May 2018 Stats Report and Market Review
Signs of a shifting market persisted in May as sales decreased and listings increased.
In North Vancouver, total sales were down 26.9 per cent from May 2017 - led again by single family homes which saw a 35.3 per cent drop for the month.
Total listings (770) ended up 41.5 per cent from May 2017 and up 14.6 per cent from last month, although still 19.8 percent below the 10 year average. The last time North Vancouver registered over 700 listings was July 2015.
For all property types, the sales-to-active listings ratio for April 2018 was 30.8 per cent. By property type, the ratio is 19.6 per cent for detached homes, 45.6 per cent for townhomes, and 49.8 per cent for apartments.
In West Vancouver, total sales were down 34.7 per cent from May 2017, while new and total listings rose 21.8 per cent and 27.7 per cent respectively.
For all property types, the sales-to-active listings ratio for April 2018 was 8.7 per cent. By property type, the ratio is 6.3 per cent for detached homes, 10.3 per cent for townhomes, and 27.3 per cent for apartments.
Our Sense of the Market.
The market remains inconsistent. Select homes are finding buyers at favourable prices while comparable properties are taking longer to sell at a discount. Why? Fewer buyers are active to support previous conditions and prices. This is most evident in the higher-end, the market segment most affected by new taxes, though we are also seeing inconsistencies across all price ranges and property types. The result is more price changes, an increase in expired or terminated listings, longer days on market, a resurgence of subject to the sale offers, and fewer multiple offers. As previously mentioned, these are all conditions of a more balanced market, though for many, market conditions we haven’t experienced in some time and requiring a reset in expectations.
A word of caution, take any expert's market predictions with some skepticism. It’s easy to read into statistics market trends, but no one knows exactly where prices will be in the future. With that in mind, if you are planning a move, be wary of trying to time value and market conditions. If you are selling, know that prices are well above historical levels, even if not at all-time highs. And if you are moving within the market, any decrease you take in a sale may also be reflected in your purchase. If buying, buy with a long term outlook and the understanding that past percentage gains are not likely to continue but that long term Vancouver real estate has been a safe investment.
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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MAY 2018 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // May 2018
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,684,000||1,698,000||-0.8|
|Days on Market||9||8||12.5|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // May 2018
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,850,000||3,280,000||-13.1|
|Days on Market||38||16||137.5|
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.