Q1 [Jan-March] 2018
Despite the typical seasonal activity uptick for March, first Quarter North Shore sales trended lower.
In North Vancouver First Quarter (Q1) sales were 11.9 per cent below Q1 2017 and 13.2 per cent below the 10 year Q1 average. New listings rose 4.6 per cent with 959 properties coming to market Jan through March. This is 14.8 per cent below the 10 year average.
For March, sales were down 17.6 per cent across all property types compared to March 2017. This decrease was led by single family homes which saw 31.6 per cent fewer sales (67 vs 98). For further contrast, the 215 total sales for the month was nearly half the sales of the March 2016 peak (399 sales), with house sales down 62.8 per cent. New listings rose 6.5 per cent from March 2017 and increased 13.6 per cent from last month. As we’d expect, sales increased from February, up 28.9 per cent. For all property types, the sales-to-active listings ratio for March 2018 was 41.1 per cent. By property type, the ratio is 19.8 per cent for detached homes, 53.7 per cent for townhomes, and 92.1 per cent for apartments.
In West Vancouver Q1 sales were 26.8 per cent below Q1 2017 and 50.6 per cent below the 10 year Q1 average. New listings decreased 2.9 per cent for the quarter, and were down 19.4 per cent compared to the 10 year Q1 average.
For March, sales were down 56.7 per cent across all property types compared to March 2017. Sales were flat February to March, increasing by 1 sale (42 versus 41). For all property types, the sales-to-active listings ratio for March 2018 was a just 7.3 per cent representing a buyer's market. By property type, the ratio is 5.4 per cent for detached homes, 8.0 per cent for townhomes, and 22.6 per cent for apartments.
What we are seeing and hearing.
Select, well priced houses are experiencing quick sales yet the majority of properties are seeing limited activity. Strata title homes remain in good demand, though prices are mostly flat.
In general calls, inquiries, and showings were down in March. It’s possible some of the drop in interest could be attributed to an extended Spring Break and Easter Long Weekend, as many buyers and agents took it as an opportunity to get away. The coming month will show if this is the case, or if the market is shifting under the weight of the recent mortgage changes and new taxes.
Moving forward. Look for inconsistencies in sale and list prices to continue as Sellers test the market and Buyers adapt to the conditions. If you are thinking of making a move, buy or sell based on what is best for you long term.
As always, if you have any questions about our North and West Vancouver real estate market review, and if we can help by providing information or assist with a purchase or sale we’d be pleased to hear from you. We can be reached at 604.983.2518.
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March 2018 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // March 2018
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,790,000||1,725,000||3.8|
|Days on Market||9||9||--|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // March 2018
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,915,000||3,212,500||-9.3|
|Days on Market||21||18||16.7|
From the Real Estate Board of Greater Vancouver //
Note: Sales, listings, and price stats are from the Real Estate Board of Greater Vancouver as of the date published. Historical Days on Market and Average Sale Price are calculated as the Medians. Medians not available for periods with less than 20 sales.