North and West Vancouver sales and new listings continued to trend up in March
North and West Vancouver sales and new listings continued to trend up in March, yet failed to keep pace with the record sales activity of 2016.
In comparison to March 2016, North and West Vancouver sales dropped 34% and 45% respectively. March is typically one of the most active months for real estate, with record sales for 2016, it is no surprise that sales were down. However, a sign that activity is trending up, the 259 properties sold in North Vancouver represented a 19.4% increase from Feb 2017, while the 97 sales in West Vancouver represented a 70% increase.
Analyzing the quarterly numbers, first Quarter (Q1) sales were down from 2016 in North and West Vancouver, 35% and 57% respectively. Again, this was expected given our slow start to the year and the record pace of last year. Comparing Q1 to the 10 year average, the market appears to be more typical, only off 2.3% in North Vancouver and 25.2% in West Vancouver.
The largest factor constraining our market last year was listing inventory and that has yet to improve. New listings in Q1 were down 24% in North Vancouver and down 25.7% in West Vancouver from Q1 2016. To end the month, total inventory in North Vancouver was 45% below the 10 year average, and 18% below for West Vancouver.
Ending the month, the average price of a single family house in North Vancouver was $1,725,500, while the average price of a single family house in West Vancouver was $3,212,500.*
As buyers are getting back into the market and more actively looking, the feedback we are getting is that they either have started to see better value, or could no longer delay their move while they waited to see where the market goes. These are two very different motivating factors, which coupled with low inventory levels, has led to very inconsistent sales.
The spring historically sees a seasonal uptick in new listings and if the market follows that trend should bring more balance. That said, lately sellers have been listing their homes at more optimistic prices, and if this continues, look for the market to remain inconsistent.
As always, if you have any questions about our North and West Vancouver real estate market review, how it relates to your home, or implications for your next purchase, we’d be pleased to discuss with you. We can be reached at 604.983.2518.
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North Vancouver Real Estate Market Stats // March 2017
| North Vancouver Listings and Sales Stats | |||
| Mar-17 | Mar-16 | % Change | |
| New Listings | 337 | 432 | -22.0 |
| Total Inventory | 429 | 446 | -3.8 |
| Sales | 259 | 397 | -34.8 |
| Average Sale Price [SF] ($) | 1,725,000 | 1,826,000 | -7.1 |
| Days on Market | 11 | 8 | 37.5 |
West Vancouver Real Estate Market Stats // March 2017
| West Vancouver Listings and Sales Stats | |||
| Mar-17 | Mar-16 | % Change | |
| New Listings | 210 | 222 | 9.5 |
| Total Inventory | 472 | 473 | -0.2 |
| Sales | 97 | 178 | -45.5 |
| Average Sale Price [SF] ($) | 3,212,500 | 3,400,000 | -5.5 |
| Days on Market | 35 | 17 | 105.9 |
Sales, listings, and price data from the Real Estate Board of Greater Vancouver. *Days on Market and Average Sale Price are calculated as the Median amount. Medians not available for periods with less than 20 sales.