato increased from 57%in February to 64% in March.
In March, 2021, home sales in Annieville, North Delta, several properties sold for $100,000-$150,000 dollars over the asking price! It was very shocking to see some properties going for $245,000-275,000 above asking price. The median price for the area was $1,260,000 with houses offering average of 4 to 5 bedrooms and 2-3 bathrooms.
If we compare the Single Detached Homes in Annieville, North Delta to just last month, the property prices have seem to go higher. In February, properties were selling between $1,050,000 upwards to $1,250,000, whereas, in March, there was an increase where houses sold between $1,090,000 upward to $2,385,000 while being only on market for 7 days in average.
Nordel, North Delta Real Estate Highlights: The total houses on the market were 51, out of which 30 sold in March ,2021. There was an increment in the inventory as well as the sales as compared to last month. In February 2021, the sales ratio in Nordel was 47% which increase to 59% in March. This increase of 12% may not seem like a lot but it shows that it is ultimately still a Seller’s Market and will stay seller’s market for a while.
Furthermore, just like Annievielle or any other part of Delta, due to high demand and multiple offers on one property, many sold for $80,000 to $150,000 over the asking price! According to Fraser Valley Real Estate Board, the average days on the market for listings for March, 2021 were 10 days. On an average, all the properties that were sold, had 3-4 bedrooms and 2-3 bathrooms. The lowest sale price for these properties was $890,000 with 2 bedrooms and 2 bath and was on the market for 19 days, whereas, the property sold for highest composed of 4 bedrooms and 4 baths was on the market for only 6 days and sold for $1,725,000.
Scottsdale, North Delta Real Estate Highlights: This month, there was a big dip in the sales ratio from 64% in February of 2021 to 47% in March, 2021 within the Scottsdale, North Delta neighbourhood. Although, the Scottsdale and Annieville neighbourhoods are similar in most aspects of home selling in the North Delta region, there was increase in the sales ratio for Annieville from 57% in February to 64% in March. This trend was not only for the detached homes but also for the Condos and Townhomes. In March, for Condos and townhomes, the sales ratio was 50%.
There were 49 houses on the market for March , out of that 23 houses were sold. The average days on the market for these houses was 7 days, which is not too different that the other areas of Delta. If we look at the MLS stats, properties in the area still sold above the asking price that ranged from $25,000 to $158000. Even though the sales ratio declined in March, available properties still sold over asking price.
The lowest sale price in the area was $1,100,000 and the highest price that the house sold in the area was $1,845,000. The lowest price that the houses were listed at, was $989,000 with 4 bedroom and 2 bath. It sold for $1,230,000, which is $241,000 over the listing price. There is no doubt that buyers are willing to pay top dollar for the properties that they like because according to some, it is the best time to invest in Real Estate or ‘buy before the goods are gone’
Sunshine Hills Woods, North Delta Real Estate Highlights: Sunshine Hills is the high demand area in Delta with beautiful properties. The sale ratio, however, dipped as compared to February from 130% to 53% in March. There were total of 34 properties listed in the area, out of which 18 were sold. More and more people seem to be listing their homes. There were only 10 houses listed in the Sunshine Hill area last month compared to 34 homes listed in March 2021.
The Median sale price for March was $1,498,192. The lowest price at which property sold in Sunshine Hills was $1,100,000 and is a little higher that other areas of North Delta. The Highest price for property to be sold was $ 2,488,000 which included 8 bedrooms and 7 bathrooms and was lot size of 7,920 sq,ft with total of 5,308 sq.ft floor area. The area did sell a lot of homes way above the listing price. The price ranged from $21,000 above the asking price to as high as $277,000 above the asking price. Sunshine Hills is definitely the most desirable location and the buyers will not hesitate to go above and beyond to acquire properties that can be torn down and rebuilt into Dream Homes.
In March, 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 March 2021 in North Delta sits at $1,276,500. In February 2021 it was $1,243,500. There is a little increment in the sale prices because of properties selling over the asking price.
***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 $33,000 from February to March 2021. Last March the median price for North Delta homes was $950,000. That works out to be 34.4% change year over year.
Median Price in North Delta for Single Detached Homes in March 2021: $ 1,276,500
Median Price in North Delta for Single Detached Homes in March 2020: $ 950,000
Percentage of change: 34.4%
[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 March 2021: $ 1,328,127
Average Price in North Delta for Single Detached Homes in February 2020: $1,313,032
Percentage of change: 28.9%
[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 March 2021 was $1,328,127. 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 March 2021’s demand and supply. The inventory for homes in March went up because of the market where more people are listing homes. As we mentioned earlier we came to calculate a sales-t0-active-listing-ratio of 56% (that is from 99 sales over 178 active listings).
Inventory seems to have gone up in March where 178 total properties were on the market as compared to February where the inventory was only 99. Over the last several months the supply and demand in North Delta show a trend to a Sellers advantage but the supply in March 2021 has risen as compared to demand which has risen to be consistent with the previous months.
This month’s Final Thoughts:
According to Fraser Valley Real Estate Board, in March, there has been a rise in listings where the FVERB saw an increase of 131% from March 2020. This has set a record for both listings and sales. As more people are moving to Fraser Valley, the economy seems to have strengthen over the past few years. Also, because of the pandemic and lack of movement, lesser inventory in the market led to high demand for housing in the region in the past few months.
March has definitely changed that in terms of supply. As Realtors guide buyers through a stressful process of navigating the market, while following rules and guidelines around COVID19, the increase in listing volume has relieved some of that pressure.
MLS® HPI Benchmark Price Activity
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.