The market continued to normalize through August as sales increased and total listings trended towards moderate levels.
In North Vancouver total sales were up 37.3 per cent from August 2018 and were 5.5 per cent above the 10-year August average. This makes four straight months of higher sales versus the same time last year, and the first time since January 2018 that the reported sales have outpaced the 10-year monthly average.
Total listings, for the first time in 2019, finished below the same month last year, down 1.4 per cent from August 2018 with 814 homes for sale.
For all property types, the sales-to-active listing ratio in August was 22.6 per cent (the low end of a ‘Seller's Market’ – a seller’s market occurs when the sales-to-active listing ratio is over 20 per cent).
By property type, the August 2019 ratios were: 18.3 per cent for detached houses, 27.1 per cent for townhomes, and 25.9 per cent for apartments.
By price range, the ratios were 38.1 per cent under $750,000, 22.8 per cent $750k to $1.5m, 16.4 per cent $1.5m - $2.5m, and 5.9 per cent over $2.5m.
In West Vancouver total sales were up 11.4 per cent from August 2018, the second straight month of higher sales versus the same time last year. Despite this, sales continued to trail the 10-year average, off 29.5 per cent in August.
Total listings, for the first time since September 2017, finished below the 10-year monthly average, down 1.3 per cent with 665 homes for sale.
For all property types, the sales-to-active listings ratio in August was 7.5 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 August 2019 sales-to-active listings ratios were: 8.2 per cent for detached houses, n/a* for townhomes and 7.0 per cent for apartments.
By price range, the ratios were 11.2 per cent under $2m, 10.3 per cent $2m - $3m, 5.9 per cent $3m - $4m, and 4.0 per cent over $4m.
Despite the positive trends in the market, sellers would be wise to temper expectations. There remains large imbalances between absorption rates (ie. sales-to-active listings) depending on price ranges (as noted above), and those successfully selling are doing so, on average, below their original list prices – 95.7 per cent and 88.8 per cent in North and West Vancouver respectively.
Activity through the core summer months is often a poor indicator of lasting trends. Typically September sets the tone for the remainder of the year - during this time as it transitions into the fall market, listing inventories rise and more buyers enter the market. If this happens in balance, the positive trends should continue.
As always, if you have any questions about our Market Review or if we can help with a move we'd be pleased to hear from you. We can be reached at 604.983.2518 or by completing the form on this page.
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*There were 0 townhome sales to 43 active listings.
Past Listing and Sales STATS | August 2019
North Vancouver Real Estate Market Stats + Trends | August 2019
|Median Sale Price [SF] ($)||1,457,500||1,512,500||-1.0|
|Days on Market||29||21||+38.1|
West Vancouver Real Estate Market Stats + Trends | August 2019
|Median Sale Price [SF] ($)||2,500,000||2,500,000||--|
|Days on Market||59||36||+63.9|