The 2017 real estate market started with sales down sharply across the North Shore
The 2017 real estate market continued at the slower pace of late 2016, with sales in North and West Vancouver down sharply.
North Vancouver total sales were down 35% from Jan 2016, while West Vancouver saw a 65% drop. This was led by a decrease in interest in single family homes, as sales were down in North and West Van 49% and 74% respectively.
Helping maintain balance in the market was historically low inventory levels. To end the month, there were 418 active listings in North Van, 35% below the 10 year average. For West Van there were 430 active listings, 17% below the 10 year average.
Although the stats are representative of what we expect from the market, the weather was likely a contributing factor, as the prolonged snow and cold to start the year was atypical and kept many buyers and sellers inactive. As the weather improved over the last few weeks, we have seen an increase in calls, showings, and traffic through our opens, and we expect February statistics to be more encouraging.
That said, the true direction of the market still remains unclear. Although buyers appear to be more active, the confidence and sense of urgency that drove sales last year hasn’t returned. The upcoming provincial election will likely add uncertainty and further temper confidence.
If you are thinking of making a move in 2017 start planning early. Our team would be pleased to offer suggestions for preparing your home for the market and offer tips on renovations that offer the best return at resale.
As always if you have any questions about our report or how it relates to your home or planned purchase, we’d be pleased to discuss in detail. Call us at 604-983-2518
To read the Real Estate Board of Greater Vancouver's (REBGV) Jan 2017 Stats package click here.
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