Posted on
December 17, 2024
by
Jane Q Agent
If you’re watching the real estate market in Burnaby, understanding trends can make a big difference in your buying or selling strategy. This November’s apartment market report reveals some notable shifts compared to October, shedding light on supply, demand, and market conditions.
Key Stats for November 2024
📊 Active Listings: 339 (-23.6% from October)
📉 Sold Listings: 203 (-15.4% from October)
These numbers show a decline in both active and sold listings, which can tell us a lot about the market’s behavior heading into the end of the year. Let’s break it down.
What Does This Mean for Buyers?
With active listings dropping by 23.6%, there are fewer properties on the market. This reduction in inventory means:
Increased competition: Fewer options mean buyers might face more competition for quality apartments.
Stable prices or slight increases: Lower supply can lead to price stabilization or even a slight uptick, especially if demand remains steady.
Act fast: If you’re looking for an apartment, it’s essential to be prepared with financing and quick decision-making to secure a property.
💡 Tip for Buyers: Work with a realtor who has insights into the local market. Off-market opportunities and pre-listings can give you an edge.
What Does This Mean for Sellers?
Sold listings have decreased by 15.4%, indicating a slight slowdown in buyer activity. Here’s what sellers should keep in mind:
Less competition: With fewer listings available, your property has a better chance of standing out.
Pricing strategy is key: Although demand remains, buyers are becoming selective. Accurate pricing can attract serious buyers quickly.
Presentation matters: Professional photos, staging, and marketing can help you maximize interest.
💡 Tip for Sellers: Now is the time to highlight your property’s unique features. Buyers want value, so ensure your apartment is well-prepared for showings.
Why Are Active and Sold Listings Dropping?
Several factors can influence these changes:
Seasonal slowdown: The real estate market often sees reduced activity as we head into the holiday season.
Economic considerations: Buyers may be holding off due to interest rates or economic uncertainties.
Market balance: A natural adjustment as the market seeks equilibrium between supply and demand.
How to Navigate the Burnaby Market Right Now
Whether you’re buying or selling, market conditions like these require a clear plan:
Buyers: Focus on readiness—pre-approvals, clear criteria, and flexibility will help you succeed in a competitive environment.
Sellers: Take advantage of reduced competition by pricing strategically and presenting your property in its best light.
Need tailored advice for your situation? I’m here to help you understand what these trends mean for you personally.
📞 Call me at 800-959-4994
Email me at sanjeev@myrealpage.com
Let’s make the most of today’s market together!
