Q2 [April - June] 2018
North Shore 2018 First Half real estate sales were well below 2017 levels led by Second Quarter declines.
In North Vancouver, Second Quarter (Q2) sales were 24.6 per cent below Q2 2017, while first half (Jan-June) sales were down 19.5 per cent. New listings rose 11.2 per cent for the quarter and were up 8.4 per cent for the first half of the year compared to 2017.
With diverging sales and listings, the absorption rate (sales-to-active listings) continued to trend down, finishing June at 24.8 per cent. By property type, the ratios for June were: 17.0 per cent for detached homes, 34.4 per cent for townhomes, and 38.7 per cent for apartments.
In West Vancouver, Q2 sales were 39.7 per cent below Q2 2017, while first half sales were down 37.7 per cent. New listings rose 11.2 per cent for the quarter, and were up 8.4 per cent for the first half of the year.
For all property types, the sales-to-active listings ratio for June 2018 was 6.9 per cent. By property type, the ratios for June were: 5.4 per cent for detached homes, 10.0 per cent for townhomes, and 14.3 per cent for apartments.
What we are Seeing.
We are starting to see homes that represent better value relative to previous highs, though in general the market continues to be inconsistent, with select homes experiencing quick sales, while the majority of properties are taking longer to sell with some being withdrawn from the market.
Beyond the stats, we saw reduced activity across our listings with fewer agent showings and buyer inquiries, and less traffic to opens - perhaps somewhat seasonal, though after 6 months of declines indicative of a shift in the market.
Moving Forward.
As of June 15th, new rules were introduced that change the way Realtors® and their clients or the public work together. Learn about the new rules here.
Due to these changes, we will no longer be able to post in-depth opinions of the stats and what we expect to happen in the market. Why? Implied Agency. One of the major changes is the ban of dual agency and the rebranding of consumers as unrepresented parties. We can provide unrepresented parties factual information only, however if we provide an opinion or advice, we risk establishing an implied agency relationship which could limit our ability to assist our clients.
We will continue to post North and West Vancouver market stats, and should you wish to have a more substantial conversation about the market, buying, or selling we would be pleased to do so, but only after reviewing new mandatory disclosures from the Real Estate Council.
We can be reached at 604.983.2518.
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JUNE 2018 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // June 2018
| North Vancouver Listings and Sales Stats | |||
| June-18 | June-17 | % Change | |
| New Listings | 414 | 424 | -2.4 |
| Total Inventory | 802 | 543 | 47.7 |
| Sales | 199 | 295 | -32.5 |
| Sales/Listing Ratio | 0.248 | 0.54 | -54.3 |
| Average Sale Price [SF] ($) | 1,638,000 | 1,683,500 | -2.7 |
| Days on Market | 13 | 8 | 62.5 |
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // June 2018
| West Vancouver Listings and Sales Stats | |||
| June-18 | June-17 | % Change | |
| New Listings | 233 | 223 | 4.5 |
| Total Inventory | 769 | 607 | 26.7 |
| Sales | 53 | 92 | -42.4 |
| Sales/Listing Ratio | 0.069 | 0.152 | -54.6 |
| Average Sale Price [SF] ($) | 2,865,000 | 2,867,500 | -0.1 |
| Days on Market | 22 | 20 | 10.0 |
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.