November 2017 North Shore Real Estate Market Update
The North Shore real estate market continued to surpass 2016 sales activity in November.
In North Vancouver, sales were up 40.7% from November 2016. As has been a common trend this year, this increase is largely due to strata homes with condos up 54.5%, townhomes up 33.3%, versus houses up 20.6%.
New listings were up 72.3% from last year and were 33.6% above the 10 year November average.
In West Vancouver, sales were up 35.7% from November 2016.
New listings were up 57.6% from last year and were 49.6% above the 10 year November average.
As mentioned in previous reports, the increase in sales was expected, given the 2016 fall market transitioning due to the Foreign Buyer Tax. Because of that, a better indicator of the market is looking at sales compared to the 10 year November average. In North Vancouver sales were up 33.6%, while West Vancouver sales were down 22.8%.
Moving Forward for the remainder of 2017, we expect new listings to taper off as we get closer to the Holidays, though sales may remain brisk as buyers try to get into the market before 2018 mortgage rules change.
In 2018, we expect inconsistencies in sales to start the New Year as the market adjusts to the new lending requirements. Many buyers may have expedited their purchase decisions to avoid the changes, so it is likely sales won’t keep pace with what we’ve experienced over the last few months.
If you are considering a move in the New Year, now is the perfect time to start planning. Our team is here to help with expert market knowledge and exceptional service.
As always, if you have any questions about our North and West Vancouver real estate market review, would like to discuss the value of 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.
To read the Real Estate Board of Greater Vancouver's November Stats report, click here >>.
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // NOVEMBER 2017
| North Vancouver Listings and Sales Stats | |||
| Nov-17 | Nov-16 | % Change | |
| New Listings | 367 | 213 | 72.3 |
| Total Inventory | 596 | 581 | 2.6 |
| Sales | 249 | 177 | 40.7 |
| Sales/Listing Ratio | 0.418 | 0.31 | 37.0 |
| Average Sale Price [SF] ($) | 1,694,000 | 1,500,000 | 12.9 |
| Days on Market | 10 | 22 | -54.5 |
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // NOVEMBER 2017
| West Vancouver Listings and Sales Stats | |||
| Nov-17 | Nov-16 | % Change | |
| New Listings | 167 | 106 | 57.6 |
| Total Inventory | 631 | 539 | 17.1 |
| Sales | 57 | 42 | 35.7 |
| Sales/Listing Ratio | 0.069 | 0.064 | 7.8 |
| Average Sale Price [SF] ($) | 3,000,000 | 2,874,000 | 4.4 |
| Days on Market | 27 | 31 | -12.9 |
Stay on top of the market by subscribing to our Monthly North Shore Real Estate Market Report!
* Stats/Trends Source: 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