The slow pace of July persisted into August as demand continued to trail historical levels.
In North Vancouver, total sales were down 38.2 per cent from August 2017 and 22.2 per cent below the 10 year August average. The drop was led by single family homes sales, which decreased 57.3 per cent from last year.
Total listings (745) were up 36.7 per cent from August 2017, though as is typical for the Summer, decreased from July, down 7.5 per cent.
For all property types, the sales-to-active listings ratio for August 2018 was 18.0 per cent. By property type, the ratio is 7.8 per cent for detached homes, 26.3 per cent for townhomes, and 32.9 per cent for apartments.
The ratio for detached homes puts that segment firmly into a ‘Buyer’s Market’ and for perspective: is 63.4 per cent lower than August 2017, 69 per cent below the 10 year August average, 91 per cent below the all-time peak in March 2016 (ratio of 78 per cent), and is the lowest level on record since Jan 2009.
In West Vancouver, total sales were down 8.2 per cent from August 2017 and were 35.4 per cent below the 10 year August average.
Total listings were up 15.6 per cent from August 2017 and finished the month 4 per cent above the 10 year August average.
The August sales-to-active listings ratio for all properties was 6.4 per cent. By type, the August ratios were: 4.7 per cent for detached homes, 6.7 per cent for townhomes, and 15.4 per cent for apartments.
Our Sense of the Market.
Much of the confidence and urgency that fueled the market is gone, leading to inconsistent sales. The majority of sellers are continuing to rely on previous high comparables and personal expectations of values versus current conditions. Buyers are searching for value and when they aren’t finding it from list prices are either offering lower to create that value, or taking a wait-and-see approach.
Activity in August is typically a poor indicator of market trends, as seasonal factors influence conditions. September should set the tone for the remainder of the year. Sellers will be hoping that the month brings buyers back to the market, though with that, there will likely come an uptick of new listings and greater competition. Buyers should continue to have more listings to view and time to make a decision.
In general, we expect the market to remain challenging relative to previous highs, as the market adjusts to fewer buyers.
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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AUGUST 2018 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // Aug 2018
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,512,500||1,850,000||-18.2|
|Days on Market||21||11||90.9|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // Aug 2018
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,500,000||3,250,000||-23.1|
|Days on Market||36||23||56.5|
Read the Real Estate Board's August report here >>
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.