Q3 [July - Sept] 2017
The North Shore real estate market continued to outperform 2016 activity to end the Third Quarter (Q3).
In North Vancouver sales were up 14.1% from Sept 2016 and 8.1% above Q3 2016. In West Vancouver sales were up 36.6% from Sept 2016 and flat for Q3 2016.
As mentioned in our July and August market updates, Q3 2016 saw the introduction of the Foreign Buyer’s Tax and a quick drop in sales. With demand having rebounded since the beginning of this year, market expectations were for sales to improve.
Unexpected from the sales data is the change from August. Typically transitioning from the summer to fall market brings an increase in activity. This was certainly seen with new listings, as North Vancouver saw a 77% increase from August, while West Vancouver new listings were up 117%. However, sales didn’t keep pace, down 2.8% in North Van and up only 14.3% in West Van.
This may be a sign of a transition within our market. As noted in previous report, there are a number of factors that are likely restricting buyer confidence - higher interest rates, proposed stricter mortgage rules, and new provincial government. In the long term these may limit growth.
For now, prices remain at near record levels.
The average sale price of a house in North Vancouver in September was $1,734,250.
The average sale price of a house in West Vancouver in September was $3,240,000.
Seller confidence also remains high, as many owners continue to price their homes at the top of potential value ranges.
To end the month, the average list price in North Vancouver was $2,288,000, while the average list price in West Vancouver was $4,298,000 – both well above average sale prices. With this, we have started to see more price reductions and fewer multiple offers (with the exception and bright spot being well priced strata properties).
Moving forward, we expect more listings and relatively flat sales which should bring greater balance. Look for inconsistencies to continue between seller and buyer expectations, and likely the potential for prices to fluctuate as the market reacts to further lending or rate changes.
As always, if you have any questions about our North and West Vancouver real estate market review, would like to discuss the value your home or investment property, or have questions about an upcoming purchase, we’d be pleased to discuss with you. We can be reached at 604.983.2518.
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North Vancouver Real Estate Market Stats // Sept 2017
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,734,250||1,602,000||8.3|
|Days on Market||9||10||-10|
West Vancouver Real Estate Market Stats // Sept 2017
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||3,240,000||2,835,000||14.3|
|Days on Market||36||15||140|
- Sales, listings, and price data from the Real Estate Board of Greater Vancouver.
- ForQ3 Total Inventory, Sales/Listing Ratio, Average Sale Price, and Days on Market - the quarterly value is calculated as the average for that period.
To read the Real Estate Board of Greater Vancouver's stats package, click here >