October North Shore real estate sales trended up from September, but lagged well behind historical averages.
In North Vancouver, sales in October rose 9.2 per cent from September. Despite this increase, total sales for the month were down 47.6 per cent from October 2017 and 37.2 per cent below the 10 year October average.
Helping keep some balance in the market, new listings in October were down 10.9 per cent from the same time last year, though total listings continued to hit new recent highs, as the month finished with 969 active listings for sale - up 49.8 per cent from October 2017 and 9.3 per cent above the 10 year October average.
For all property types, the sales-to-active listings ratio for October 2018 was 13.4 per cent. This is slightly improved from last month's 12.7 per cent though remains at 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 18.5 per cent under $1.5m, 9.6 per cent $1.5m - $2.5m, and just 3.3 per cent over $2.5m.
In West Vancouver, sales in October rose 23.5 per cent from September, though were down 4.5 per cent from October 2017 and 49.3 per cent below the 10 year October average.
West Vancouver is still firmly a ‘Buyers Market’ with only 5.5 per cent sales-to-active listings (up from September at 4.3 per cent)
By price range, the ratios were 11.0 per cent under $2m, 7.4 per cent $2m - $3m, 3.0 per cent over $3m - $4m, and just 2.5 per cent over $4m.
Our Sense of the Market.
We are receiving more calls and agent showings on our listings, though the feedback from buyers is often the same: they are just starting, still looking, or in no rush. Those offering are trying to get ahead of where they feel the market is headed, in many cases not aligned with seller expectations.
The Bank of Canada raised rates again this month with financial experts predicting another hike before year end. Typically this leads to a slight bump in sales in the short term. If new listings continue to moderate, this should result in a bit more balance, though long term with rates rising, affordability will continue to erode.
As always, if you have any questions about our Market Review, or if we can help with a move we'd be pleased to hear from you. Since 1979 we’ve helped over 3,500 clients buy and sell in all types of markets, so when the time is right, we are here for you with proven results. We can be reached at 604.983.2518.
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OCTOBER 2018 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // Oct 2018
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,512,500||1,675,000||-9.7|
|Days on Market||15||10||+50.0|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // Oct 2018
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,865,000||2,518,000||+13.8|
|Days on Market||34||15||+126.7|
To read the Real Estate Board of Greater Vancouver's report click here.
To watch the Real Estate Board of Greater Vancouver's video report, click 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.