The positive sales growth from the last half of 2019 continued into the new year.
In North Vancouver total reported sales were up 9.9 per cent from January 2019, although were 18.6 per cent below the 10-year January average.
New listings decreased 13.7 per cent from last January, while total listings were down 28.7 per cent from the same time, ending the month at 561 homes for sale (12.7 per cent below the 10-year January average).
For all property types, the January sales-to-active listing ratio was 17.8 per cent.
By price range, the ratios were 43.8 per cent under $750,000, 15.3 per cent $750k to $1.5 M, 8.2 percent $1.5 M - $2.5 M, and 7.0 per cent over $2.5M.
In West Vancouver total reported sales were up 11.5 per cent from January 2019, however were 45.2 per cent below the 10-year January average.
New listings decreased 22.7 per cent from January 2019, while total listings were down 19.1 per cent from the same time, ending the month at 503 homes for sale (6.3 per cent below the 10-year January average).
For all property types, the January sales-to-active listings ratio was 5.8 per cent.
By price range, the ratios were 11.4 per cent under $2M, 7.6 per cent $2M - $3M, 5.2 per cent $3M - $4M, and 2.0 per cent over $4M.
Weather. As is common for this time of year, weather can play a role in our market as many buyers and sellers avoid looking or listing in the snow. We certainly think the week of snow in January impacted activity and kept listings and sales lower than they otherwise would have been. With better weather over the last few weeks of the month, we will likely see a number of January sales reported in February, and if activity levels continue, expect to see strong sales stats in February.
[Stats explained]: These monthly sales stats from the Real Estate Board are based on the ‘reported sold date’ and not the actual ‘sale date’ – so if a home is sold in January, but is not reported sold till February, it will count as a February sale. See what sold and when at the below links
Buying. With listing inventories remaining below historical averages we are starting to see a shift back to faster sales. If you are looking to buy, that likely means less time to consider a property, and when offering, well priced homes may warrant an offer at or above the list price.
Selling. If you’re looking to sell, strategic pricing and timing are vital to ensure you get maximum exposure. What’s that look like? We’d love to discuss with you.
Moving. In this type of market it’s important to rely on experienced advice when making a move. Since 1979 our team has helped clients in all market conditions and would be pleased to guide you. We can be reached at 604.983.2518 or by completing the form on this page.
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Past Listing & Sales STATS | January 2020
|Jan - 20||Jan - 19||% Change|
|Sale Price/Original LP||97.9%||94.7%||+3.4|
|Days on Market||15||52||-71.2|
|Med. Sale Price-Condo||$572,000||$545,000||+5.0|
|Med. Sale Price-Townhome||--*||--||--|
|Med. Sale Price-House||$1,698,334||$1,618,000||+5.0|
*Note: Median sale prices not reported when less than 20 sales [North Van Townhome sales: Jan 2020: 11 - Jan 2019: 12]
|Jan - 20||Jan - 19||% Change|
|Sale Price/Original LP||88.6%||87.5%||+1.3|
|Days on Market||65||48||+35.4|
|Med. Sale Price-Condo||-- *||--||--|
|Med. Sale Price-Townhome||-- *||--||--|
|Med. Sale Price-House||$2,510,000||$2,307,500||+8.8|
*Note: Median sale prices not reported when less than 20 sales [West Van condo sales: Jan 2020: 6 - Jan 2019: 7] -- [West Van Townhome sales: Jan 2020: 2 - Jan 2019: 1]