2018 trends carried into the New Year with declining sales across North and West Vancouver.
In North Vancouver total sales for the month were down 31.6 per cent from January 2018, and 22.8 per cent below the 10 year January average.
New listings were up 49.3% from last January, while total listings finished the month up 51.6 per cent.
For all property types, the sales-to-active listings ratio in January 2019 was 12.1 per cent representing 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 14.8 per cent under $1.5m, 10.0 per cent $1.5m - $2.5m, and 4.9 per cent over $2.5m.
In West Vancouver total sales for the month were down 38.1 per cent from January 2018, and 50.9 per cent below the 10 year January average.
New listings were up 23.6% from last January, while total listings finished the month up 10.8 per cent.
Continuing the trend started in July 2017, West Vancouver remained a ‘Buyers Market’ with only 4.3 per cent sales-to-active listings.
By price range, the ratios were 8.2 per cent under $2m, 5.1 per cent $2m - $3m, 2.0 per cent over $3m - $4m, and 3.2 per cent over $4m.
Listing Stats Revisited
Despite the jump in listings to start the year, a large number of the homes were relisted properties from 2018. Even with those homes and the net-new listings, total inventory is still well behind the peaks seen in October 2018, with North and West Vancouver listings down from then 22 per cent and 21 per cent respectively.
Beyond the Numbers
We are seeing an increase in interest of our single family house listings over the later half of last year, though the showing feedback from the majority of agents is the buyers are just starting their search.
Condos and Townhomes, the bright spot throughout most of 2018, are seeing interest closer to historical levels, with modest showings and inquiries even on what should be well priced homes.
Buying or Selling in a transitioning market is always difficult as prices are inconsistent and uncertain.
Those Selling are best served to price for the market and understand that although prices may not be as high as they were, they are still well above levels seen even a few years ago.
Those Buying are in a good position, but understand that: well priced homes may warrant an offer at or even above list price, and not all sellers will have the same outlook as you and so exceptionally low offers may not be well received.
In this type of market it’s important to rely on experienced advice when making a move. Since 1979 our team has helped clients in all market conditions and would be pleased to guide you. We can be reached at 604.983.2518 or by completing the form on this page.
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January 2019 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // JANUARY 2019
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,618,000||1,637,500||-1.2|
|Days on Market||52||19||173.7|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // JANUARY 2019
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,307,500||3,052,000||-24.4|
|Days on Market||48||50||-4.0|