MARKET STATS Q3 [July-Sept] 2024

NORTH VANCOUVER
491 -4.5%

Total Sales vs Q3 2023

1223 +18.6%

New Listings vs Q3 2023

847 +33.4%

Total Listings vs Sept 2023

WEST VANCOUVER
163 +1.2%

Total Sales vs Q3 2023

568 -0.7%

New Listings vs Q3 2023

694 +10.9%

Total Listings vs Sept 2023

Q3 [July-Sept] 2024

Oct. 2, 2024

September marked a slower-than-expected start to the fall season, with sales in North and West Vancouver experiencing a decline compared to August. This is unusual, as September typically brings a surge of new listings, leading to an uptick in sales. While the number of new listings did increase from August, the anticipated seasonal demand did not follow suit.

We believe that buyer activity is picking up, encouraged by the Bank of Canada's three consecutive rate reductions. However, buyers remain cautious, price-sensitive, and prepared to wait for the right opportunity. This behavior is characteristic of a softer, more balanced market, where buyers feel they have the advantage of time, anticipating that both prices and interest rates could decline further.

In addition to local market dynamics, the upcoming Provincial, Federal, and U.S. elections may also be contributing to buyer hesitation. Elections often introduce a layer of uncertainty, and this year’s races, with politically opposing candidates, appear highly unpredictable. This uncertainty could be further tempering buyer enthusiasm, as many may choose to adopt a wait-and-see approach until more clarity emerges.

In North Vancouver there were 491 sales for the third quarter (Q3), down 4.5 per cent from Q3 2023, while new listings were up 18.6 per cent. 

In September, total reported sales were down 14.8 per cent from 2023, and were 25.3 per cent below the 10-year September average.

New listings were up 13.4 per cent from September 2023, with total listings up 33.4 per cent from the same time, ending the month at 847 homes for sale – 11.7 per cent above the 10-year September average.

For all property types, the September 2024 sales-to-active listing ratio was 17.0 per cent (dropping into a balanced market for the first time this year).

By property type, the September ratios were: 14.4 per cent for detached houses, 19.2 per cent for townhomes, and 18.6 per cent for  apartments.

By price range, the September ratios were:

< $750,000:        30.4 per cent
$750k to $1M: 15.2 per cent
$1M - $1.5M: 17.8 per cent
$1.5M - $2M: 19.6 per cent
$2M - $2.5M: 13.0 per cent
$2.5M - $3M:   14.9 per cent
> $3M:  6.1 per cent

 

In West Vancouver there were 163 sales for the third quarter (Q3), up 1.2 per cent from Q3 2023, while new listings were down 0.7 per cent. 

In September, total reported sales were down 16.7 per cent from 2023, and were 23.7 per cent below the 10-year September average.

New listings were down 8.2 per cent from September 2023, with total listings up 10.9 per cent from the same time, ending the month at 694 homes for sale – 5.5 per cent above the 10-year September average.

For all property types, the September 2024 sales-to-active listing ratio was 6.5 per cent (the lowest rate recorded since January).

By property type, the September ratios were: 5.7 per cent for detached houses, 3.4 per cent for townhomes, and 9.5 per cent for  apartments.

By price range, the September ratios were:

< $1M:          36.7 per cent
$1M - $2M:       4.7 per cent
$2M - $3M: 8.3 per cent
$3M - $4M: 3.9 per cent
$4M-$5M: 3.2 per cent
$5M-$6M:   4.5 per cent
>$6M 4.5 per cent

 

Sales. 

Search all North Shore sales as soon as they are reported sold, along with our entire database of sold real estate listings:

North Vancouver Sales >>    |    West Vancouver Sales >>

As always, if you have any questions about the North Shore real estate market, or if we can assist you with a purchase or sale, we'd be pleased to hear from you.  We can be reached at 604.983.2518, via the form on this page, or at our office 110 East 1st Street, North Vancouver.

Enjoy our market reviews? Never miss an update. Subscribe at the link below.

Subscribe

 

 

Past Listing & Sales STATS | September 2024

North Vancouver 

  Sept - 24       Sept - 23    % Chg
New Listings 540 476 + 13.4
Total Listings 847 635 + 33.4
Sales 144 169 -  14.8
Sales/Listings Ratio   17.0% 27% -  36.1
SP/Original LP 97.6% 98.3% - 0.7
Days on Market 16 7 + 128.6
Median Sale Price      
      Condo  $771,101 $836,000 - 7.8
      Townhome   $1,300,000 $1,295,000 + 0.4
      House   $2,050,000  $2,007,500  + 2.1

 


West Vancouver 

  Sept - 24        Sept - 23        % Chg
New Listings 225 245 - 8.2
Total Listings 694 626 + 10.9
Sales 45 54 - 16.7
Sales/Listings Ratio   6.5% 8.6% - 24.4
SP/Original LP 95.0% 94.8% + 0.2
Days on Market 43 16 + 168.8
Median Sale Price      
      Condo  -- * -- * n/a
      Townhome   -- ** -- ** n/a
      House   $3,448,000    $3,000,000   + 14.9

 

Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: September 2024: 12 - September 2023: 18] - [**West Van Townhome sales: September 2024: 1 - September 2023: 3]  

 

 

Active Listing Stats

As of November 3, 2024 at 02:05 PM

North Vancouver

There are 819 homes for sale in North Vancouver including houses, condos, townhomes, duplex listings, and lot listings.

Houses
$2.49M

Median Asking Price

40

Avg Days on Market

Townhomes
$1.4M

Median Asking Price

34

Avg Days on Market

Condos
$889K

Median Asking Price

33

Avg Days on Market

West Vancouver

There are 684 homes for sale in West Vancouver including houses, condos, townhomes, duplex listings, and lot listings.

Houses
$4.38M

Median Asking Price

61

Avg Days on Market

Townhomes
$2.05M

Median Asking Price

100

Avg Days on Market

Condos
$1.6M

Median Asking Price

53

Avg Days on Market

Disclaimer: Historical sales, listings, and price data is from the Real Estate Board of Greater Vancouver as of the date published. Days on Market and Average Sale Prices are calculated as Medians. Note: Active Listing Statistics are based on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.