Here is a detailed breakdown of Burnaby BC housing market for February 2017. We will only look at resale detached houses; no new construction; no townhouses.
Average Sales Price of Houses in Burnaby in February 2017 and for the past 3 years (see graph below)
Burnaby: $1,634,617 | +0.2% (change since February 2016)
January 2017: $1,498,939
There is a slight improvement in the average sales price as compared to January 2017. However, it’s to early to tell.
Average Percent of Original Asking Price for houses in Burnaby in February 2017 and for the past 3 years (see graph below)
Burnaby: 95.9% | -11.6% (change since February 2016)
January 2017: 90.8%
On average houses were sold for about 4-5% under the original asking price.
Average Amount of Time it Took to Sell a House in Burnaby in February 2017 and for the past 3 years (see graph below)
Burnaby: 39 | +143.8% (change since February 2016)
January 2017: 68
Average length of time for the sale of a detached house in Burnaby was just over a month. That number is consistent with what we’ve seen over the last 10 years.
Total Inventory of Houses for Sale in Burnaby in February 2017 and for the past 3 years (see graph below)
Burnaby: 373 | +47.4% (change since February 2016)
January 2017: 344
We are reaching the 10 year inventory average for this season. Last year there were unusually low levels of inventory.
New Listings of Houses for Sale in Burnaby BC in February 2017 and for the past 3 years (see graph below)
Burnaby: 139 | -41.4% (change since February 2016)
January 2017: 160
Total Sales in February 2017 and for the past 3 years (see graph below)
Burnaby: 48 | -66.0% (change since February 2016)
January 2017: 39
The total sales are still lower than the 10 year average.
Sales to Active Listings Ratio in February 2017 and for the past 3 years (see graph below)
Burnaby: 0.129 | -76.8% (change since February 2016)
January 2017: 0.11
Based on the sales to active listings ratio Burnaby housing market is currently “balanced” market. However, it’s very close to being a “buyers market”.
In conclusion, Burnaby housing market is a balanced market with average inventory levels. The average sales price over the last few months has been about the same.