Despite the bump in activity reported in October, North Shore sales resumed their downward trend in November.
In North Vancouver, sales were down 19.1 per cent from October, 43.8 per cent from November 2017, and 26.0 per cent below the 10 year November average.
Total listings (858) were down 13.5 per cent from October led by 37 per cent fewer new listings, yet finished 7 per cent above the 10 year November average.
For all property types, the sales-to-active listings ratio for November 2018 was 16.2 per cent representing a ‘Balanced Market’ (A balanced market occurs when the sales-to-active listing ratio is between 12-19%).
By price range, the ratios were 23.7 per cent under $1.5m, 9.4 per cent $1.5m - $2.5m, and just 3.0 per cent over $2.5m.
In West Vancovuer, sales were down 42.6 per cent from October, 45.6 per cent from November 2017, and 56.6 per cent below the 10 year November average.
Total listings (701), were down 8.8 per cent from October led by 34.3 per cent fewer new listings, yet finished 11.9 per cent above the 10 year November average.
For the 17th month in a row, West Vancouver remained a ‘Buyers Market’ with only 4.4 per cent sales-to-active listings.
By price range, the ratios were 7.7 per cent under $2m, 5.3 per cent $2m - $3m, 5.8 per cent over $3m - $4m, and just 1.5 per cent over $4m.
Our Sense of the Market
As is common for this time of year, the decrease in listings is bringing renewed interest to homes currently listed for sale. That said, the majority of buyers that have time to buy have no sense of urgency, leading to inconsistent sales.
Currently there are some great buying opportunities, and those purchasing with a long term outlook may do well to take advantage of the slowdown with more choice and less competition than we’ve seen in sometime.
Moving Forward for the remainder of 2018, we expect new listings to taper off as we get closer to the Holidays. This should add more balance to the market and should temporarily reduce some of the downward pressure on pricing.
If you are considering a move in the New Year, now is the perfect time to start planning. Our team is here to help with expert market knowledge and exceptional service.
As always, if you have any questions about our Market Review, or if we can help with a move we'd be pleased to hear from you. Since 1979 we’ve helped over 3,500 clients buy and sell in all types of markets, so when the time is right, we are here for you with proven results. We can be reached at the form below or at 604.983.2518.
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NOVEMBER 2018 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // Nov 2018
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,547,500||1,694,000||-9.7|
|Days on Market||23||10||+130.0|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // Nov 2018
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,610,000||3,000,000||-13.0|
|Days on Market||43||27||+59.3|
To read the Real Estate Board of Greater Vancouver's November market report click here.
To watch the Real Estate Board of Greater Vancouver's November 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.