Q1 [Jan-March] 2020
The North and West Vancouver housing market saw consistent increases in sales through the first quarter [Q1] of 2020, with activity slowing as the COVID-19 pandemic intensified.
In North Vancouver, Q1 [Jan-March] sales were up 37.1 per cent from the same three months in 2019, while new listings were down 5.1 per cent.
In March, total reported sales were up 23.0 per cent from March 2019, although 22.1 per cent below the 10-year March average.
New listings were down 9.8 per cent from last March, while total listings were down 31.5 percent from the same time, ending the month at 629 homes for sale (17.3 per cent below the 10-year March average).
The median sale price of a house in North Vancouver was $1,632,000, up 5.5 per cent from March 2019. The median sale price of a condo in North Vancouver was $695,000 (up 15.8 per cent). The median sale price of a townhome in North Vancouver was $1,017,400 (up 4.3 per cent).
For all property types, the March sales-to-active listing ratio was 32.3 per cent.
By property type, the March 2020 ratios were: 25.1 per cent for detached houses, 42.3 per cent for townhomes, and 36.3 per cent for apartments.
By price range, the ratios were 51.2 per cent under $750,000, 36.4 per cent $750k to $1.5 M, 29.5 percent $1.5 M - $2.5 M, and 7.0 per cent over $2.5M.
In West Vancouver, Q1 [Jan-March] sales were up 44.9 per cent from the same period in 2019, while new listings were down 13.8 per cent.
In March, total reported sales were up 75.8 per cent from March 2019, although 41.2 per cent below the 10-year March average.
New listings were up 1.2 per cent from last March, while total listings were down 22.7 percent from the same time, ending the month at 525 homes for sale (12.6 per cent below the 10-year March average).
The median sale price of a house in West Vancouver was $2,465,000, up 5.3 per cent from March 2019.
For all property types, the March sales-to-active listings ratio was 11.0 per cent.
By property type, the March 2020 sales-to-active listings ratios were: 10.5 per cent for detached houses, 19.0 per cent for townhomes, and 10.4 per cent for apartments.
By price range, the ratios were 21.8 per cent under $2M, 15.7 per cent $2M - $3M, 4.7 per cent $3M - $4M, 11.1 per cent $4M-$5M, and 1.4 per cent over $5M.
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North Vancouver Sales >> | West Vancouver Sales >>
Our Sense of the Market. Much of the positive sales growth seen in Q1 and in March was the result of activity before the COVID-19 outbreak was declared a pandemic and social distancing measures were put in place. After this, many buyers and sellers shifted to a ‘wait and see’ approach. That said, there were, and still are, buyers who sold earlier in the year that want to buy now. As well, in certain segments there is a lack of listings (March is the beginning of the Spring market, one of the busiest times of the year for real estate, however as the stats show, total listings are much lower than normal). Because of this, to date, sale prices have remained, for the most part, stable.
Predictions. Analysts and Realtors® have been quick to issue predictions on what will happen in the real estate market. From our experience, in times of uncertainty, we’ve found that these are rarely accurate and would suggest we'll need more time to understand the impact that the pandemic will have on the housing market.
What we do know: historically Vancouver real estate has been a dependable asset. There may be volatility and inconsistencies in prices in the months ahead, but if you own a home or recently bought, and are financially stable and plan to be there long term, ignore the predictions in the media.
Buying or Selling during Covid-19. Like everyone, we are closely monitoring the COVID-19 outbreak and have been implementing new systems to minimize the risk and spread of the virus, while still assisting our clients with their real estate needs.
When the time is right for you to buy or sell, we're here to help with proven results since 1979. In the meantime, if you have questions or concerns about the market or the value of your home, we would be pleased to hear from you. We can be reached at the form on this page or at 604.983.2518.
- From our family to yours, please stay strong & be safe.
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Past Listing & Sales STATS | March 2020
|Mar - 20||Mar - 19||% Chg|
|New Listings||348||386||- 9.8|
|Total Listings||629||918||- 31.5|
|Sales/Listings Ratio||32.3%||18.0%||+ 79.4|
|SP/Original LP||98.1%||95.7%||+ 2.5|
|Days on Market||29||9||- 69.0|
|Median Sale Price|
|Mar - 20||Mar - 19||% Chg|
|New Listings||165||163||+ 1.2|
|Total Listings||525||679||- 22.7|
|Sales/Listings Ratio||11.0%||4.9%||+ 124.5|
|SP/Original LP||92.9%||88.9%||+ 4.5|
|Days on Market||23||42||- 45.2|
|Median Sale Price|
*Note: Median sale prices not reported when less than 20 sales [West Van condo sales: March 2020: 11 - March 2019: 8] -- [West Van Townhome sales: March 2020: 4 - March 2019: 1]