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It’s a seller’s market across the Fraser Valley and North Delta Real Estate market, the Fraser Valley Real Estate Board states that the Fraser Valley is a top destination for buyers looking for affordable housing. Due to high demand home prices continue to rise each month. Detached homes in North Delta are selling 3% above the listing price, 38 homes sold in North Delta in October, 2021.
Annieville, North Delta Real Estate Highlights: There were 21 homes on the market and a total of 8 sold in October 2021. Homes in Annieville all sold for over $900,000, averaging a sold price of $1,477,000.
Nordel, North Delta Real Estate Highlights: There were 14 homes on the market and a total of 13 sold in October 2021. Homes in Nordel, North Delta all sold for $1,00,000 and averaged a sold price of $1,355,000.
Scottsdale, North Delta Real Estate Highlights: There were 15 homes on the market and a total of 7 sold in October 2021. Detached homes in Scottsdale had an average sold price of $1,588,620 which is $100,000 more than the average listing price. The market in Scottsdale, North Delta is hot!
Sunshine Hills Woods, North Delta Real Estate Highlights: There were 14 homes on the market and a total of 13 sold in October 2021. 14 detached homes sold in the Sunshine Hills Woods neighbourhood of North Delta, homes in this had an average of 9 days on the market. These homes had a median sold price of $1,513,000 in October, 2021.
In October, 2021 homes in North Delta sold in an average of 12 days of being listed on MLS. The median price for homes in October was $1,430,000 and in September it was $1,327,500, which is a 92% increase!
***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.***
Median Price in North Delta for Single Detached Homes in October 2021: $1,430,000
Median Price in North Delta for Single Detached Homes in February 2020: $1,020,000
Percentage of change: 40.2%
[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 October 2021: $1,268,000
Benchmark Price in North Delta for Single Detached Homes in October 2020: $972,500
Percentage of change: 30.4%
[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 February 2021: $1,503,884
Average Price in North Delta for Single Detached Homes in February 2020: $1,087,311
Percentage of change: 38.3%
[Average = adding together all the home sales prices within that month and dividing it by the total number of home sold]
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, October 2021, was $1,475,000 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.
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 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 64% (that is from 41 sales over 64 active listings).
Currently there is a high demand for housing in North Delta, BC, pushing prices up. Throughout 2021 the market continues to trend in a Seller’s advantage.
This month’s Final Thoughts:
According to Baldev Gill the Fraser Valley is a top destination for those looking to buy family sized homes in BC. Homes are sitting on the market for an average of two weeks. The market is hot and property listings have decreased by 9.6% since September 2021.
If you’re thinking of selling, this could be a great opportunity for an opportunist. 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.