It would be hard to find a buyer or seller in the Tri-Cities that is unaware of how the market has shifted in the past 6 months. Turn on the news and you will hear about the extremely hot real estate market. Today, we wanted to blog about the market changes in the last 5 years in Burke Mountain homes.
With over 70% of the Burke Mountain residents only residing in the area for less than 3 years, and knowing that the Mountain was only truly developed 6 years ago, we wanted to see how prices have changed over the last year and break it down by type of property.
Townhomes
Back in 2011, the average sold price for townhouses was $449,900. That average price went down in 2013 to $419,900 as demand dropped and inventory rose. Now let’s take a look at what has happened for 2014. We have had a 17% increase in price from 2013 to 2014. The new average is $492,250 that is great news for townhome owners in Burke Mountain. For March 2015 there were 15 townhouses listed and 10 of those sold having average sales to active ratio of 66%. In other words, 6 out of 10 townhouses are selling. That is great activity in this market for this type of homes.
Given this information, Burke Mountain townhomes are doing better than average in comparison to other neighbourhoods in Coquitlam where the average sales to active ratio is only 37%. It does not take much to know that this is a great time to make a move for people that want to upgrade to a larger home. Mortgage rates are as low as we will see them in our lifetime. The market is a seller’s market and the inventory is low and selling at a great pace.
Single Family Homes
Let’s talk about houses or single detached homes. Average price for houses in 2010 was $757,000. In 2013 that average price went up to %817,000 and for 2014 the new average is…….wait for it…..$917,000 that is a 21% price difference in 4 years. That is par for the course for houses in Coquitlam as they have seen an average gain of 20%. This is an important stat to keep in mind as the gap between townhouses and houses keeps getting larger. We believe townhouses will have gains, but not in the same capacity as houses and this gap will get bigger in time. In March of 2015 we had 33 houses for sale and 22 sold giving average sales to active ratio of 66%. Well above the average for Coquitlam which was 50%
Overall, the market could not be any better for Burke Mountain residents. If you are thinking about upsizing, downsizing, and have more questions, please feel free to contact us.