“Home buyers have more confidence today than we saw in the first half of the year,” says Ashley Smith, REBGV president. “With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”
“The recent uptick in home sales is moving us into a more historically typical market,” Smith said. “Both sale and listing activity is trending around our long-term averages in recent months.”
North Vancouver detached market was a seller’s market in October. On average, most homes are selling for nearly 5 per cent below list. Sellers in Lynn Valley did well again last month while buyers found good opportunities between $2.5m and $2.75 and in Upper Lonsdale and Upper Delbrook. On average, it took 40 days to sell a home in October. The sweet spot for sales was between $1,250,000 and $1,750,000.
The REBGV stated that, “The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $992,900. This represents a 6.4 per cent decrease over October 2018 and a 0.2 per cent decrease compared to September 2019.” These percentages are shrinking which may indicate we have hit the bottom of the market and are on the rise. Buyers be aware, prices may steady and rise for spring. Look for value now.
After analyzing the REBGV stats, the North Vancouver market experienced price declines from January to October. The aggregate median price of a detached home decreased 8.1 per cent to $1,550,000 from the same time last year. Meanwhile, the aggregate median price of a condominium decreased 6.3 per cent to $618,250 from 2018. The aggregate median price of a townhome is $985,000 consistent with 2018.
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Now, lets get to the numbers…
The MLS® Home Price Index composite benchmark price for all residential properties in North Vancouver is currently $1,019,400. This represents a decline of 6 per cent from the MLS® HPI over the last year and a decline of 1.7 per cent over the last 3 years, up 46.3 per cent over the last 5 years and up 67.3 per cent over the last 10 years. The gains are consistent over the last 5 and 10 year period with September 2019.
There were 89 detached sales in October 2019, higher than the 59 detached sales recorded in September 2019 and 68 sales in October 2018. The benchmark price for detached properties was $1,465,700. This represents a decline of 6.7 per cent over the last year and a decline of 11.7 per cent over the last 3 years, an increase of 40.3 per cent over the last 5 years and an increase of 70.5 per cent over the last 10 years. The gains in May 2019 were 92.2%.
The detached market is a seller’s market with a sales ratio of 26 per cent and a build up of over 2 months worth of inventory. This tells us that nearly 3 out of 10 homes were priced properly while 7 homes out of 10 were not priced properly and did not sell. The average detached listing sat on the market for 40 days on par with October 2018 at 43 days. Homes are selling on average for 95.4 per cent of list price. The detached inventory peaked in May 2019 and has been declining since. In keeping with what we traditionally see happen in late November and early December, we expect the remaining listings to come off the market for Christmas and recycle in January or Spring next year.
North Vancouver saw 125 apartment sales in October 2019 which is up 60% from October 2018. The benchmark price of an apartment property is $554,100, a 5 per cent decrease from October 2018. This represents a decline of 1.7 per cent over the last 6 months but an increase of 20.8 per cent over the last 3 years, an increase of 54.4 per cent over the last 5 years and an increase of 62.8 per cent over the last 10 years. The increase over the last 10 years was 77.4% in May 2019.
The condo market is a seller market with a sales ratio of 42 per cent and a build up of just over 1 month worth of inventory. The average condo listing sat on the market for 35 days compared to 18 days in October 2018. Condos are selling on average for 96.3 per cent of list price. Approximately 4 out of 10 sellers priced their condos correctly while 6 out of 10 sellers did not.
Attached property sales in October 2019 totalled 38, an increase from the 23 sales in October 2018. The benchmark price of a North Vancouver townhome property is $936,300, which represents an 8.8 per cent decrease from October 2018. This represents a decline of 1.1 per cent over the last 6 months, an increase of 10.2 per cent over the last 3 years, an increase of 50.1 per cent over the last 5 years and an increase of 67.5 per cent over the last 10 years.
The attached market is in a balanced market position with a sales ratio of 36 per cent and a build up just over a month worth of inventory. The average attached listing sat on the market for 44 days compared to October 2018 at 23 days. Attached properties are selling for 96 per cent of list and nearly 4 townhome sellers out of 10 priced their homes appropriately for the market while 6 did not.
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Data courtesy of the REBGV, BCREA and SnapStats®