According to MLS data for the Simon Fraser University area, specifically UniverCity of Burnaby North, during the month of May 2011 there were a total of 3 sales for an average cost per sqft of $365.80. Of the three sales registered through MLS two were in the resale market and one was in Origin by Port Development. This compares to 11 sales that took place in April 2011 or a decrease of approximately 77%.
Presently there are 58 active listings for an average cost per sqft of $475.39. In the month of May 17 new listing came to market compared to the month of April that saw 14 new listings. Of the 58 active listings presently on the market seven units are in the Origin building which is a new development schedule for completion in the middle of 2011. That leaves 51 resale properties. This represents roughly 3.7% of the total resale market in SFU or an increase of just 0.05% compared to April 2011.
Of the 51 active resale properties I am aware of at least two units that have pending offers. These sales would register in the month of June 2011. The likely hood of more pending deals being in the works is high however MLS data does not track these deals. Inventory levels are still at lows compared to previous years. What is also interesting is the lack of inventory in the smaller units. Of the 51 active resale properties there are only 10 one bedroom units currently available.
As in any supply vs demand market, lower inventory signals increase in price. What is interesting when looking at April 2011 vs May 2011, inventory levels have increased, sales have decreased but the average sale price has increased by roughly 9%. It should be noted this is reflective of the types and sizes of units that have sold in April vs May and does not necessarily indicate an increase in value on the mountain.
As the summer months are upon us, I do expect activity to pick up in the SFU area as students look to secure housing for the fall semester. Time will tell and you can be sure that I will be providing you the updated information.
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.