Simon Fraser University Market Update & Commentary
According to MLS data for the Simon Fraser University area, specifically UniverCity of Burnaby North, there have been a total of 55 sales year-to-date with an average sales price of $387,167 or $429.52 per sqft. So far this year it has taken on average 45 days for a sale to occur in the area.
Presently there are a total of 70 units for sale in both resale and pre-sale developments/complexes. The average list price of all available inventories sits at $436,896 or $473.04 per sqft. Month-to-date July is tied with May for the most number of new listings coming to market, with 17 new listings so far this month. As we are only half way in the month of July it is uncertain if more units will come to market possibly making July the most active month this year.
As for inventory, there is an excellent mix of product to choose from. Prices range from a low of $228,000 for a 415sqft junior suite on the second floor of a concrete building to $699,000 for an 1142sqft 2 bedroom, 2 bath penthouse with sweeping City and Mountains views (to check out this gorgeous unit click here).
Of the 70 units presently for sale 6 units are pre-sales located in the Origin building by Porte Development. What is exciting is that Origin is now almost completely sold out with only 12 units remaining (only 6 units are listed on MLS). The presentation center will be closing at the end of July and by then I am sure there will be very few remaining units. (For more information on Origin click here).
July so far is the quietest month for sales with 2 units sold. However, it is only half way through the month and MLS data does not track sales under contract but not firm or subject free. March 2011 remains the highest month on record this year for unit sales volume at 17 transactions. May is the lowest at only 3.
As is presently the case in the rest of the Greater Vancouver market we are reaching more balanced conditions. For the past few years Vancouver has not really experienced a more traditional seasonal slow-down in activity, 2011 activity levels seem to be more in line with what should be an average summer.
SFU specifically does tend to slow coming into the summer, before the greater market, as the school year winds down. However, it also tends to become more active coming out of summer before the rest of market as the school year approaches. Many students choose to purchase a home rather than live in residence or rent as the return on investment can be a better option.
If you are considering buying or selling a property in the SFU area and would like to learn more about market conditions give us a call or drop us an e-mail, we would be happy to provide more detailed information for your situation.