“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” Ashley Smith, REBGV president said. “Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”
“This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”
North Vancouver detached market was a balanced market in September. On average, most homes are selling for nearly 6 per cent below list. Sellers in Blueridge, Canyon Heights and Lynn Valley did well last month while buyers found good opportunities between $2.5m and $3m and in Dollarton and Edgemont. On average, it took 24 days to sell a home in September. The sweet spot for sales was between $1,000,000 and $1,250,000.
The REBGV stated that, “The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $990,600. This represents a 7.3 per cent decrease over September 2018 and a 0.3 per cent decrease compared to August 2019.”
After analyzing theREBGV stats, the North Vancouver market experienced price declines from January to June. The aggregate median price of a detached home decreased 9.1 per cent to $1,550,000 from the same time last year. Meanwhile, the aggregate median price of a condominium decreased 6.8 per cent to $615,000 from 2018. The aggregate median price of a townhome is $985,000 consistent with 2018. The decline increased slightly for detached homes.
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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 $1,013,200. This represents a decline of 7.4 per cent from the MLS® HPI over the last year and a decline of 0.6 per cent over the last 3 years, up 46.5 per cent over the last 5 years and up 67.9 per cent over the last 10 years. The gains have shrunk slightly over the 10 year period.
There were 59 detached sales in September 2019, higher than the 41 detached sales recorded in September 2018. The benchmark price for detached properties was $1,463,200. This represents a decline of 7.5 per cent over the last year and a decline of 12.6 per cent over the last 3 years, an increase of 41.4 per cent over the last 5 years and an increase of 72.2 per cent over the last 10 years. The gains over the last 10 years have shrunk 10% since July 2019.
The detached market is a balanced market with a sales ratio of 17 per cent and a build up of nearly 6 months worth of inventory. This tells us that nearly 2 out of 10 homes were priced properly while 8 homes out of 10 were not priced properly and did not sell. The average detached listing sat on the market for 24 days on par with August 2018 at 32 days. Homes are selling on average for 94 per cent of list price. The detached inventory peaked in May 2019 and has been declining since. The inventory has begun to build since August 2019.
North Vancouver saw 83 apartment sales in September 2019. The benchmark price of an apartment property is $546,500, a 7.6 per cent decrease from September 2018. This represents a decline of 3.1 per cent over the last 6 months but an increase of 17.7 per cent over the last 3 years, an increase of 52.7 per cent over the last 5 years and an increase of 62.1 per cent over the last 10 years. The increase over the last 10 years has begun to shrink by about 8 per cent since July 2019.
The condo market is a seller market with a sales ratio of 24 per cent and a build up of over 2 months worth of inventory. The average condo listing sat on the market for 41 days compared to 24 days in September 2018. Condos are selling for 95.8 per cent of list price. Just under 2 out of 10 sellers priced their condos correctly while over 8 sellers out of the 10 did not.
Attached property sales in September 2019 totalled 24, an increase from the 21 sales in September 2018. The benchmark price of a North Vancouver townhome property is $937,100, which represents an 8.3 per cent decrease from September 2018. This represents a decline of 1.6 per cent over the last 6 months, an increase of 4 per cent over the last 3 years, an increase of 51.8 per cent over the last 5 years and an increase of 68.5 per cent over the last 10 years.
The attached market is in a balanced market position with a sales ratio of 18 per cent and a build up of 3.5 months worth of inventory. The average attached listing sat on the market for 48 days compared to September 2018 at 27 days. Attached properties are selling for 96.5 per cent of list and nearly 2 townhome sellers out of 10 priced their homes appropriately for the market.
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Data courtesy of the REBGV, BCREA and SnapSt