North Delta Market Update: November 2016

Today I've got a market update for November that I'm excited to bring you. We're finally seeing a return to a stable, healthy market after the peak.

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I'm excited to bring you the market update for the North Delta market from November 2016. If you've been following along lately, you know that our market has shifted as inventory has risen and sales have decreased and bottomed out. We've also seen pretty big shifts in our benchmark value since the peak of the marketplace. One question I always get is: "What do you think is going to happen in the marketplace?"

Since we have this data, we can make smarter, more informed predictions for what's going to happen.

We know that active listings have steadily increased, but the interesting statistic lies with sales. After a historic market run, we saw the number of sales drop to 30 in August. It stayed pretty level over the next three months, with 28 sales in September, 30 in October, and 29 in November, so we're seeing an average of about 30 a month

What's interesting is that even having come off a historic market run where a foreign investment tax was implemented and the brakes were kind of put on the market, we're still seeing 30 units sell every month in Delta and we're seeing ourselves in a balanced, healthy market.

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We're starting to see a return to a healthy, balanced market.

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The sales to active listings ratio is a number that basically tells us how our market is performing by way of how many homes sell as a percentage. Going back to August, it was at a healthy 15%, but it dropped down to 13% and 14% in September and October, respectively, leaving us wondering where the market might go. In November, that number was back up to 16%. You can see that we're floating around 15%, which is the bottom of a normal market, but still a normal market nonetheless.

Benchmark value is a figure that a lot of people have questions about. What's happening to the value of our homes? We've seen that number shift downward since the peak of the marketplace; last month it was $835,400. It was the biggest downward shift that we had seen from $875,000. So what happened in November? We saw a very marginal shift as it dropped down just slightly to $832,000.

Looking at the market as a whole, we've got data for the last 120 days. Sales remained relatively consistent and now, we're seeing the benchmark price level out somewhat. It's Christmastime, so it's normal for the market to cool off and not have predictors one way or another, but it'll be interesting to see. I will, of course, be the first one to bring this information as soon as it's in.

If you have any questions about real estate in North Delta, don't hesitate to give me a call or send me an email. I'd be happy to help.