Sales in North and West Vancouver increased in July.
In North Vancouver total sales were up 35.1 per cent from July 2018 and were just 1.6 per cent below the 10-year July average. This makes three straight months of higher sales versus the same time last year.
New listings increased 11.8 per cent from last July, while total listings were up 6.0 per cent from 2018, ending the month at 916 homes for sale. This is just 3 percent above the 10-year July average and is down 12 per cent from June 2019 and 16.6 per cent from the peek listings of 1,098 in May.
For all property types, the sales-to-active listing ratio in July was 22.3 per cent (the low end of a ‘Sellers Market’ – a seller’s market occurs when the sales-to-active listing ratio is over 20 per cent).
By property type, the July 2019 ratios were: 19.6 per cent for detached houses, 23.1 per cent for townhomes, and 24.4 per cent for apartments.
By price range, the ratios were 28.5 per cent under $1.5m, 15.5 per cent $1.5m - $2.5m, and 4.6 per cent over $2.5m.
In West Vancouver total sales were up 5.4 per cent from July 2019, with 2 of the last three months finishing higher than the same time last year. That said, sales for the month were still well below historical levels, finishing 29.3 per cent below the 10-year July average.
New listings decreased 10.6 per cent from last July, while total listings were down 9.2 per cent from 2018, ending the month at 707 homes for sale. This is just 0.5 percent above the 10-year July average and is down 7.0 per cent from June 2019 and 8.5 per cent from the peek listings of 773 in May.
For all property types, the sales-to-active listings ratio in July 2019 was 8.3 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 July 2019 sales-to-active listings ratios were: 8.1 per cent for detached houses, --* for townhomes and 10.3 per cent for apartments.
By price range, the ratios were 20.1 per cent under $2m, 8.7 per cent $2m - $3m, 7.4 per cent $3m - $4m, and 0.8 per cent over $4m.
Our Sense of the Market.
The recent statistics point to an encouraging trend with a normalizing of listings and sales. In general, we sense an increase in confidence and a greater willingness from buyers to offer. That said, buyers remain price sensitive and cautious. With this, selling prices and time on market are inconsistent and dependent on the price segment and property type.
If you are Selling, homes priced for today’s market have a much better chance of selling than earlier in the year. With the difference in sales between price segments, it may be a great time to consider moving up market.
If you are Buying, understand that many homes listed today have been adjusted for the market and therefore may warrant an offer at or even above list price.
As always, if you have any questions about our Market Review or if we can help with a move we'd be pleased to hear from you. We can be reached at 604.983.2518 or by completing the form on this page.
Stay up-to-date on the market. Subscribe to our newsletter for our monthly market reports!
*There were 0 townhome sales to 40 active listings.
Past Listing and Sales STATS | June 2019
North Vancouver Real Estate Market Stats + Trends | July 2019
|Median Sale Price [SF] ($)||1,452,500||1,594,000||-8.9|
|Days on Market||29||21||+38.1|
West Vancouver Real Estate Market Stats + Trends | July 2019
|Median Sale Price [SF] ($)||2,050,000||2,470,000||-17.0|
|Days on Market||41||45||-8.9|