April continued the trend of the year as sales trailed 2018 levels for the fourth consecutive month.
In North Vancouver total sales were down 10.3 per cent from last month, 33.0 per cent from April 2018, and 43.8 per cent below the 10 year April average.
New listings saw a modest increase of 5.6 per cent from last April, while total listings continued their trend up finishing the month at 1,039 homes for sale, a 51 per cent increase from April 2018 and 19.7 per cent above the 10 year April average.
For all property types, the sales-to-active listing ratio was 14.2 per cent representing a ‘Balanced Market’ (A Balanced Market occurs when the sales-to-active listing ratio is between 12-19%).
By property type, the April 2019 ratios were: 11.9 per cent for detached houses, 20.7 per cent for townhomes, and 14.9 per cent for apartments.
By price range, the ratios were 16.2 per cent under $1.5m, 11.8 per cent $1.5m - $2.5m, and 8.5 per cent over $2.5m.
In West Vancouver total sales were 41.2 per cent above last month, their highest level in 6 months. Despite this uptick, sales continued to trail 2018 levels down 14.3 per cent from last April and 56.1 per cent below the 10 year April average.
New listings decreased 6.6 per cent from last April, while total listings saw a modest increase ending the month at 710 homes for sale, a 3.6 per cent increase from April 2018 and 8.7 per cent above the 10 year April average.
For all property types, the sales-to-active listings ratio in April 2019 was 6.8 per cent. Although this is the highest ratio since May 2018, it is at the middle end of a ‘Buyer’s Market’ and is 61 per cent below the 10 year April average.
By type, the April 2019 sales-to-active listings ratios were: 7.0 per cent for detached houses, n/a for townhomes* and 6.8 per cent for apartments. (* there were 0 townhome sales to 37 active listings)
By price range, the ratios were 10.7 per cent under $2m, 6.2 per cent $2m - $3m, 6.7 per cent $3m - $4m, and 4.7 per cent over $4m.
Our Sense of the Market
The majority of current buyers are local, either upsizing to a larger strata home, retirees downsizing, or young families trying to get into a house. We are receiving a few more calls from investors/builders, but these speculative buyers remain very cautious with expectations of lower prices and properties at deep discounts.
The high-end segment started selling at a better pace but remains very much a buyer’s market. In West Vancouver there were 12 sales in April over $4m (2 less than the 14 sold Jan – March). In North Vancouver there were 10 sales in April over $2.5m (vs 16 sales Jan - March). That said, those homes sold at large reductions, 83.4 per cent and 87.3 per cent below their original list prices in West and North Vancouver respectively.
In all, the market remains inconsistent with lots of choice and selection for buyers and with that, uncertainty for sellers.
As always, if you have any questions about our Market Review, or if we can help with a move we'd be pleased to hear from you. We can be reached at 604.983.2518 or by completing the form on this page.
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April 2019 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // April 2019
|North Vancouver Listings and Sales Stats|
|Median Sale Price [SF] ($)||1,725,000||1,675,000||+3.0|
|Days on Market||15||11||+36.4|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // April 2019
|West Vancouver Listings and Sales Stats|
|Median Sale Price [SF] ($)||2,925,000||2,655,000||+10.2|
|Days on Market||45||28||+60.7|
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.