North Shore real estate sales failed to keep up with the record pace of Feb 2016
North Shore sales failed to keep up with the record pace of February 2016 – yet picked up significantly from last month.
February 2016 set an all-time record for North Shore sales, outperforming the 10 year average in North and West Vancouver by 60% and 83% respectively. Given the change in the market we’ve seen, it was expected that the market would be down, and it was, off 36.2% in North Van and 65.7% in West Van.
On the positive side, sales rebounded nicely from January. In North Van 217 properties sold in February from 107 in January - a 102.8% increase. In West Van 57 homes sold February from 37 in January – a 54.1% increase. Contributing to this has been a stronger single family home market, as sales of houses increased 151.4% in North Van and 66.7% in West Van.
Continuing to constrain activity is listing inventory, as new listings are still coming on the market at historically low levels. To end the month, total inventory in North and West Vancouver was well below the 10 year average, down 42.6% and 18.6% respectively.
For the month, the average price of a single family home in North Vancouver was $1,627,500, while the average price of a single family home in West Vancouver was $3,210,000. *
Moving forward, there remain numerous factors that should limit buyer confidence, yet in the absence of listing inventory increasing near typical levels, we expect an inconsistent market.
As always, if you have any questions about our real estate market review, or how it relates to your home or buying decision we’d be pleased to discuss with you.
To read the Real Estate Board of Greater Vancouver's February 2017 Statistics report, click here.
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North Vancouver Real Estate Market Stats // Feb 2017
| North Vancouver Listings and Sales Stats | |||
| Feb-17 | Feb-16 | % Change | |
| New Listings | 285 | 472 | -39.6 |
| Total Inventory | 429 | 479 | -10.4 |
| Sales | 217 | 340 | -36.2 |
| Average Sale Price [SF] ($) | 1,627,500 | 1,590,000 | 2.4 |
| Days on Market | 9 | 8 | 12.5 |
West Vancouver Real Estate Market Stats // Feb 2017
| West Vancouver Listings and Sales Stats | |||
| Feb-17 | Feb-16 | % Change | |
| New Listings | 149 | 277 | -46.2 |
| Total Inventory | 461 | 512 | -10 |
| Sales | 57 | 166 | -65.7 |
| Average Sale Price [SF] ($) | 3,210,000 | 3,335,000 | -3.7 |
| Days on Market | 16 | 13 | 23.1 |
Sales, listings, and price data from the Real Estate Board of Greater Vancouver. Data for period Feb 1 - 28th, 2017 vs Feb 1 - 29th, 2016. *Days on Market and Average Sale Price are calculated as the Median amount. Medians not available for periods with less than 20 sales.