According to MLS data for the Simon Fraser University area, specifically UniverCity of Burnaby North, during the month of April 2011 there were a total of 8 sales for an average cost per sqft of $473.32. All sales were registered in the resale market including a stunning 1925 sqft penthouse unit that sold for $975,000! This compares to 11 sales in the resale market that took place in March 2011 or a decrease of approximately 27%. The average cost per sqft however has increased from $441.83.
Presently there are 53 active listings for an average cost per sqft of $466.79. Since the beginning of April till now there were 20 new listings. Of the 53 active listings presently on the market 9 units are in the Origin building which is a new development schedule for completion in the middle of 2011. That leaves 44 resale properties. This represents roughly 3.2% of the total resale market in SFU.
Given the information I have on hand I also know that of the 44 resale properties there are at least 3 units that are pending accepted offers. There are likely more pending deals but that information is not tracked by MLS. There is also at least one unit that is schedule to come off the market due to a change in occupancy. Provided the 3 pending deals go firm the resale market will be left with 40 resale units. This inventory level is low for the area given the time of year.
Low inventory levels signal a potential increase in pricing. There is some evidence of this as at least one of the 3 pending deals was in multiple offers and one recent sale went over asking. This is not to say the price in the area will increase significantly however, we should see a strong resale market that could be favoring Sellers if the inventory levels do not pick up.
Contact us now if you have questions about the market in general or specifically if you would like to learn more about the Simon Fraser University area.