Sales in North and West Vancouver were up year-over-year for May breaking a 15-month downward trend.
In North Vancouver total sales were up 8.5 per cent from May 2018, up 73.0 per cent from last month, and just 7.2 per cent below the 10-year May average.
New listings saw a modest decrease of 2.7 per cent from last May, while total listings were up 27.6 per cent from the same time, ending the month at 1,044 homes for sale (a 0.5 per cent increase from April 2019 and 11.1 per cent above the 10-year May average).
For all property types, the sales-to-active listing ratio was 24.6 per cent (If this continues for a sustained period the market will move into a Seller’s Market which occurs when the sales-to-active listing ratio is 20 per cent or higher).
By property type, the May 2019 ratios were: 22.8 per cent for detached houses, 29.7 per cent for townhomes, and 25.1 per cent for apartments.
By price range, the ratios were 29.6 per cent under $1.5m, 21.3 per cent $1.5m - $2.5m, and 5.4 per cent over $2.5m.
In West Vancouver total sales were up 10.9 per cent from May 2018 and up 48.0 per cent from last month, although continued to trail far behind historical levels finishing 36.7 per cent below the 10-year May average.
New listings decreased 20.9 per cent from May 2018, while total listings saw a more modest decrease of 4.6 per cent, ending the month at 734 homes for sale (a 3.3 per cent increase from April 2019 and 3.8 per cent above the 10-year May average).
For all property types, the sales-to-active listings ratio in May 2019 was 9.7 per cent continuing to represent a ‘Buyer’s Market’ (A Buyer’s Market occurs when the sales-to-active listing ratio is below 11 per cent).
By type, the May 2019 sales-to-active listings ratios were: 10.1 per cent for detached houses, 5.0 for townhomes and 8.8 per cent for apartments.
By price range, the ratios were 12.9 per cent under $2m, 14.0 per cent $2m - $3m, 9.3 per cent $3m - $4m, and 4.0 per cent over $4m.
Our Sense of the Market
Over the last few months the most common feedback we have received from buyer’s and their agents has included: they are just starting their search, wanting to see more homes, or not ready to buy. Last month may have been the tipping point as more buyers started to act – either no longer able to delay, seeing better prices, or feeling confident enough to offer lower to create value.
A word of caution for sellers, although one may interpret that the market is back, total listings remain well above historical levels and many who are successfully selling are doing so at discounts to their list prices (with sale price-to-original list price ratios of 95.8 per cent in North Vancouver and 88.4 per cent in West Vancouver). For a true market shift we need to see sustained increases in sales and decreases in total listings.
A word of caution for buyers, the sky isn’t falling. As the numbers show the market will not go down forever. Last month we started to hear more and more, ‘I would have paid that’ or ‘my client would have paid that but they were waiting to see if the price went lower’. If you find a home that you can see yourself living in, don't wait.
As always, if you have any questions about our Market Review or if we can help with a move we'd be pleased to hear from you. We can be reached at 604.983.2518 or by completing the form on this page.
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Past Listing and Sales STATS | May 2019
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // May 2019
|North Vancouver Listings and Sales Stats|
|Median Sale Price [SF] ($)||1,502,000||1,684,000||-10.8|
|Days on Market||24||9||+166.7|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // May 2019
|West Vancouver Listings and Sales Stats|
|Median Sale Price [SF] ($)||2,649,286||2,850,000||-7.0|
|Days on Market||29||38||-23.7|
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.