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For the third month in a row, the volume of new listings continued to increase in the Fraser Valley region. New listings increased by 41.4% from February 2022. In North Delta, there was an inventory of 92 detached homes and 48 attached homes.
Anneville, North Delta Real Estate Highlights: There were 22 detached homes on the market and a total of 14 sold. In March 2022 there were 6 attached homes on the market and 7 sold. Single-family homes in Annieville all sold for an average of $1,544,045 which is 6.2% more than the average list price.
Nordel, North Delta Real Estate Highlights: In March 2022, 4 detached homes sold for an average selling price of $1,623,800. Homes in Nordel, North Delta were on the market for an average of 7 days and they all sold for $1,370,000 or more.
Scottsdale, North Delta Real Estate Highlights: 5 single-family homes sold in Scottsdale in March 2022 with an average day on the market of 6 days. Detached homes in Scottsdale had an average sold price of $1,617,166, all selling for $1.3 million or more!
Sunshine Hills Woods, North Delta Real Estate Highlights: There were 20 detached homes on the market and 7 sold in March 2022! In the Sunshine Hills Woods neighbourhood of North Delta, homes had an average sold price of $1,924,373 which is 7.9% 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 March 2022. The median price for homes in February was $1,720,450 and in March it was $1,655,500, which is a decrease of 3.8%!
***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 March 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 March 2022: $1,655,500
Median Price in North Delta for Single Detached Homes in March 2021: $1,328,127
Percentage of change: 29.7%
[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 March 2022: $1,586,100
Benchmark Price in North Delta for Single Detached Homes in March 2021: $1,134,000
Percentage of change: 39.9%
[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 March 2022: $1,720,907
Average Price in North Delta for Single Detached Homes in March 2021: $1,328,127
Percentage of change: 29.6%
[Average = adding together all the home sales prices within that month and dividing it by the total number of home sold]
So, how much are homes selling in North Delta, BC?
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 gain a general understanding of the North Delta Real Estate market. The average home price in North Delta, March 2022 was $1,720,907 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.
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:
It was still a seller’s market in March 2022, with the benchmark prices continuing to increase month over month. According to Baldev Gill, although the interest rates increased the impact may not be seen until later in the year. With an increase in new listings and interest rates the market may begin to move toward a more balanced market later in the year. However it is currently still a seller’s market.
If your interested in learning more about the fraser valley’s real estate market, read the FVREB’s stats here: http://www.fvreb.bc.ca/stats/
Read about the February 2022 North Delta Real Estate market here: North Delta Real Estate Market Update (February 2022)
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.