North and West Vancouver real estate activity continued to normalize as sales increased and listings dropped.
In North Vancouver total sales were up 50.3 per cent from October 2018 and were 22.2 per cent above the 10-year October average. This marks the sixth consecutive month of higher sales versus the same time last year.
New listings decreased 26.1 per cent from last October, while total listings were down 26.1 per cent from 2018, ending the month at 763 homes for sale.
For all property types, the October sales-to-active listing ratio was 34.1 per cent, the highest level since March 2018 and 27 per cent above the 10-year October average.
By price range, the ratios were 54.1 per cent under $750,000, 37.7 per cent $750k to $1.5m, 27.5 per cent $1.5m - $2.5m, and 7.3 per cent over $2.5m.
In West Vancouver total sales were up 22.2 per cent from October 2018, the fourth consecutive month of higher sales versus the same time last year. Despite this, sales continued to trail the 10-year average, off 22.7 per cent in October.
New listings decreased 25.6 per cent from last October, while total listings were down 15.2 per cent from 2018, ending the month at 654 homes for sale.
For all property types, the October sales-to-active listings ratio was 10.1 per cent. This is the highest October ratio since 2015, although it still trails the 10-year average by 21 per cent.
By price range, the ratios were 24.0 per cent under $2m, 11.0 per cent $2m - $3m, 6.3 per cent $3m - $4m, and 2.9 per cent over $4m.
Our Sense of the Market. Urgency is shifting from sellers to buyers as fear of a prolonged market correction seems to be subsiding. With this, fewer sellers are rushing to the market and more buyers are acting versus their earlier in the year ‘wait and see’ approach. The result is a more familiar, more active market – though as the numbers above show, it is not across all price points as the higher end continues to trail.
Moving. As the market continues to tighten up, now may be a great time to take advantage of the imbalances in the price segments while they last. If you are in a condo or townhome, entry level home, or are considering a move from North to West Vancouver there are some great opportunities available. We’d love to show you!
A word of caution. Although there are examples of quicker sales and in some cases multiple offers, much of this is the result of sharply priced homes. It is not market wide and should not be expected for every property. On average prices are lower than last year with sale prices below original list prices, 96.6 per cent and 91.0 per cent in North and West Vancouver respectively. The takeaway, if selling focus on recent sales for guidance on price and realize it may still take time to find a buyer. If buying understand that an appropriate offer price will depend on the property.
New on our site. Go beyond the stats and search the homes that sold! You can now view up to 2 years of North & West Vancouver real estate sales with instant access to all sold data (including listed and sale prices, days on market, and more).
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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. Since 1979 we’ve helped clients buy and sell in all types of markets, so when the time is right, we are here for you with proven results. 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 | October 2019
North Vancouver Real Estate Market Stats + Trends | October 2019
|Median Sale Price [SF] ($)||1,540,000||1,580,000||-2.5|
|Days on Market||20||15||+33.3|
West Vancouver Real Estate Market Stats + Trends | October 2019
|Median Sale Price [SF] ($)||2,225,000||2,825,000||-21.2|
|Days on Market||42||34||+23.5|