Real Estate Market Update in North Delta (Fall 2020)

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It’s positive news for those looking to sell a property in the North Delta area right now as house prices continue to be on the rise. 

What does the North Delta Real Estate Market look like in 2020? We are going to take a look back over the last few years and compare it to how things are looking in the last quarter of 2020.  

How have things been looking over the last couple of months? 

It’s been an unprecedented year and one we are all still learning to navigate our way around. The Coronavirus pandemic has affected almost every aspect of our lives this year and feels like it has put the world on hold. 

Luckily for us, one thing the pandemic doesn’t seem to be affecting is the housing market! 

North Delta house prices continue to be on the rise and interest is almost outweighing available supply. 

September and October were really strong months for property sellers, with buyers willing to pay upwards of an additional $100,000 on top of the asking price to purchase property in the area. Have you ever heard of that happening before? 

Sellers are finding themselves with multiple offers from different potential buyers, meaning their properties sell quickly and at a price which is very attractive. 

Predictions for November

Things are looking good for November and the rest of 2020. 

On the whole, numbers continue to be on the rise across the board in the North Delta real estate market. 

If you are looking to sell your property, now is the perfect time as house prices continue to increase. Buyers are falling over themselves to purchase properties in the North Delta area and the position we find ourselves in is that we are in need of more inventory to meet the demand.

If you’ve got a house to sell in the area, be sure to get in touch and let us help you! 

Average price of Houses, Condos and Town Houses

Let’s take a look at the average sale prices of three property types; Houses, Condos and Town Houses. 

  1. Houses 

The average price of a house in the North Delta area was at all all-time high in October of this year at $972,500. 

The increase in the average price of a house in the area has happened rapidly over the last few months, with a nearly $30,000 upturn since September 2020 and almost $50,000 since May 2020 when the average purchase price of a House was at $916,300. 

Looking back to the month of October over the last few years to compare, we saw a downturn in the prices in October 2019 from the previous year. Since this point we have since a steady increase to the high point we are at now.  

  1. Condos 

The average price of buying a condo in the North Delta area in October of this year was $382,500. 

This was down slightly from the preceding couple of months of September and August with figures at $394,000 and $386,900 respectively. 

While the average purchase price is down slightly, the prices are still keeping high compared to the numbers we were seeing in October 2019. We are hopeful that the average price of a condo is going to continue to increase over the next few months and so now is the time to talk to us if you are thinking about selling your North Delta condo. 

  1. Town Houses 

Town house prices are looking really good at the moment with the average sale price at $580,800 in October. 

When it comes to townhouses, the average prices have been a bit unsettled over the last few years. We saw a high of $642,900 in July 2018 and a low at $530,700 in November 2019. 

The figures we are seeing for October of this year show a positive upwards trend for the sale price of a town house in the area. 

  1. Average sale price overall 

Overall, prices are the highest they have been for the last few years. 

With a high of $1,077,991 in October, this is a 27% increase on the average sale price in November 2019. 

From September to October of 2020 alone, we saw the average price increase by $80,000. 

This is evidence of the fact that we are definitely in a seller’s market in the North Delta area. The numbers we are seeing for the average price of a house sale indicate an upwards trajectory of the sale price of properties in the area. Selling your property now will mean that you are in a great position to negotiate the price with buyers and not settle for anything lower than the asking price. 

What Are The Purchase and Listing Trends For Houses, Townhouses and Condos?

  1. House Purchases vs listings

The figures show that the gap between purchase rate vs listing rate of houses in North Delta over the last three years is closing. 

The numbers of house purchases being made each year in the North Delta area, comparing the same month over the last few years, is showing an increase. In comparison, there are fewer listings on the market now than the preceding two years, meaning there is less choice available for potential buyers. 

This makes it a brilliant time to sell your house as it shows that the demand is increasing while the “stock” available is dwindling. This makes your house more desirable to potential buyers and means the asking price will be higher than before. 

  1. Town house Purchases vs listings 

The numbers of townhouses listed over the last two years has remained pretty steady, having climbed up between 2018 and 2019, with an average of 30 listings on the market in October 2020. 

We have seen a surge in the number of town house properties being purchased. 

This number has increased by almost 200% from 2018 to 2020 which is a massive upturn in interest in town house properties for sale in the area. 

Again, if you’re looking to sell your town house…now is the perfect time! 

