the vancouver rennie review | August 2024

burnaby south CONDO - JULY 2 0 2 4

SALES TO LISTINGS RATIO 23% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 0.3% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 73% VS 2023

▲ 10% VS 2023

▼ 8% VS 2023

▼ 7% VS 2023

There were 444 condo listings in Burnaby South in July, 2% below June and 73% higher than July 2023.

July condo sales increased by 19% month-over-month, to 102, and were 10% above July 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for condos in Burnaby South, at 23%, reflected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

102 444

$977 $825,959 $780,000 36% 93 257

10% 73%

$956 $749,498 $740,000 19% 86 455

1.9% 1.7% -2% 22% 19% -2%

The condo median price in July was $725,500, a 2.0% decrease from June and 7% below July 2023. The average sold price was $762,455, 1.7% above last month; the average PSF sale price was $974, up 1.9% to last month.

$974 $762,455 $725,500 23%

-0.3% -8% -7% -37%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUL 2023 ● JUL 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

444

408

455

309

305

334

306

257

281

264

249

245

242

101

90

75

102

93

92

86

83

79

78

63

58

56

$794K

$796K

$780K

$779K

$767K

$758K

$758K

$745K

$750K

$740K

$728K

$730K

$726K

BURNABY SOUTH

REBGV

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● S-L RATIO

160

140

4+ bdrms

1

120

100

9

3 bdrms

80

59

42%

60

27%

23%

51

40

2 bdrms

14%

248

20

4%

0

42

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

<2 bdrms

S-L RATIO SALES INVENTORY

57 24 42%

150 40 27%

106 24 23%

90 13 14%

25 1 4%

14 0 n/a

2 0 n/a

136

Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of August 6, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 19 ●

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