Sales activity across the North Shore picked up from January, yet still trailed 2018 levels.
In North Vancouver sales rose 35.2 per cent from last month, though were down 25.9 per cent from February 2018 and 40.3 per cent below the 10-year February average.
The pace of new listings slowed, down 22.6 per cent from January. Despite this, total inventory finished the month up 48.9 percent from February 2018 and 11.5 per cent above the 10-year February average.
For all property types, the sales-to-active listings ratio was 15.0 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 21.5 per cent under $1.5m, 6.5 per cent $1.5m - $2.5m, and 3.7 per cent over $2.5m.
In West Vancouver sales rose 50.0 per cent from January, yet were down 4.9 per cent from February 2018 and 54.9 per cent below the 10 year February average.
New listings were down 24.4 per cent from January and 16.7 per cent from February 2018. Year-over-year total listings were up 3.5 per cent, while finishing the month 8.9 per cent above the 10-year February average.
For all property types, the sales-to-active listings ratio in February 2019 was 6.1 per cent. This represents a 45 per cent jump from last month, though is at the middle end of a 'Buyer’s Market'. (A Buyer’s Market occurs when the sales-to-active listing ratio is below 11per cent).
By price range, the ratios were 15.6 per cent under $2m, 7.6 per cent $2m - $3m, 5.9 per cent over $3m - $4m, and 0.8 per cent over $4m.
Our Sense of the Market
New listings slowed for the month, although positive, this could be related to snow and the cold spell, as many sellers may have delayed their plans waiting for improved weather. The spring is often a time targeted by many sellers, so most likely the drop in new listings may be short lived. If the decreased listing trend continues, it should bring greater balance to the market.
Sales activity in January was exceptionally low, so it was not surprising that sales picked up in February. In our last report we noted renewed activity in detached house listings, and that has continued. We sense that buyers are starting to see value at some of the market adjusted list prices, plus there is likely some pent-up demand. In some cases this has led to multiple offers, although the majority of sales were from conditional offers below list price.
If sales continue to pick up for detached house listings, it should improve the efficiency of the market, though for now we expect inconsistencies to continue. Looking at the sales-to-active listing ratios, there is considerable difference in market demand depending on price range, likely a sign that there is the potential for additional softening in higher ranges which may impact the overall market.
As always, if you have any questions about our Market Review, or if we can help with a move we'd be pleased to hear from you. We can be reached at 604.983.2518.
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February 2019 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // February 2019
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,470,000||1,740,000||-15.5|
|Days on Market||14||11||27.3|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // February 2019
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,043,800||2,855,000||-28.4|
|Days on Market||36||18||100.0|
To read the Real Estate Board of Greater Vancouver's February market 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.