Strong buyer confidence and low inventory levels continued to define the North Shore real estate market through May.

 

In North Vancouver, 324 properties sold during the month, down 5.3% from May 2016, yet up 28.6% from April 2017. In West Vancouver, there were 99 sales reported, down 32.7% from May 2016, yet up 2.1% from April.

 

Despite an uptick in new listings vs April 2017 (up 39.3% in North Van and 10.1% in West Van), total inventory remained well below historical levels, off 47.7% and 17% in North and West Vancouver respectively.

 

Ending the month, the average price of a single family house in North Vancouver was $1,698,000, while the average price of a single family house in West Vancouver was $3,280,000.*

 

Although once again properties are selling with multiple offers, over list price, contrary to antidotal reports not all homes are (In North Vancouver 62% of single family home sales in May were at or below the list price). Part of the inconsistencies in demand may be due to time of year; as we head towards the summer market there are fewer active buyers, though the more likely reason is buyer resistance to pricing. The year started with sales and prices well below 2016 peeks, which likely attracted buyers back to the market, and yet through offers, or sellers pricing, much of that affordability is gone.

 

Since the election we’ve had a number of questions regarding the election results and the impact on real estate. Policy decisions aside, the change is likely to infuse uncertainty into the market, which typically has a dampening effect on buyer confidence. This coupled with increasing prices and seasonal changes could see a market shift.  

 

As always, if you have any questions about our North and West Vancouver real estate market review, how it relates to your home or investment property, or implications for your next purchase, we’d be pleased to discuss with you. We can be reached at 604.983.2518.

 

To read the Real Estate Board of Greater Vancouver's May stats report click here >>

 

To watch the Real Estate Board of Greater Vancouver's May stats video report, click here >>

 

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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.