March was another record month for real estate on the North Shore.

 

In North Vancouver total sales reached an all-time high with 399 transactions reported on the MLS®, 1.5% above the previous record set in March 2015 (395 sales).  First quarter (Q1) sales were up 11.7% from Q1 2015, while new listings for the quarter were down 11.4%. This maintained the upward pressure on prices, as the median sale price of a single family home was $1,610,000 to end the month.

 

In West Vancouver total sales were up 34.6% from March 2015 and 33.6% for Q1. New listings increased 9.5% from March 2015 and for the quarter kept a similar pace to last year, off 1.3%. The median price for a single family home continued to soar finishing the month at a record $3.4m, the 7th consecutive month with an increase.

 

Although median prices continue to set records there are signs the market is becoming more balanced. There continue to be examples of exceptional sales over list price, though this is no longer market wide, with many examples of properties selling under their asking price.  This should be expected as the market is adjusting to the new prices with some modest buyer resistant to continued excessive appreciation.