So the May Real Estate Numbers are out now, Today I am going to dive deep into what these numbers mean in the Burnaby Market.
So lets start off with the number of sales compared to last year for detached homes in south burnaby, the month of may had only 29 sales, which is a 42% decrease from last year. The prices for detached homes have stayed stable at 1.67 million with inventories up about 11.7%.
For Condo in South Burnaby, sales have decreased 44% with an increase in inventories of 22.1 % and a price increase of 19.4 percent compared to last year. South burnaby condo prices are still on the rise with a benchmark price of $729,000.
For townhouses in South Burnaby, sales have decreased 65% as inventories increased by 45%, townhome prices are still on the rise with a benchmark price of $841,000.
In Burnaby East, we see as similar trend compared to South Burnaby. Detached homes in east burnaby had 11 sales with an inventory increase of 47% compared to last year. Detached homes in Burnaby East have increased in price by 6.2% compared to last year with a price of $1,314,800.
Condos in Burnaby east have increased by 20.5% compared to last year with 11 sales and an increased inventory 68%. Prices are still on the rise for condos in burnaby east.
Townhouses in Burnaby East 18.7% with 5 sales, and 11 listings. Prices are also rising for townhomes.
In Burnaby North, for detached houses we see a balanced market. With 39 Sales out of 223 active properties. Sales indicate a 30% decrease with an inventory increase of 18.6%. The prices for North Burnaby Detached homes have increased by .8% since last year. The prices will stable for this property type.
Condos in North Burnaby have increased in price 21% since last year with a benchmark price of $650,000 with 81 sales and 144 listings. Prices for condos will continue to rise in the North Burnaby Area.
Likewise prices for North Burnaby for Townhouses have increased 13.7% with a price of $767,000. Total sales for townhomes was 22 sales with 39 listings. Prices will continue to increase for townhouses in North Burnaby. If you are thinking of buying or selling real estate, I have a link to a playlist in description for buyers tips and seller tips.
I will be posting new market update videos every Friday for different areas across metro vancouver, and educational real estate tips every Tuesday. Subcribe to my youtube channel so you don't miss anything important: