Share this post:
New stats from Fraser Valley Real Estate Board state that Fraser Valley Real estate continues to break records for the ninth consecutive month-while at the same time, reaching near-historic Levels of new listings. While the market is great for Sellers, it is also a great time for buyers.
Annieville, North Delta Real Estate Highlights: Out of the 49 total homes listed, 12 were sold in May, 2021 in Annieville, North Delta. We continue to see decline in the sales ration from 64% in March to 54% in April, which goes down to 24% in May.
In May 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 $1,276,000 with houses offering average of 4-5 bedrooms and 3 bathrooms.
If we compare the Single Detached Homes in Annieville, North Delta to just last month, the property prices seem to have stabilized. In April, houses sold between $970,000 upward to $2,280,000 while being only on market for 14 days in average, compared to May, where sale prices started at low of $1,060,000 upward to $1,285,000 with average of 9 days on the market. There was an exception here where a property was listed at $6,999,000, the highest in Annieville.
Nordel, North Delta Real Estate Highlights: The total houses on the market were 48, out of which 32 sold in May, 2021. There was a decline in the inventory but the sales increased compared to last month. In April 2021, the sales ratio in Nordel was 42% which increased to 67% in May.
The sale of homes in Nordel in May 2021, in most cases was above asking price, with the range between $21,000 to $349,000! According to Fraser Valley Real Estate Board, the average days on the market for listings for May 2021 were 8 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 unique property, listed for $999,999 with 6 bedrooms and 4 bath, sold for $1,349,000 which was exceptionally above the asking price.
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: Scottsdale saw a decrease in the inventory but an increase in the sales. The sales ratio increased from 50% in April 2021 to 80% in May 2021. This trend was not only seen in the detached homes but also in the Condos and townhome sales from 36% in April 2021 to 52% in May 2021.
There were 35 houses on the market for May, out of that 28 houses were sold. The average days on the market for these houses was 15 days, which is quite different that the other areas of Delta. According to MLS stats, properties in the area still sold above the asking price ranged from $31,000 to $241,000.
The lowest sale price in the area was $950,000 and the highest price that the house sold in the area was $1,490,000. The lowest price that the houses were listed at, was $998,800 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 36% in the month of April to 52% in May.
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 April, where it was 56% to 53% in May 2021. Total of 43 properties were listed in the area, out of which 23 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 $1,110,000 and is a little higher that other areas of North Delta. The Highest listing price for property in Sunshine Hills was for $1,699,999 which included 4 bedrooms and 3 bathrooms and was lot size of 13,077 sq,ft. The sale price ranges from $40,000 above asking price to $240,000 above asking price and houses were on average listed for 11 days
In May, the listed houses were sold within 8 days of being listed on Multiple Listing Service (MLS) in the North Delta region. The median price in May 2021 in North Delta sits at $1,225,000. A decline in Median Price was seen as compared to April,2021 at $1,322,500.
***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 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.***
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. It went up $46,000 from March to April 2021 but declined by $97,500 in the last month. Last year, in May 2020, the median price for North Delta homes was $919,750. That works out to be 33.2% change year over year.
Median Price in North Delta for Single Detached Homes in May 2021: $ 1,225,000
Median Price in North Delta for Single Detached Homes in May 2020: $ 919,750
Percentage of change: 33.2%
[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 May 2021: $ 1,217,000
Benchmark Price in North Delta for Single Detached Homes in May 2020: $ 916,300
Percentage of change: 32.9%
[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 May 2021: $ 1,268,717
Average Price in North Delta for Single Detached Homes in May 2020: $ 966,785
Percentage of change: 31.2%
[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 May, 2021 was $1,268,717. 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 May 2021’s demand and supply. The inventory for homes in May reduced as compared to April, 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 54% (that is from 175 sales over 95 active listings).
This month, the Inventory decreased from 202 homes in the month of April to 95 homes in May 2021. From the above supply and demand curve, even though the inventory is not staying on the market for very long. The demand is definitely still there.
This month’s Final Thoughts:
According to stats release by the board, in April, the Fraser Valley Real Estate Board (FVREB) processed 2,951 sales on its Multiple Listing Service® (MLS®), an increase of 267 per cent compared to May 2020 and a 2 per cent decrease compared to April. (Note that sales and new listings in April 2020 were significantly restricted due to the pandemic lockdown.) The previous record high for sales in May was 2,911 in 2016.
Pace of the market seems to be changing, which could result in this month being the turning point to slow it down. According to Larry Anderson, President of the Board, “Demand hasn’t changed. What’s changed is supply. In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control. “We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We’re a long way from a balanced market, but supply is helping us to head in the right direction.”
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.