North Shore real estate sales continued to normalize through the third quarter (Q3), buoyed by strong sales activity through the late summer and inventory levels that are trending to more moderate levels.
In North Vancouver, Q3 [July-Sept] sales were up 37.1 per cent from the same time period in 2018, while new listings were down 4.6 per cent.
In September, for the fifth consecutive month, sales rose 39.5 per cent from September 2018, while new listings were off 17.9 per cent.
For all property types, the sales-to-active listing ratio in September was 19.4 per cent (the top end of a ‘Balanced Market’ – a balanced market occurs when the sales-to-active listing ratio is between 12-19 per cent).
By property type, the September 2019 ratios were: 15.9 per cent for detached house (up 96.3 per cent over September 2018), 18.3 per cent for townhomes, and 24.3 per cent for apartments.
By price range, the ratios were 23.3 per cent under $1.5m, 17.4 per cent $1.5m - $2.5m, and 5.0 per cent over $2.5m.
In West Vancouver, Q3 [July-Sept] sales were up 17.0 per cent from Q3 2018, while new listings were down 5.9 per cent.
In September, sales rose, up 44.1 per cent from September 2018, while new listings were off 5.1 per cent.
For all property types, the sales-to-active listings ratio in September 2019 was 7.0 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 property type, the September 2019 sales-to-active listings ratios were: 6.5 per cent for detached houses, 5.3 for townhomes and 10.4 per cent for apartments.
By price range, the ratios were 12.8 per cent under $2m, 6.8 per cent $2m - $3m, 7.9 per cent $3m - $4m, and 2.8 per cent over $4m.
The three months of Q3 [July-Sept] showed an upward trend in activity, with year-over-year percentage gains increasing monthly. These figures could be attributed equally by a delayed Spring market, and a more normalized market in which Buyer’s and Seller’s are reaching an alignment on value.
The increase in activity was correlated with a decrease in median sale price. In North Vancouver, the median sale price in September across all property types was off 7.9 per cent compared to September 2018, with detached houses off 5.4 per cent, townhomes off 9.5 per cent, and apartments up 1.3 percent; in West Vancouver the median sale price declined 11.2 per cent compared to September 2018, with detached homes off 15.5 per cent, and apartments up 22.3 percent.
With this in mind - while the market continues to be quite segmented – there is definite support at the entry-level price points, while the market and stats would indicate continued softening in the upper price ranges. Those that were successful selling last month did so at a higher percentage of sale price to list price – with an average sale price to original list price of 95.8 per cent in North Vancouver and 88.8% in West Vancouver.
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. Selling prices and time on market are inconsistent and dependent on the price segment and property type.
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.
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.
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Past Listing and Sales STATS | September 2019
North Vancouver Real Estate Market Stats + Trends | September 2019
|Median Sale Price [SF] ($)||1,598,000||1,690,000||-5.4|
|Days on Market||24||25||-4.0|
West Vancouver Real Estate Market Stats + Trends | September 2019
|Median Sale Price [SF] ($)||2,325,000||2,750,000||-15.5|
|Days on Market||46||81||-43.2|