Q1 [Jan-March] 2021
North Shore First Quarter [Q1] sales trended considerably higher compared to 2020 led by a record setting March.
In North Vancouver, Q1 [Jan-March] sales were up 89.0 per cent from the same three months in 2020, while new listings were up 34.3 per cent.
In March, total reported sales were up 129.1 per cent from March 2020, the highest monthly sales ever recorded in North Van and 67.3 per cent above the 10-year March average.
New listings were up 34.3 per cent from last March, while total listings were down 21.3 per cent from the same time, ending the month at 563 homes for sale (24.1 per cent below the 10-year March average).
For all property types, the March 2021 sales-to-active listing ratio was 82.6 per cent – the second highest absorption rate on record (second only to March 2016 at 90.0 per cent).
By property type, the March ratios were: 80.3 per cent for detached houses, 80.6 per cent for townhomes, and 84.2 per cent for apartments.
By price range, the March ratios were:
| < $750,000: | 98.4 per cent |
| $750k to $1M: | 107.8 per cent |
| $1M - $1.5M: | 66.4 per cent |
| $1. 5M - $2M: | 85.0 per cent |
| $2M - $2.5M: | 83.0 per cent |
| $2.5M - $3M: | 62.1 per cent |
| > $3M: | 47.7 per cent |
The MLS® Home Price Index (HPI) composite benchmark price of a house in North Vancouver was $1,853,100 (up 19.4 per cent from March 2020). The MLS® HPI price of a condo in North Vancouver was $615,200 (up 5.2 per cent from March 2020). The MLS® HPI price of a townhome in North Vancouver was $1,052,300 (up 9.1 per cent from March 2020).
In West Vancouver, Q1 sales were up 108.6 per cent from the same period in 2020, while new listings were up 32.5 per cent.
In March, total reported sales were up 154.4 per cent from March 2020, the highest monthly sales on record since 2016 and 53.9 per cent above the 10-year March average.
New listings were up 75.2 per cent from last March, while total listings were down 12.7 percent from the same time, ending the month at 487 homes for sale (18.8 per cent below the 10-year March average).
For all property types, the March sales-to-active listings ratio was 29.8 per cent –the highest absorption rate on record since 2016.
By property type, the March 2021 sales-to-active listing ratios were: 26.5 per cent for detached houses, 47.4 per cent for townhomes, and 34.8 per cent for apartments.
By price range, the March ratios were:
| < $1M: | 54.8 per cent |
| $$1M - $2M: | 56.9 per cent |
| $2M - $3M: | 39.1 per cent |
| $3M - $4M: | 18.8 per cent |
| $4M-$5M: | 35.1 per cent |
| $5M-$6M: | 10.3 per cent |
| >$6M | 13.1 per cent |
The MLS® Home Price Index (HPI) composite benchmark price of a house in West Vancouver was $3,043,400 (up 19.2 per cent from March 2020). The MLS® HPI price of a condo in West Vancouver was $1,143,300 (up 11.2 per cent from March 2020).
Sales. Search all the North and West Vancouver sales with access to all sold data (including listed and sale prices, days on market, and more). Get started at the links below:
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The Market.
March brought some much-needed additional inventory to the market, though far lower than required to create balance, as demand continued to outpace supply.
Similar to 2016, we are seeing some extraordinary sales, in a few cases that defy common sense, though through the lens of a long-term purchase and emotional desire to get into a home, are seen by some buyers as necessary. These sales are offering a trickle-down impact, where sellers that realized big prices are less discriminating on values when looking to buy. The result is an inconsistent market.
If you are buying, numerous sellers continue to strategically underprice their properties with the goal of generating multiple offers. If you see a home that is of interest, our team would be pleased to provide guidance of where the value could be based on sales/demand.
If you are selling, despite the record sales, activity continues to vary depending on location and property type. Although underpricing a home has worked well for some sellers, for others, it has had mixed results (over the last two weeks, 40% of the North Shore listings that had a price change increased their asking price due to not generating the expected multiple offers and the price being bid up to meet the sellers expectations). Our team is experienced in markets like this, and would be pleased to help craft a strategy that is best for you and your property.
As always, if you have questions about the market, the value of your home, or are considering a move, we'd love to hear from you. We can be reached at 604.983.2518 or by completing the form on this page
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Past Listing & Sales STATS | March 2021
North Vancouver
| Mar - 21 | Mar - 20 | % Chg | |
| New Listings | 692 | 348 | + 98.9 |
| Total Listings | 563 | 715 | - 21.3 |
| Sales | 465 | 203 | + 129.1 |
| Sales/Listings Ratio | 82.6% | 28.4% | + 190.8 |
| SP/Original LP | 100.2% | 98.1% | + 2.1 |
| Days on Market | 7 | 9 | - 22.2 |
| Median Sale Price | |||
| Condo | $695,000 | $695,000 | -- |
| Townhome | $1,150,000 | $1,017,500 | + 13.0 |
| House | $1,915,000 | $1,632,000 | + 17.3 |
West Vancouver
| Mar - 21 | Mar - 20 | % Chg | |
| New Listings | 289 | 165 | + 75.2 |
| Total Listings | 487 | 558 | - 12.7 |
| Sales | 145 | 57 | + 154.4 |
| Sales/Listings Ratio | 29.8% | 10.2% | + 192.2 |
| SP/Original LP | 96.5% | 92.9% | + 3.9 |
| Days on Market | 10 | 22 | - 54.5 |
| Median Sale Price | |||
| Condo | $998,500 | --** | -- |
| Townhome | -- ** | -- | -- |
| House | $2,939,000 | $2,465,000 | + 19.2 |
**Note: Median sale prices not reported when there are less than 20 sales [West Van condo sales: March 2021: 31 - March 2020: 10] -- [West Van Townhome sales: March 2021: 9 - March 2020: 4]