The North Shore real estate market continued to show strength compared to 2015, while failing to keep pace with the activity levels set earlier this year.

 

In North Vancouver there were 343 total sales for the month, up 4.9% from May 2015, and down 3.9% from April, the second consecutive month of decreased sales. New listings rose 21% from April, a continued shift to greater balance, however still 50% below the 10 year average of 915 listings for May.

 

In West Vancouver, sales were up 6.4% from both May 2015 and April of this year, while new listings were down 1% from April. Total inventory finished the month 26% below the 10 year average of 655 listings.

 

Inconsistencies in buyer interest and sale prices across market segments increased through May. Some properties attracted strong demand and sold significantly above previous benchmark sales, while others trailed. In our opinion this is representative of a market out of equilibrium which most likely will correct - either through prices increasing uniformly, or, through the market trending towards the market average. This will be dependant largely on buyer confidence and inventory levels in the months ahead.