September Market Update

Under Market Update

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Written on September 10th, 2018

“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGV president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”

According to the REBGV, the MLS HPI Benchmark price of detached properties sold in July in North Vancouver was $1,649,700, down from $1,675,200 in July 2018 and $1,711,100 in August 2017. On average in August, it took 54 days to sell a home about 3 weeks longer than the July market. Detached homes in August sold at 92% of list price. August detached inventory is down to 422 from 486 in July. Sales are down in August to 32 units from 52 units in July. It would take over 13 months to clear the North Van detached inventory. North Van is in a buyer’s market position since at a current sales ratio of 7.6%.

Each neighbourhood market varies. Call us, if you would like to know how your neighbourhood market is performing. We love to chat real estate!

There are great upsizing opportunities in the luxury market. This could change over the next few months as consumer confidence is restored and the market stabilizes. It is difficult to see the bottom of the market until prices begin to climb back up.

It is a great time to sell if you have an entry level priced home, a beautifully renovated home or a luxury property with great character. Buyers are out looking for homes that demonstrate value.

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