The real estate market in Simon Fraser University area, specifically UniverCity on Burnaby Mountain has seen an increase in activity since the beginning of the year. We are off to a great start. As I reported in my 2011 Year in Review post back on January 6, 2012, inventory levels were low at the time. Of the approximately 1350 resale units in UniverCity, as of Jan 6, 2012 there were only 31 active listings or approximately 2.3% of resale units for sale.
Fast forward one week or rather 11 days and we now see 40 active listings. Although still low at only 2.9% of resale homes available for sale, the increase does help with product selection.
Pricing ranges from $239,000 for a 423 sqft studio unit to $699,000 for a 2097 sqft 3 bed double car garage town home. The average list price now sits at $452,995 or $444.44 per sqft.
Although there have been no sales registered through MLS since the beginning of the year, I do know of at least one unit that has an offer pending subject removal. I am confident there are others at this stage in the sales cycle however this is not tracked by MLS or the board. We should see at least 1 or more sales registered by the end of the month.
If you have any further questions please contact us directly.