Sales in North and West Vancouver saw significant increases in February, yet continued to trail the 10-year average.
In North Vancouver total reported sales were up 66.7 per cent from February 2019, although 3.3 per cent below the 10-year February average.
New listings rose 11.6 per cent from last February, while total listings were down 28.3 percent from the same time, ending the month at 606 homes for sale (16.4 per cent below the 10-year February average).
For all property types, the February sales-to-active listing ratio was 33.8 per cent.
By price range, the ratios were 54.9 per cent under $750,000, 35.1 per cent $750k to $1.5 M, 33.3 percent $1.5 M - $2.5 M, and 6.7 per cent over $2.5M.
In West Vancouver total reported sales were up 41.0 per cent from February 2019, however were 34.8 per cent below the 10-year February average.
New listings decreased 25.6 per cent from February 2019, while total listings were down 15.2 per cent from the same time, ending the month at 654 homes for sale (12.7 per cent below the 10-year February average).
For all property types, the February sales-to-active listings ratio was 10.7 per cent.
By price range, the ratios were 19.3 per cent under $2M, 22.0 per cent $2M - $3M, 5.2 per cent $3M - $4M, and 2.1 per cent over $4M.
January Stats Revisited. Last month we highlighted how the Real Estate Board’s sales stats are calculated based on when homes are ‘reported sold’ versus when they are actually sold, and mentioned how ‘we will likely see a number of January sales reported in February’. Revisiting the numbers, the actual January sales on the North Shore were 141 in North Vancouver (compared to 100 reported sold), and 38 in West Vancouver (compared to 29 reported sold). This represents a difference of 41 per cent and 31 per cent respectively. Compare this to 2019 when the January reported sales versus actual sales were only 13 per cent higher in North Van and 19 per cent higher in West Van.
The takeaway? Although February was a strong month, the reported sales were helped by the slower than normal start to the year, with more sales activity late in the month which carried over as February sales.
See what sold and when at the links below:
Our Sense of the Market. Strength is coming from the bottom up, as entry level homes & properties within reach of those already in the market are seeing the most demand (ie buyers selling condos and buying a townhome, or a selling a townhome and buying a house). This is slowly moving up price ranges as can be seen from the improving sales-to-listing stats above, however, the high-end continues to underperform, with lots of choice and selection, and few sales. In North Vancouver over $2.5M there were just 7 sales last month, to 104 active listings; while in West Vancouver over $4M there were 4 sales to 195 active listings.
Reasons for caution. Volatility in the financial markets and steep declines in stock prices have the potential to impact buyer confidence and buying power. As well, Vancouver is a global city, and any prolonged fears or restrictions on travel have the potential to slow growth.
Reasons for optimism.
Fears of a slowing economy from Covid-19 has the potential to lead to lower interest rates which should stimulate the real estate market.
If buying, prices remain adjusted from peak highs seen a few years ago, and relative to then, we continue to see great opportunities. If you are considering a move up market into the high-end, it may be a great time to take advantage of the softness of that segment.
If selling, the market is moving much more efficiently allowing for better information for decision making, and in some cases, much quicker sales.
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 experience. We can be reached at the form on this page or at 604.983.2518.
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Past Listing & Sales STATS | February 2020
|Feb - 20||Feb - 19||% Chg|
|New Listings||365||327||+ 11.6|
|Total Inventory||606||845||- 28.3|
|Sales/Listings Ratio||33.8%||14.6%||+ 131.5|
|SP/Original LP||98.7%||96.7%||+ 2.1|
|Days on Market||10||14||- 28.6|
|Med. SP - Condo||$655,000||$648,000||+ 1.1|
|Med. SP - Townhome||$965,000||$1,017,500||- 5.2|
|Med. SP - House||$1,640,000||$1,470,000||+ 11.6|
|Feb - 20||Feb - 19||% Chg|
|New Listings||141||169||- 16.6|
|Total Inventory||514||661||- 22.2|
|Sales/Listings Ratio||10.7%||5.9%||+ 81.4|
|SP/Original LP||93.4%||90.2%||+ 3.5|
|Days on Market||24||36||- 33.3|
|Med. SP - Condo||-- *||--||--|
|Med. SP - Townhome||-- *||--||--|
|Med. SP - House||$2,310,000||$2,043,800||+ 13.1|
*Note: Median sale prices not reported when less than 20 sales [West Van condo sales: Feb 2020: 7 - Feb 2019: 11] -- [West Van Townhome sales: Feb 2020: 3 - Feb 2019: 1]