MARKET UPDATE (APRIL 2020)
Just your friendly neighbourhood REALTOR® wanting to bring you up to date on what’s happening at The Verve:
New Listings: #206 555 Yates Road (1 bedroom, 1 bathroom), #304 563 Yates Road (2 bedroom, 2 bathroom), #303 563 Yates Road (2 bedroom, 2 bathroom, and #206 551 Yates Road (2 bedroom, 2 bathroom).
Sold Listings: #110 555 Yates Road (1 bedroom, 1 bathroom)
In April, there were four new listings and one sale at The Verve, which represents a 50% decrease from the two sales during April of the previous year.
Year to date, there have been a total of thirteen new listings at The Verve, which represents a 24% decrease in new listings compared to the same time period last year. There have been a total of nine sales, which is down 10% compared to the ten sales during the same time period last year.
With an influx of new inventory hitting the market and overall sales flat-lining, it appears new inventory (supply) may out pace sales (demand) given the COVID-19 situation and thus we may see prices continue to decrease in the short-term. If you have questions regarding Covid-19 and how it may impact you as a Real Estate consumer, please Click Here.
The average price for a 1 bedroom, 1 bathroom unit increased to $272,000, which represents a 0.32% decrease and the average price for a 2 bedroom, 2 bathroom unit remained at $351,500, which represents a 1.97% increase year to date. The average price for a 3 bedroom, 2 bathroom remained at $372,000, which represents a 9.27% decrease from the last one that sold for $410,000 in July of 2018.
Below you will find market statistics for Average Price, Market Increase/Decrease, Average Days on Market, Number of units Sold, and Sold Inventory.
If you have any questions, please do not hesitate to reach out.
Your Verve Specialist,
Kyle B. Janzen, B.COMM
t: (778) 215-2784
e: kylebjanzen@gmail.com
w: www.kylebjanzen.com
AVERAGE PRICE (YTD)
1 BED / 1 BATH - $272,000 ( ↓ from $272,871 in 2019)
2 BED / 2 BATH - $351,500 ( ↑ from $344,714 in 2019)
3 BED / 2 BATH - $372,000 (n/a)
MARKET INCREASE/DECREASE (YTD)
1 BED / 1 BATH - ↓ 0.32%
2 BED / 2 BATH - ↑ 1..97%
3 BED / 2 BATH - n/a
AVERAGE DAYS ON MARKET (YTD)
1 BED / 1 BATH - 54 Days ( ↓ from 38 Days in 2019)
2 BED / 2 BATH - 69 Days ( ↓ from 59 Days in 2019)
3 BED / 2 BATH - 166 Days (n/a)
NUMBER OF UNITS SOLD (YTD)
1 BED / 1 BATH - 4 Units
2 BED / 1 BATH - 1 Units
2 BED / 2 BATH - 3 Units
3 BED / 2 BATH - 1 Units
SOLD INVENTORY (YTD)
#115 547 Yates Road - 1 Bed, 1 Bath - January
#304 551 Yates Road - 2 Bed, 1 Bath - January
#408 563 Yates Road - 2 Bed, 2 Bath - January
#107 551 Yates Road - 2 Bed, 2 Bath - January
#301 547 Yates Road - 3 Bed, 2 Bath - February
#414 563 Yates Road - 2 Bed, 2 Bath - February
#300 547 Yates Road - 1 Bed, 1 Bath - March
#301 539 Yates Road - 1 Bed, 1 Bath - March
#110 55 Yates Road - 1 Bed, 1 Bath - April
