North Shore sales activity through the third quarter (Q3) continued to trend lower, with September demand well below historical levels.
In North Vancouver, total sales for the quarter were down 35.7 per cent from Q3 2017. There were 119 sales reported in September - 43.3 per cent below September 2017 and 33 per cent below the 10-year September sales average.
Total inventory to end the month rose to 939 listings, a 45.8 per cent increase over September 2017 and up 26 per cent more than August 2018.
For all property types, the sales-to-active listings ratio for September 2018 was 12.7 per cent. This is the low end of a ‘Balanced Market’ (A balanced market occurs when the sales-to-active listing ratio is between 12-19% ).
By price range, the ratios were 17.5 per cent under $1.5m, 9.7 per cent $1.5m - $2.5m, and just 2.6 per cent over $2.5m.
In West Vancouver, total sales for the quarter were down 16.7 per cent from Q3 2017. There were just 34 sales reported in September - 39.3 per cent below September 2017 and 53.6 per cent below the 10-year September sales average.
Total listings, although up 9.8 per cent from September 2017, have regulated somewhat, finishing the month 7.6 per cent below the 2018 peak of 802 listings in June. That said, West Vancouver is still firmly a ‘Buyers Market’ with only 4.6 per cent sales-to-active listings.
By price range, the ratios were 8.5 per cent under $2m, 5.3 per cent $2m - $3m, 4.1 per cent over $3m - $4m, and just 2.4 per cent over $4m.
Our Sense of the Market
With high listing inventories, a steady stream of new listings, and continued soft demand, the market trend is for lower prices. Most potential buyers are factoring this into their purchase decision and are particularly price sensitive, offering where they see prices going or delaying their buying decisions. This is largely market wide, with even condos and townhomes experiencing a slowdown and in many cases are taking longer to sell and requiring price reductions.
We are seeing increased strength in the lower/entry level price ranges (particularly homes with suites), and in select cases there have been quick sales. The high-end market is the slowest segment, and although we have seen some adjustments to prices, unless demand picks up, will likely face the most downward pressure on pricing.
In the Market?
Buyers and Sellers looking to stay within the market are in the best position. As higher price ranges adjust, those moving up market can take advantage of the relative differences in demand and likely find affordability.
If buying, buy with a long term outlook. If selling, in many cases prices are above historical levels, even if not at all-time highs.
Thinking about making a move? We’d love to hear from you and would be pleased to discuss how the current market is impacting the value of your home, or what you’d like to purchase. We can be reached by completing the form below or by calling 604.983.2518.
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SEPTEMBER 2018 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // Sept 2018
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,690,000||1,734,250||-18.2|
|Days on Market||13||9||+44.4|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // Sept 2018
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,750,000||3,240,000||-15.1|
|Days on Market||60||36||+66.7|
Read the Real Estate Board's September Stats Report Here >>
Watch the Real Estate Board's September Video Update Here >>