According to MLS data as August 2, 2011 for the Simon Fraser University area, specifically UniverCity of Burnaby North, there were 7 sales in the month of July. This figure could actually trend higher as it is possible that current MLS information is not 100% up to date; if could take about 1 week for all July sales to finally register. However, this is only one sale less than May 2011 which saw a total of 8 properties change hands.
Presently there are a total of 68 units for sale in both resale and pre-sale developments/complexes. The average list price of all available inventories sits at $444,443 or $482.09 per sqft. July marks the busiest month so far in 2011 with a total of 33 new listings coming to market. This figure is somewhat skewed as some of the “new-listings” were re-listed or extended so to speak in the month of July. Still, if one were to ask how many new listings were there in SFU in July 2011 the answer would be a whopping 33!
What is encouraging though is that the total number of active properties has decreased. In my last market commentary report (click here to read July 15, 2011 - Simon Fraser University Market Update & Commentary) there were 70 active properties. So all though there were 33 new listings in the month of July, the total number of active listings only sits at 68. This is a result of strong sales and Sellers deciding to either pull their property from the market or not renewing their listing contracts.
Ultimately this just means the market is relatively stable in the UniverCity area.
So far July has registered a total of 7 sales. This is a significant improvement over the 2 that were registered as of July 15, 2011. Again the number of sales could go higher which would be an excellent sign. The average sale price so far is $358,542 or $420.03 per sqft.
Given we are in the heart of the summer in Vancouver and it seems the summer weather is FINALLY upon us, the real estate market in general, with respect to activity, is trending downwards. This trend I am expecting will reverse come end of August to beginning of September. I do not personally see a return to the heady Spring 2011 market we saw from January till about May but I do fully expect activity to increase. I do foresee activity particularly in SFU picking up a week or two before the rest of the market.
An exciting announcement was made this week, Liberty Homes has officially launched details of their new project coming to UniverCity in Fall 2011. Highland House will be the latest concrete town and pre-sales should commence in the next few months. This would be the third development in the SFU area this year. In fact there are hints that Port Development, developers of Origin, might also be making a big announcement of their own this weekend. Could it be another new project? Check back here for details!
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.
Contact us today to learn more about the Simon Fraser University area.