It’s an ideal time to buy a home in the City of Pitt Meadows! The housing market is shifting in favour of buyers. More homes are being listed, offering more options and less pressure on buyers. This beautiful city continues to expand and develop in terms of both community and economy. The addition of the Evergreen Extension to our existing skytrain routes on December 1st also means that staying connected will be easier than ever.
Here’s the scoop on REBGV’s market update.
The benchmark price of detached homes has remained relatively stable over the last month, from $793,200 in September to $792,500 in October. Home sales are slowing and properties are remaining on the market for longer periods of time, giving more opportunity to get in and see the homes you would like.
The majority of property listings for detached homes in Pitt Meadows fall within the $400k-$900k range, with the number of active listings exceeding the monthly sales. South Meadows and Central Meadows feature the highest activity, with Mid and West meadows following closely behind.
Much like the detached home market, townhomes in Pitt Meadows have remained stable in price over the last month. The benchmark price for October is $474,400. Townhomes are popular and selling quickly, with 8 sales and just 12 active listings! On average, a townhome will sell in less than two weeks after being listed – this is a drastic change from the 37 day average from last year.
The majority of property listings for townhouses in Pitt Meadows fall within the $400k-$900k range, with the number of active listings exceeding the monthly sales. South Meadows and Central Meadows feature the highest activity, with Mid Meadows following closely behind.
Condos and apartments in Pitt Meadows have also remained relatively steady in price. The market is active with 30 active listings and 11 new sales throughout the month of October, and the benchmark price was $305,900. It’s a good market to get into – with homes selling within 2 weeks on average, the pace is fast and you should make sure you are prepared to buy!
The majority of the Pitt Meadows condos fall between the $200k to $400k range, and are located in the Mid Meadows neighbourhood. Higher priced condos tend to sell within the week they are listed. Interested in receiving automated alerts as soon as something new crops up? Let us know!
As you can see from the above diagram, the housing market in Pitt Meadows is beginning to stabilize at the new prices after the exhausting housing market we have been experiencing over the last year. Below are some homes available in Pitt Meadows.
Thinking of buying or selling? Get in touch – we can help!
Home sale and listing activity dip below historical averages in October
Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*.
Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold.
Last month’s sales were 15 per cent below the 10-year October sales average.
“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.
Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).
The sales-to-active listings ratio for October 2016 is 24.4 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.
Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016.
Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.
Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.
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Is now the time to buy real estate? Absolutely.
According to the Real Estate Board of Greater Vancouver the past year has seen a tremendous increase in the value of real estate value in Coquitlam, Port Coquitlam, and Port Moody, making homes in these areas an incredible investment.
… that’s an average increase of $213 333 in only one year!
The Tri-Cities’ townhouse market experienced the same upswing as well, with the MLS HPI Benchmark Price increasing by an average of $77 ,833, and the condo market wasn’t far behind with an average increase of $52 500. Port Moody saw the most growth in respect to both, with Coquitlam and Port Coquitlam not far behind.
These trends indicate a unique (and incredible) opportunity for real estate investment, and they’re projected to continue. While it is apparent that the Tri-Cities have the potential for rapid and substantial return, homes in Coquitlam, Port Coquitlam, and Port Moody also provide a picturesque, family-friendly place for homeowners to settle down with a very positive outlook for appreciation as well.
There’s pride in homeownership; while owning a home offers greater privacy than renting, you’re more likely to become a part of the community when you own, and the Tri-Cities offer a variety of fantastic communities for you to plant your roots.
Maybe you’ve seen it in advertisements. Maybe word of mouth in the community is getting around. Maybe we’re about to tell you again – fact of the matter is, the housing market in Vancouver is on fire. It’s not just monster homes – apartments and townhomes are included.
According to Demographia, Vancouver is the third least affordable major market worldwide! Don’t believe us? Believe these facts!
On average, an apartment or townhome located in Vancouver will:
- remain on the market for 11 days. That’s not even two weeks! It’s important to know what you want to buy before you start looking, or it will be gone before you can put an offer on the table.
- list for $848,000. This figure includes bachelor suites.
- If you only look at properties with 2+ bedrooms, that average jumps to $1,100,000!
