MARKET STATS February 2016

NORTH VANCOUVER
340 +26.2%

Total Sales vs Feb 2015

472 -2.5%

New Listings vs Feb 2015

443 -48.2%

Total Listings vs Feb 2015

WEST VANCOUVER
166 +13.6%

Total Sales vs Feb 2015

277 -6.4%

New Listings vs Feb 2015

483 -27.4%

Total Listings vs Feb 2015

Strong demand propelled February North Shore real estate sales to a new monthly record

March 3, 2016

Strong demand propelled February North Shore real estate sales to a new monthly record.
 
North and West Vancouver sales rose 26% and 13% from February 2015, while outperforming the 10 year February sales average by 60% and 83% respectively.
 
In North Vancouver, total inventory finished the month 48% below Feb 2015 listing levels, while West Vancouver saw total listings down 27%. As highlighted in previous reviews, the low inventory levels are more representative of a continued increase of buyers than a shortage of new listings, as February saw new listings in North and West Vancouver up 28% and 44%, respectively, from their 10 year February average.
 
Driving the market to date has been buyer confidence, accelerated by speculation. As sales continue to push new highs we expect to see more buyer fatigue, with some questioning values and others removing themselves from the market. This, combined with an increase of new listings as we continue to the Spring, should lead to a more balanced market.
 
To read the Real Estate Board of Greater Vancouver's report, click here