Q3 [July-Sept] 2020
North Shore real estate sales had another strong Quarter boosted by a record setting September.
In North Vancouver, Q3 [July - Sept] sales were up 51.1 per cent from the same three months in 2019, while new listings were up 47.5 per cent.
The Quarter was lifted by a record setting September which saw the highest number of sales ever for the month at 322 homes sold, 94 per cent above Sept 2019 and 71.4 per cent above the 10-year September average.
For all property types, the September sales-to-active listing ratio was 35.8 per cent, continuing the trend of a ‘seller’s market’.
By property type, the September 2020 ratios were: 44.9 per cent for detached houses, 35.3 per cent for townhomes, and 32.7 per cent for apartments.
By price range, the ratios were 39.2 per cent under $750,000, 26.3 per cent $750k to $1M, 45.9 percent $1M - $1.5M, 44.7 percent $1. 5M - $2M, 35.2 percent $2M - $2.5M, 28.6 per cent $2.5M - $3M, and 10.6 per cent over $3M.
The MLS® Home Price Index (HPI) composite benchmark price of a house in North Vancouver was $1,647,300 (up 12.6 per cent from September 2019). The MLS® HPI price of a condo in North Vancouver was $586,300 (up 7.3 per cent from September 2019). The MLS® HPI price of a townhome in North Vancouver was $1,009,100 (up 7.7 per cent from September 2019).
In West Vancouver, Q3 [July - Sept] sales were up 44.3 per cent from the same period in 2019, while new listings were up 14.5 per cent.
The Quarter was lifted by a near record setting September with 97 sales, just 4 below the all time Sept high set in 2015, 98 per cent above Sept 2019, and 34.9 per cent above the 10-year September average
For all property types, the September sales-to-active listings ratio was 15.3 per cent, the highest ratio for 2020 and the first month activity has hit a ‘balanced market’ since 2017.
By property type, the September 2020 sales-to-active listing ratios were: 14.4 per cent for detached houses, 17.1 per cent for townhomes, and 15.4 per cent for apartments.
By price range, the ratios were 15.5 per cent under $1M, 22.9 per cent $1M - $2M, 26.3 per cent $2M - $3M, 18.2 per cent $3M - $4M, 4.3 per cent $4M-$5M, and 3.2 per cent over $5M.
The MLS® Home Price Index (HPI) composite benchmark price of a house in West Vancouver was $2,687,400 (up 6.6 per cent from September 2019). The MLS® HPI price of a condo in West Vancouver was $1,060,600 (up 3.9 per cent from September 2019).
Despite the sensational number of sales last month, it’s important to compare activity to our market peak for a bit of needed perspective. For instance, in March 2016, a time of low inventory, high sales, and rapidly climbing prices, the sales-to-active listing ratios in North and West Vancouver were 90 per cent and 38 per cent respectively. Compare this to last month at 35.8 per cent and 15.3 per cent respectively, so although the market is very busy, we are still well below peak activity.
Our Sense of the Market.
Generally September is a busy month once everyone is home from holidays and set into their typical routines (at least pre Covid). As well, record low interest rates, changing housing needs from the pandemic, and overall confidence in Vancouver real estate is keeping sales activity well above what most outside observers would expect. In spite of this, certain segments of the market are stronger and busier than others, with the condo market becoming more competitive and cooling somewhat, and the high end market picking up a bit but still lagging the strongest segment, the mid range single family home market.
As always, if you have any questions about our Market Review, or if we can help you with a move, we'd be pleased to hear from you. Since 1979 we’ve helped over 3,500 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 below or at 604-983-2518
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Read the Real Estate Board of Greater Vancouver's September stats report here >>
Past Listing & Sales STATS | September 2020
|Sept - 20||Sept - 19||% Chg|
|New Listings||583||439||+ 32.8|
|Total Listings||900||917||- 1.9|
|Sales/Listings Ratio||35.8%||18.1%||+ 97.8|
|SP/Original LP||98.3%||96.4%||+ 2.0|
|Days on Market||11||27||- 59.3|
|Median Sale Price|
|Sept - 20||Sept - 19||% Chg|
|New Listings||204||225||- 9.3|
|Total Listings||634||735||- 13.7|
|Sales/Listings Ratio||15.3%||6.7%||+ 128.4|
|SP/Original LP||93.9%||89.5%||+ 4.9|
|Days on Market||33||49||- 32.7|
|Median Sale Price|
**Note: Median sale prices not reported when there are less than 20 sales [West Van condo sales: Sept 2020: 22 - Sept 2019: 12] -- [West Van Townhome sales: Sept 2020: 6 - Sept 2019: 2]