North Shore real estate sales, although below First Half 2018 levels, showed continued signs of improvements through the end of the Second Quarter.
In North Vancouver, First Half (H1) [Jan-June] sales were down 15.3 per cent from 2018, with Q2 sales off just 7.1 per cent versus 25.8 per cent in Q1 of this year.
New listings rose 11.2 per cent in Q2 and were up 8.0 per cent in H1 compared to 2018.
In June, for the second month in a row, sales rose, up 3.6 per cent from June 2018, while new listings were off 1.4 per cent.
For all property types, the sales-to-active listing ratio in June was 19.8 per cent (the top end of a ‘Balance Market’ – a balanced market occurs when the sales-to-active listing ratio is between 12-19 per cent).
By property type, the June 2019 ratios were: 18.4 per cent for detached houses, 20.5 per cent for townhomes, and 20.5 per cent for apartments.
By price range, the ratios were 24.2 per cent under $1.5m, 14.9 per cent $1.5m - $2.5m, and 6.3 per cent over $2.5m.
In West Vancouver, First Half (H1), sales were down 12.1 per cent from 2018, with Q2 sales off just 6.4 per cent versus 20.1 per cent in Q1 of this year.
New listings were down 17.3 per cent for the quarter, and were off 8.9 per cent in H1 compared to 2018.
In June, sales were off 15.1 per cent from June of last year, while new listings dropped 24.5 per cent.
For all property types, the sales-to-active listings ratio in June 2019 was 6.1 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 June 2019 sales-to-active listings ratios were: 5.7 per cent for detached houses, 7.5 for townhomes and 6.3 per cent for apartments.
By price range, the ratios were 10.3 per cent under $2m, 5.9 per cent $2m - $3m, 7.0 per cent $3m - $4m, and 2.5 per cent over $4m.
May proved to be a very strong month for sales activity, and although some of that continued into June, the market showed signs of retreating, with sales in North and West Vancouver dropping 21.1 per cent and 35.7 per cent respectively. Although we typically see a seasonal drop for this period, it is much higher than normal – the 10-year average May to June drop is 3.5 per cent in North Vancouver and 4.7 per cent in West Vancouver.
Those that were successful selling last month often did so at healthy discounts to their list prices – with an average sale price to original list price of 95.2 per cent in North Vancouver and 84.9 per cent in West Vancouver (and for an extreme example, homes in West Vancouver over $4m sold at an average of just 75.0 per cent of the original list price).
In this type of market it’s important to rely on experienced advice when making a move. Since 1979 our team has helped clients buy and sell in all market conditions and would be pleased to guide you. We can be reached at 604.983.2518 or by completing the form on this page.
Stay up-to-date on the market. Subscribe to our newsletter for our monthly market reports!
Past Listing and Sales STATS | June 2019
North Vancouver Real Estate Market Stats + Trends | June 2019
|Median Sale Price [SF] ($)||1,492,550||1,638,000||-8.9|
|Days on Market||24||13||+84.6|
West Vancouver Real Estate Market Stats + Trends | June 2019
|Median Sale Price [SF] ($)||2,703,500||2,865,000||-5.6|
|Days on Market||56||22||+154.5|