MARKET UPDATE (FEBRUARY 2020)
New Listings: #115 533 Yates Road (2 bedroom, 2 bathroom) & #400 571 Yates Road (2 bedroom, 1 bathroom)
Sold Listings: #301 547 Yates Road (3 bedroom, 2 bathroom) & #414 563 Yates Road (2 bedroom, 2 bathroom)
In February, there were two new listings and two new sales, which represents a 33% decrease from the three sales during February of the previous year.
Year to date, there have been seven new listings at The Verve, which represents a 12.5% decrease in new listings compared to the same time period last year. However, there have been a total of six sales, which represents a 20% increase over the five sales during the same time period last year. Due to the lack of new inventory hitting the market, It appears that demand is out pacing supply and thus we will see prices remain stable or continue to increase.
The average price for a 1 bedroom, 1 bathroom unit remained at $284,000, which represents a 4.08% increase and the average price for a 2 bedroom, 2 bathroom unit increased to $351,500, which represents a 1.97% increase year to date. And FINALLY, a 3 bedroom, 2 bathroom unit sold for $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 - $284,000 ( ↑ 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 - ↑ 4.08%
2 BED / 2 BATH - ↑ 1..97%
3 BED / 2 BATH - n/a
AVERAGE DAYS ON MARKET (YTD)
1 BED / 1 BATH - 17 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 - 1 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
#301 547 Yates Road - 3 Bed, 2 Bath - February
#408 563 Yates Road - 2 Bed, 2 Bath - January
#414 563 Yates Road - 2 Bed, 2 Bath - February
#107 551 Yates Road - 2 Bed, 2 Bath - January
