MARKET UPDATE (MARCH 2020)
Just your friendly neighbourhood REALTOR® wanting to bring you up to date on what’s happening at The Verve:
New Listings: #309 547 Yates Road (1 bedroom, 1 bathroom), #200 567 Yates Road (1 bedroom, 1 bathroom), #110 555 Yates Road (1 bedroom, 1 bathroom, #202 571 Yates Road (2 bedroom, 2 bathroom), #403 563 Yates Road (2 bedroom, 2 bathroom), #114 533 Yates Road (2 bedroom, 2 bathroom), and #215 555 Yates Road (2 bedroom, 2 bathroom).
Sold Listings: #300 547 Yates Road (1 bedroom, 1 bathroom) and #301 539 Yates Road (1 bedroom, 1 bathroom)
In March, there was seven new listings and two sales at The Verve, which represents a 33% decrease from the three sales during March of the previous year.
Year to date, there have been a total of ten new listings at The Verve, which represents a 29% decrease in new listings compared to the same time period last year. However, there have been a total of eight sales, which is comparable to the eight 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 decrease in the short-term. For more Information for Real Estate Consumers on COVID-19: Click Here
The average price for a 1 bedroom, 1 bathroom unit decreased to $267,000, which represents a 2.15% 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 - $267,000 ( ↓ 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 - ↓ 2.15%
2 BED / 2 BATH - ↑ 1..97%
3 BED / 2 BATH - n/a
AVERAGE DAYS ON MARKET (YTD)
1 BED / 1 BATH - 68 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 - 3 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
