North and West Vancouver real estate activity through November trended towards a tighter market, as sales continued to rise and listings began their seasonal decline.
In North Vancouver total reported sales were up 50.3 per cent from November 2018 and were 10.5 per cent above the 10-year November average.
New listings decreased 23.8 per cent from last November, while total listings were down 33.0 per cent from the same time, ending the month at 645 homes for sale (a 19 per cent decrease from October 2019 and 18.0 per cent below the 10-year November average).
For all property types, the November sales-to-active listing ratio was 33.5 per cent, the highest level in 22 months and 22 per cent above the 10-year November average.
By price range, the ratios were 59.4 per cent under $750,000, 35.9 per cent $750k to $1.5m, 26.8 per cent $1.5m - $2.5m, and 4.6 per cent over $2.5m.
In West Vancouver total sales more than doubled from November 2018 (66 versus 31). In spite of this significant increase, sales still trailed the 10-year November average by 7.8 per cent.
New listings decreased 16.2 per cent from last November, while total listings were down 19.3 per cent from the same time, ending the month at 592 homes for sale (a 13.1 per cent decrease from October 2019 and 4.8 per cent below the 10-year November average).
For all property types, the November sales-to-active listings ratio was 11.1 per cent. This is the highest ratio in 28 months, and just slightly below the 10-year November average of 11.9 per cent.
By price range, the ratios were 19.5 per cent under $2m, 16.5 per cent $2m - $3m, 6.6 per cent $3m - $4m, and 5.3 per cent over $4m.
Our Sense of the Market. As is typical leading into the Holidays, we expect new listings to taper off and total listings to continue to decline as some sellers remove their homes from the market. During this time of year, buyers’ motivations and urgency can vary greatly, with some starting to delay decisions until the new year. With this, we expect through the remainder of 2019 to see inconsistencies with time on market and selling prices.
Another word of caution. Despite the sensational stats seen last month, they should be interpreted cautiously. The market may continue to improve in 2020, and if sustained we may begin to see rising prices, but as previously mentioned in past reports, the trend this year has been for lower list prices with the majority of homes selling below what the seller is asking.
Search all North Shore Sales. Don’t forget, you can now search all the North and West Vancouver sales that made up the stats in this report with access to all sold data (including listed and sale prices, days on market, and more). Get started at the links below:
Moving in 2020. Considering a move in the New Year? Now is the perfect time to start planning. Our team would love to help and can provide expert market knowledge and exceptional service. Whether you’d like an opinion of value for your home, tips for preparing it for the market, or ideas of what properties are available to fit your needs, we’d love to help! 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 | November 2019
North Vancouver Real Estate Market Stats + Trends | November 2019
|Days on Market||28||23||+21.7|
|Med. Sale Price - Condo||$629,000||$598,000||+5.2|
|Med. Sale Price - Townhome||$935,000||$1,010,000||-7.4|
|Med. Sale Price - House||$1,582,900||$1,547,500||+2.3|
West Vancouver Real Estate Market Stats + Trends | November 2019
|Days on Market||54||43||+25.6|
|Med. Sale Price - Condo||-- *||--||--|
|Med. Sale Price - Townhome||-- *||--||--|
|Med. Sale Price - House||$2,428,572||$2,610,000||-7.0|
*Note: Averages not reported when less than 20 sales - West Van condo sales: 12 | West Van Townhome Sales: 2