by Leo Bruneau
on Tuesday, November 15th, 2016 at 2:56pm.
It's an ideal time to buy a home in the City of Pitt Meadows! The housing market is shifting in favour of buyers. More homes are being listed, offering more options and less pressure on buyers. This beautiful city continues to expand and develop in terms of both community and economy. The addition of the Evergreen Extension to our existing skytrain routes on December 1st also means that staying connected will be easier than ever.
Here's the scoop on REBGV's market update.
The benchmark price of detached homes has remained relatively stable over the last month, from $793,200 in September to $792,500 in October. Home sales are slowing and properties are remaining on the market for longer periods of time, giving more opportunity to get in and see the homes you would like.
The majority of property listings for detached homes in Pitt Meadows fall within the $400k-$900k range, with the number of active listings exceeding the monthly sales. South Meadows and Central Meadows feature the highest activity, with Mid and West meadows following closely behind.
Much like the detached home market, townhomes in Pitt Meadows have remained stable in price over the last month. The benchmark price for October is $474,400. Townhomes are popular and selling quickly, with 8 sales and just 12 active listings! On average, a townhome will sell in less than two weeks after being listed - this is a drastic change from the 37 day average from last year.
The majority of property listings for townhouses in Pitt Meadows fall within the $400k-$900k range, with the number of active listings exceeding the monthly sales. South Meadows and Central Meadows feature the highest activity, with Mid Meadows following closely behind.
Condos and apartments in Pitt Meadows have also remained relatively steady in price. The market is active with 30 active listings and 11 new sales throughout the month of October, and the benchmark price was $305,900. It's a good market to get into - with homes selling within 2 weeks on average, the pace is fast and you should make sure you are prepared to buy!
The majority of the Pitt Meadows condos fall between the $200k to $400k range, and are located in the Mid Meadows neighbourhood. Higher priced condos tend to sell within the week they are listed. Interested in receiving automated alerts as soon as something new crops up? Let us know!
As you can see from the above diagram, the housing market in Pitt Meadows is beginning to stabilize at the new prices after the exhausting housing market we have been experiencing over the last year. Below are some homes available in Pitt Meadows.
Thinking of buying or selling? Get in touch - we can help!