April statistics were indicative of a transitioning market, as new listings increased and sales declined.
In North Vancouver total sales were down 12.3 per cent from April 2017, led by single family houses which saw a 29.1 per cent drop. Condo sales, although off a more modest 4.7 per cent, experienced their third straight month of declines year over year.
New listings during April saw a sharp increase up 34.3 per cent from the same time last year, while total listings ended the month up 31.8% from April 2017.
For all property types, the sales-to-active listings ratio for April 2018 was 34.6 per cent. By property type, the ratio is 19.2 per cent for detached homes, 57.4 per cent for townhomes, and 63.1 per cent for apartments.
In West Vancouver total sales decreased 42.3 per cent from April 2017, led by single family house sales which were down 51.5 per cent.
New listings during April were up 18.8 per cent from the same time last year, while total listings ended the month up 22.3% from April 2017.
For all property types, the sales-to-active listings ratio for April 2018 was 8.5 per cent. By property type, the ratio is 5.9 per cent for detached homes, 3.6 per cent for townhomes, and 27.8 per cent for apartments.
Our Sense of the Market.
Activity across all home types has softened, in part due to fewer foreign buyers, fewer speculative buyers, and fewer builders buying land - all previously contributing to market demand and escalating prices. Although this should be viewed by buyers as a positive, for the market as a whole it has created inconsistencies and uncertainty.
Condos sales, the strongest market segment, have begun to experience greater price sensitivity and there is less sense of buyer's urgency.
Houses continue to see lower sales, with the slowest segment high-end homes. In North Vancouver there were just three April sales reported over $3m compared to 82 active listings in that price range, while West Vancouver saw only four sales over $5m compared to 167 active listings.
In the short term, look for activity to follow a similar trend. If you are selling, this will likely mean increased time to sell, less likelihood of multiple offers, a greater chance of receiving subject to the sale offers – all indicative of a more balanced market. If you are buying, buy with a long term outlook, both with regards to the property and interest rates.
As always, if you have any questions about our North and West Vancouver Real Estate Market Review, and if we can help by providing information or assist with a purchase or sale we’d be pleased to hear from you. We can be reached at 604.983.2518.
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April 2018 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // April 2018
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,675,000||1,900,000||-11.8|
|Days on Market||11||9||22.2|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // April 2018
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,655,000||3,500,000||-24.1|
|Days on Market||28||15||86.7|
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.