Need more? Here are a few examples:
The Average: 506-3382 Wesbrook Mall was sold by RE/MAX Select Realty. Listing price $1,098,000!
- 6 days on the market
- 1200+ square foot apartment
- 2 bedrooms, 2 bathrooms
The Fast: 25-4957 Marine Drive was sold by Sotheby’s International Realty in under a day!
- $1,075,000 listing price
- 2300+ square foot townhouse
- 3 bedrooms, 3 bathrooms
The High: Ph3301 – 501 Pacific Street is listed by Macdonald Realty Inc for $7,838,000!
- 6100+ square feet living space in a luxurious penthouse
- 1700+ square feet of terraces
- For more information on this listing, please contact Will McKitka.
Thinking of selling? It’s a great time. Looking to relocate? Look no further. Team Léo is your dedicated team of full time and professional Realtors® and community experts. We will help you get the biggest bang for your buck and find you the best home for your needs. Contact us today!
All facts on this article were based on active and sold listings in January 2016, generated by the Real Estate Board of Greater Vancouver and Fraser Valley Real Estate Board which assumes no responsibility for its accuracy. This article is not intended to infringe on existing agency contracts.
The local housing market continues strong for sellers! Detached homes continue to be snapped up fast, for top dollar.
- 69 year old rancher on a 10,000 sq ft lot on Haversley Ave just sold for $1,201,000. The property was listed for $1,150,000! Sold in 4 days!
- Brand new house on Sprice Ave just sold for full price: $1,698,000
- 49 year old house on Draycott, on a 10,000 sq ft lot just sold for $1,183,000, asking price was $999,000!
- 54 year old house on Regan Ave on a 7900 sq ft lot just sold for $1,100,000, asking price was $948,000.
The inventory of houses for sale continues to be low, further fueling the demand and the increase in prices. Many of the houses are selling in multiple offer situations, resulting in buyers offering well above asking price in order to secure the property for themselves.
Right now there are 33 houses for sale in Central Coquitlam, 27 of those are above $1,000,000, and 7 are above $2,000,000. There are only 6 houses for sale in Central Coquitlam that are under $1,000,000.
If you are thinking of selling, now would certainly be a great time! The market is hot! Be sure to check out the 5 Top Mistakes Sellers Make.
Give us a call if you would like an opinion on the current value of your home. 604-936-1111.
View more statistics on the Greater Vancouver housing market here.
Home buyers push October sales above long-term averages
Home buyers remain VERY active across Metro Vancouver despite a very limited supply of homes for sale.
Residential property sales in *Metro Vancouver reached 3,646 on the Multiple Listing Service® (MLS®) in October 2015. This is a 19.3 per cent increase compared to the 3,057 sales recorded in October 2014, and a 9 per cent increase compared to the 3,345 sales in September 2015.
Last month’s sales were 36.2 per cent above the 10-year sales average for the month.
“Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years,” Darcy McLeod, REBGV president said. “This activity has created favourable market conditions for anyone considering selling their home today.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,126 in October. This represents an 8 per cent decline compared to the 4,487 new listings reported in October 2014.
The total number of properties listed for sale on the real estate board’s MLS® is 9,569, a 30 per cent decline compared to October 2014 and an 11.4 per cent decline compared to September 2015.
This is the lowest active listing total in Metro Vancouver since December 2010.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $736,000. This represents a 15.3 per cent increase compared to October 2014.
Follow the link below to view the activity in your area.
Give us a call at 604-936-1111 or email email@example.com if you would like to know what your house is worth.
The housing market continues as a seller’s market!
Since August 1st the subareas of Central Coquitlam and Maillardville have seen 53 detached homes sold. Of those 53 homes sold, 28 houses sold for above asking price, with the rest of the houses selling very close to full price.
There are currently 46 detached houses listed for sale in Central Coquitlam and Maillardville, ranging in price from $498,998 for a 1700 sq ft old timer, to a 5555 sq ft, brand new house for $2,588,000.
If you are thinking of selling, now would certainly be a great time! The market is hot!
Give us a call if you would like an opinion on the current value of your home. 604-936-1111.