Q1 [Jan-March] 2019
Sales in North and West Vancouver ended the First Quarter (Q1) down for the third consecutive year.
In North Vancouver first quarter sales were down 25.8 per cent from Q1 2018, while new listings for the quarter were up 18.5 per cent.
For March, sales were down 22.2 per cent across all property types compared to March 2018. This decrease was led by apartments which saw 37.6 per cent fewer sales (73 vs 117). Single family homes sales rose 7.7 per cent from March 2018 and were up 89 per cent from February 2019.
For all property types, the sales-to-active listings ratio in March 2019 was 19.0 per cent representing the top 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 23.2 per cent under $1.5m, 14.2 per cent $1.5m - $2.5m, and 6.1 per cent over $2.5m.
In West Vancouver first quarter sales were down 20.2 per cent from Q1 2018 while new listings for the quarter were up 5.8 per cent.
For March, sales were down 17.1 per cent across all property types compared to March 2018. This decrease was led by strata title homes which saw 40 per cent fewer sales (9 vs 15), while single family homes only dropped 11.5 per cent.
For all property types, the sales-to-active listings ratio in March 2019 was 5.1 per cent remaining a ‘Buyer’s Market’ for the 21st month in a row.
By price range, the ratios were 11.9 per cent under $2m, 5.4 per cent $2m - $3m, 5.0 per cent over $3m - $4m, and 1.5 per cent over $4m.
Our Sense of the Market
Interest in the lower level ranges (particularly entry level condos/townhomes, and houses with suites) is strong and continuing to improve. That said - as is often the case with a slower market - the majority of buyers are educated from watching listings/sales, over-particular from increased selection, and price sensitive with concerns about where the market is headed.
The slowest segment of the market remains the high-end. In North Vancouver for homes over $2.5m there were just 7 sales to 114 listings. While in West Vancouver for homes over $4m there were just 4 sales to 262 listings. This has been the trend for awhile, and although many sellers in those price ranges are adjusting to the market, there remains a clear disconnect between buyers and sellers.
As always, if you have any questions about our Market Review, or if we can help with a move we'd be pleased to hear from you. We can be reached at 604.983.2518.
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March 2019 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // March 2019
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,547,500||1,790,000||-13.5|
|Days on Market||29||9||222.2|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // March 2019
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,380,000||2,915,000||-18.4|
|Days on Market||42||21||100.0|
Read the Real Estate Board of Greater Vancouver's March stats report 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.