“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average,” Ashley Smith, REBGV president said. “Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.”
We have seen interesting articles in the news lately about the real estate market.
A third of FTHB incentive applications were in major cities. This could be that the first-time buyers do not want to share home ownership with the government and/or the prices in major cities are still too unaffordable for these buyers to participate. Check out Better Dwelling’s article here.
Vancouver area home sales rebound from last year while prices are down year over year. For more info, read the CBC article here.
Top Tier! It’s a great time for buyers to step out of the rentals they have been hiding in. If you are thinking of selling to upsize to something newer or bigger, the timing is now. We have seen the North Vancouver market from $2.5m to $2.750m price band thriving in the month of January. Read the Vancouver is Awesome article here for more details.
Call us for more details or if you are just curious. We love to chat real estate!
We have been busy blogging the latest design trends. Check out our blog here for what to and what not to expect in 2020.
North Vancouver detached market was a buyer’s market in January. On average, most homes are selling for 4.8 per cent below list. This is consistent with December 2019. Sellers in Lynn Valley did well again last month while buyers found good opportunities between $1.75m and $2m and in Canyon Heights. On average, it took 65 days to sell a home in January that was on par with the 56 days it took in December. The sweet spot for sales was between $1,500,000 and $1,750,000 with good activity between $1,250,000 to $1,500,000 and $2,500,000 to $2,750,000.
The REBGV stated that, “The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,700. This represents a 1.2 per cent decrease over January 2019, a 1.4 per cent increase over the past six months, and a 0.8 per cent increase compared to December 2019.”
We believe we are past the bottom of the market and prices have stabilized. Inventory in January was low and we expect this continue through the winter months. We recommend sellers list in the Winter Market as the Spring Market may have an influx of listings that could cause prices to dip and correct again.
We are passionate about real estate and driven to do the best for you – our clients, family and friends. We love your referrals. Referrals keep our business thriving. Referrals and repeat clients are the core of our business. Thank you for your referrals and phone calls so far this month.
Now, lets get to the numbers…
The MLS® Home Price Index composite benchmark price for all residential properties in North Vancouver is currently $1,045,200. This represents an increase of 0.4 per cent from the MLS® HPI over the last year and up 6.6 per cent over the last 3 years, up 47.6 per cent over the last 5 years and up 67.6 per cent over the last 10 years. The numbers indicate that prices are stabilizing and possibly improving. We need a few months more consistent data to prove prices are improving.
There were 24 detached sales in January 2020, lower than the 56 detached sales recorded in December 2019 and 35 sales in January 2019. The benchmark price for detached properties was $1,536,800. This represents an increase of 1.6 per cent over the last year and a decline of 2.9 per cent over the last 3 years, an increase of 44 per cent over the last 5 years and an increase of 74.2 per cent over the last 10 years. The gains are slightly up since last month.
The detached market is a buyer’s market with a sales ratio of 10 per cent and a build up of nearly 5.5 months worth of inventory. This tells us that nearly 1 out of 10 homes were priced properly while 9 homes out of 10 were not priced properly and did not sell. The average detached listing sat on the market for 65 days in January 2019 it took 51 days. Homes are selling on average for 95.2 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 63 apartment sales in January 2020 that is up from 41 sales in January 2019. The benchmark price of an apartment property is $558,300, a 0.3 per cent increase from January 2019. This represents an increase of 0.7 per cent over the last 6 months but an increase of 19.7 per cent over the last 3 years, an increase of 52.4 per cent over the last 5 years and an increase of 69.4 per cent over the last 10 years. This is indicative of what we usually see in the market with condos being the last property type to be hit by changes in the market.
The condo market is a sellers market with a sales ratio of 28 per cent and a build up of nearly 3 months worth of inventory. The average condo listing sat on the market for 36 days compared to 48 days in January 2019. Condos are selling on average for 97.8 per cent of list price. Approximately 3 out of 10 sellers priced their condos correctly while 7 out of 10 sellers did not.
Attached property sales in January 2020 totalled 11, on par with the 12 sales in January 2019. The benchmark price of a North Vancouver townhome property is $947,400, which represents an 3.3 per cent decrease from January 2019. This represents an increase of 0.3 per cent over the last 6 months, an increase of 12.3 per cent over the last 3 years, an increase of 54.2 per cent over the last 5 years and an increase of 66.4 per cent over the last 10 years. The gains increased slightly in keeping with our belief that the market has stabilized.
The attached market is in a buyer’s market position with a sales ratio of 14 per cent and a build up of over 4.5 months worth of inventory. The average attached listing sat on the market for 13 days compared to January 2019 at 48 days. Attached properties are selling for 99.4 per cent of list and 1 townhome sellers out of 10 priced their homes appropriately for the market while nearly 9 did not.
Looking for more info? Call us, we are always happy to help.
Data courtesy of the REBGV, BCREA and SnapStats®