The North and West Vancouver housing market experienced increased sales from last month, as buyers and sellers cautiously re-entered the market.
In North Vancouver, total reported sales increased 43.2 per cent from April, however, year-over-year sales were down 46.9 per cent, and 48.1 per cent below the 10-year May average.
New listings increased 53.4 per cent from last month, although continued to trend well below historical levels, down 34.2 per cent from last May, with total listings off 34.2 percent from the same time, ending the month at 686 homes for sale (24.3 per cent below the 10-year May average).
The MLS® Home Price Index (HPI) composite benchmark price of a house in North Vancouver was $1,543,800 (up 2.4 per cent from May 2019). The MLS® HPI price of a condo in North Vancouver was $577,200 (up 3.6 per cent from May 2019). The MLS® HPI price of a townhome in North Vancouver was $974,200 (up 2.2 per cent from May 2019).
For all property types, the May sales-to-active listing ratio was 19.8 per cent (up 38.5 per cent from April 2020’s 15.3 per cent)
By property type, the May 2020 sales-to-active listing ratios were: 17.8 percent for detached houses, 29.3 per cent for townhomes, and 18.6 percent for apartments.
By price range, the ratios were 28.5 percent under $750,000, 23.1 percent $750k to $1.5 M, 16.7 percent $1.5 M - $2.5 M, and 6.0 percent over $2.5M.
In West Vancouver, total reported sales increased 60.7 per cent from last month, however, year-over-year sales were down 35.7 percent, and 57.8 per cent below the 10-year May average.
New listings increased 56.8 per cent from April, yet continued to trend below 2019 levels, off 39.7 per cent from May 2020, with total listings down 34.3 per cent (25.7 per cent below the 10-year May average).
The MLS® Home Price Index (HPI) composite benchmark price of a house in West Vancouver was $2,620,700 (up 4.1 per cent from May 2019). The MLS® HPI price of a condo in West Vancouver was $1,006,000 (down 1.6 per cent from May 2019).
For all property types, the May sales-to-active listings ratio was 8.8 per cent (an increase of 51.7 per cent from April).
By property type, the May 2020 sales-to-active listing ratios were: 8.0 per cent for detached houses, 9.5 per cent for townhomes, and 12.0 per cent for apartments.
By price range, the ratios were 19.2 per cent under $2M, 8.5 per cent $2M - $3M, 6.4 per cent $3M - $4M, 5.2 per cent $4M-$5M, and 1.6 per cent over $5M.
Sales. 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:
North Vancouver Sales >> | West Vancouver Sales >>
Slower Markets. Despite the decrease in sales, listings have followed a similar trend, at the moment maintaining some balance and keeping prices fairly steady in the most active price ranges. That said, as is common for slower markets, activity and interest is not market wide, as some areas and price ranges are experiencing lower demand leading to inconsistencies between sale prices. Most notably, the higher end continues to see the fewest sales (last month in North Van over $2.5M there were 7 sales to 116 listings, while in West Van over $5M there were just 2 sales to 126 listings).
Our Sense of the Market. As more buyers and sellers get comfortable with the idea of moving during Covid-19 and are returning to the market, interest in real estate is picking up. In May we facilitated over twice as many showings as April, and three times more than March (all while following our new Covid protocols). And last month, views on our website were up 20.1 per cent from April and 47.1 per cent from March (both showings and web traffic are often leading indicators of sales). With this, a number of our well priced homes received multiple offers, and in a few cases, sold over the list price.
Buying or Selling during Covid-19. As we get further into BC’s Restart Plan, we are continuing to update and implement 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.
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Read the Real Estate Board of Greater Vancouver's May stats report here >>
Past Listing & Sales STATS | May 2020
|May - 20||May - 19||% Chg|
|New Listings||336||511||- 34.2|
|Total Listings||686||1,098||- 37.5|
|Sales/Listings Ratio||19.8%||23.3%||- 15.0|
|SP/Original LP||97.5%||95.8%||+ 1.8|
|Days on Market||12||24||- 50.0|
|Median Sale Price|
|May - 20||May - 19||% Chg|
|New Listings||138||229||- 39.7|
|Total Listings||509||775||- 34.3|
|Sales/Listings Ratio||8.8%||8.9%||- 1.1|
|SP/Original LP||90.7%||88.4%||+ 2.6|
|Days on Market||53||29||+ 82.8|
|Median Sale Price|
**Note: Median sale prices not reported when there are less than 20 sales [West Van condo sales: May 2020: 12 - May 2019: 11] -- [West Van Townhome sales: May 2020: 2 - May 2019: 2]