October 2020
The Fall market continued at a brisk pace in October, as sales hit new highs in North and West Vancouver.
North Vancouver saw the highest monthly sales total for all of 2020 with 332 homes reported sold, up 28.2 per cent from Oct 2019 and 46.3 per cent above the 10-year October average.
New listings were up 31.7 per cent from Oct of last year and were 25.0 per cent above the 10-year October average, while total listings were down 3.7 per cent from October 2019, ending the month at 802 homes for sale (7.8 per cent below the 10-year Oct average).
For all property types, the October sales-to-active listing ratio was 41.4 per cent, the highest on record for 2020.
By property type, the October 2020 ratios were: 48.1 per cent for detached houses, 58.8 per cent for townhomes, and 33.6 per cent for apartments.
By price range, the ratios were 40.5 per cent under $750,000, 39.4 per cent $750k to $1M, 53.7 per cent $1M - $1.5M, 54.4 per cent $1. 5M - $2M, 33.8 per cent $2M - $2.5M, 21.9 per cent $2.5M - $3M, and 13.8 per cent over $3M.
The MLS® Home Price Index (HPI) composite benchmark price of a house in North Vancouver was $1,665,100 (up 13.6 per cent from October 2019). The MLS® HPI price of a condo in North Vancouver was $588,900 (up 6.3 per cent from October 2019). The MLS® HPI price of a townhome in North Vancouver was $1,026,400 (up 9.6 per cent from October 2019).
West Vancouver also saw the highest monthly sales total for all of 2020 with 103 homes reported sold, up 56.1 per cent from Oct 2019 and 24.2 per cent above the 10-year October average.
New listings were up 33.1 per cent from Oct of last year and were 11.8 per cent above the 10-year October average, while total listings were down 11.5 per cent from October 2019, ending the month at 623 homes for sale (9.4 per cent below the 10-year Oct average).
For all property types, the October sales-to-active listings ratio was 16.5 per cent, the second consecutive month activity has hit a ‘balanced market’.
By property type, the October 2020 sales-to-active listing ratios were: 16.7 per cent for detached houses, 16.7 per cent for townhomes, and 16.8 per cent for apartments.
By price range, the ratios were 24.5 per cent under $1M, 20.5 per cent $1M - $2M, 24.2 per cent $2M - $3M, 10.8 per cent $3M - $4M, 21.0 per cent $4M-$5M, and 6.9 per cent over $5M.
The MLS® Home Price Index (HPI) composite benchmark price of a house in West Vancouver was $2,743,600 (up 8.7 per cent from October 2019). The MLS® HPI price of a condo in West Vancouver was $1,094,600 (up 4.4 per cent from October 2019).
Our Sense of the Market.
Despite the exceptionally strong month, the record sales growth we have seen is slowing.
By the numbers, sales from the low of the pandemic are up 249 per cent and 267 per cent in North and West Vancouver respectively. However, this month saw only modest increases from September, up 3.1 per cent in North Vancouver and 6.1 per cent in West Vancouver. Traditionally sales increase at a much greater pace September to October, with 10-year average increases of 25.3 per cent in North Vancouver and 16.5 per cent in West Vancouver.
Anecdotally, calls, inquiries, web traffic, and showings - what we consider leading indicators of the market, have all been down compared to September.
We mention this as a reminder that sales will, likely sooner than later, retreat, either due to seasonal factors or shifts in the market as a whole. If you are thinking of a move, make use of the information you have at hand, and as we always caution, don't try to time the market.
As always, if you have any questions about our Market Review, the value of your home, or if we can assist 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
Sales. Search all the North and West Vancouver sales the day they are reported sold 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 >>
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Past Listing & Sales STATS | October 2020
North Vancouver
| Oct - 20 | Oct - 19 | % Chg | |
| New Listings | 445 | 338 | + 31.7 |
| Total Listings | 802 | 833 | - 3.7 |
| Sales | 332 | 259 | + 28.2 |
| Sales/Listings Ratio | 41.4% | 31.0% | + 33.1 |
| SP/Original LP | 98.2% | 96.6% | + 1.7 |
| Days on Market | 12 | 20 | - 40.0 |
| Median Sale Price | |||
| Condo | $674,000 | $630,000 | + 7.0 |
| Townhome | $1,050,000 | $941,500 | + 14.1 |
| House | $1,757,500 | $1,540,000 | + 11.5 |
West Vancouver
| Oct - 20 | Oct - 19 | % Chg | |
| New Listings | 205 | 154 | + 33.1 |
| Total Listings | 623 | 704 | - 11.5 |
| Sales | 103 | 66 | + 56.1 |
| Sales/Listings Ratio | 16.5% | 9.4% | + 75.5 |
| SP/Original LP | 94.1% | 91.0% | + 3.4 |
| Days on Market | 28 | 42 | - 33.3 |
| Median Sale Price | |||
| Condo | $1,265,000 | --** | -- |
| Townhome | -- ** | -- | -- |
| House | $2,891,500 | $2,225,000 | + 30.0 |
**Note: Median sale prices not reported when there are less than 20 sales [West Van condo sales: Oct 2020: 22 - Oct 2019: 12] -- [West Van Townhome sales: Oct 2020: 6 - Oct 2019: 4]