  1. Condo Purchases vs Listings 

We have seen an almost 100% upturn in the number of condo purchases in the North Delta area, increasing from 6 to 11 in the month of October 2019 – October 2020. 

The number of properties listed has remained pretty steady over the last few years, while the number being purchase is increasing rapidly.

This demonstrates that buyer interest in the purchase of condo properties has increased considerably since 2018 so now is a great time to sell!  

Statistics for sellers

If you’ve got a property to sell, or are thinking about selling, there are some statistics to help you decide whether now is a good time taking into account the current real estate market in the North Delta area. 

  1. Sales 

Each type of property for sale in the area is showing really positive numbers compared to the same time last year. The number of sales has increased for each property type, with town houses showing a 55.6% increase and condos showing a huge 83.3% increase. 

  1. New listings 

The number of new listings available, comparing the last two years, shows that the number of houses and town houses up for sale has increased since last year. The number of condos on the market has decreased slightly, but it is important to take into account both the impact of Covid19 on people listing their properties for sale and also the number of available properties which is slimmer now than it was this time last year! 

The number of houses listed for sale has seen an increase of 63% in the number of available properties. It you have a house to sell, now is a good time to list as the buyer demand is not slowing down. 

  1. Active listings 

This year has seen a slight decrease across the board in active listings. 

Condos are holding steady at 36 properties in October of 2019 and 2020. Again, it is important to take into account the impact of Covid19 on the number of people choosing to sell their property during the pandemic. 

In fact, the numbers we are seeing are incredibly promising as it shows that the pandemic has not slowed things down too much at all in comparison to the number of properties that were listed this time last year.

The number of active listings would likely be much higher if we didn’t have the pandemic to take into account.

  1. Benchmark price 

When we take into account the benchmark sale price of each type of property, the numbers have increased across the board with the highest increase being houses at 9.7%.

With a benchmark sale price of $972,500, this demonstrates the quality of houses available in the North Delta area and the desirability of living here. If you are considering selling your property, there are people looking for houses like yours and they are willing to pay for it! 

  1. Median Price 

When looking at the median sales prices across the different property types for sale in North Delta, both condos and houses have seen an increase in the average sale price. 

Townhouses are down 11.8% but it is important to remember that the average sale price of a condo in the area is at a 3 year high and therefore you are still likely to find a buyer who is willing to pay over the odds for your property. 

  1. Average price

Like the median numbers above, the average sale price of a property in North Delta has generally increased since October 2019, with houses and condos up 12.8% and 10.7% respectively. 

Townhouses are down 3.1% from last year for sale but again this takes into account the factors discussed above. 

How many months before inventory is sold? 

The indicators all suggest that it is a seller’s market right now. With figures like these in October 2020, there is an average of 2.6 months’ worth of inventory left of houses in the North Delta area. 

Expected months to sell inventory in October 2020: 

  • Houses: 2.4 months 
  • Condos: 3.3 months 
  • Townhouses: 2.1 months 

Useful things to know about the real estate market in North Delta 

  • The average time a property is on the market in the area is 26 days 
  • The selling to listing price ratio is 100% 
  • North Delta is now the 6th most expensive region in Greater Vancouver 
  • The area is the 3rd fastest growing in the Greater Vancouver area and the 11th fasting selling 
  • North Delta is 2nd in Greater Vancouver for the price growth in the area, with the increase being 25.1% over the last year. 

The above information is all suggestive that the prices of property in North Delta are at an all-time high and is continuing to grow fast. Buyers are really interested in moving to the area and you are almost guaranteed to make at least the asking price for your property.

Thinking of selling? Now is the time!

If you are thinking of selling your property in North Delta, now is the time to act. 

It is unprecedented to see buyers making multiple offers which are above the asking price and we are reaching a point where the availability of properties to sell is not meeting the demand. 

We understand that people have some trepidation in selling their property right now due to the difficulties Covid19 causes around keeping and making any face to face appointments. We have all the appropriate procedures in place to make sure you are kept safe when meeting with us and that we are acting in line with recent safety guidelines. 

Why not get in touch with us today and let us see how we can help you to sell your North Delta property.  

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  • Sukh Brar Real Estate Group

    Sukh Brar Real Estate Group
    (604) 648-7800
    Top 1% Realtor according to the FVREB 2014-2019