“We started to see more home buyer confidence in the summer and this trend continues today,” says Ashley Smith, REBGV president. “It’ll be important to watch home listing levels over the next few months to see if supply can stay in line with home buyer demand.”
“In today’s market, the intensity of home buyer demand depends on neighbourhood, property type, and price point,” Smith said. “To better understand the changing trends in your neighbourhood and property type of choice, it’s important to work with your local REALTOR®.”
North Vancouver detached market was a seller’s market in November. On average, most homes are selling for almost 6 per cent below list. This is consistent with October. Sellers in Lynn Valley and Blueridge did well again last month while buyers found good opportunities between $2.75m and $3m and in Edgemont. On average, it took 44 days to sell a home in November. The sweet spot for sales was between $1,000,000 and $1,500,000.
The REBGV stated that, “The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,700. This represents a 4.6 per cent decrease from November 2018 and a 1.3 per cent decrease over the past six months”. Prices have stabilized. We expect fewer homes listed in the Winter than Spring. 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.
After analyzing the REBGV stats, the North Vancouver market experienced price declines from January to November. The aggregate median price of a detached home decreased 7.5 per cent to $1,550,000 from the same time last year. Meanwhile, the aggregate median price of a condominium decreased 5.6 per cent to $618,700 from 2018. The aggregate median price of a townhome is $985,000 consistent with 2018. The decrease for detached and condos shrunk from last month.
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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 $1,021,600. This represents a decline of 4.7 per cent from the MLS® HPI over the last year and up 2.2 per cent over the last 3 years, up 46.1 per cent over the last 5 years and up 66 per cent over the last 10 years. The gains are consistent over the last 5 and 10 year period with September 2019. Last month there was a decline in the percentage for 3 years and the change over the last year has shrunk since last month. An indicator that prices are stabilizing.
There were 78 detached sales in November 2019, higher than the 89 detached sales recorded in October 2019 and 40 sales in November 2018. The benchmark price for detached properties was $1,497,500. This represents a decline of 4.7 per cent over the last year and a decline of 8.7 per cent over the last 3 years, an increase of 42.8 per cent over the last 5 years and an increase of 72.1 per cent over the last 10 years. The gains are slightly up since last month and the declines are shrinking.
The detached market is a seller’s market with a sales ratio of 27 per cent and a build up of 3.5 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 44 days in November 2018 it took 33 days. Homes are selling on average for 93.9 per cent of list price. The detached inventory peaked in April and 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 100 apartment sales in November 2019 which is up 33% from November 2018. The benchmark price of an apartment property is $545,500, a 4.2 per cent decrease from November 2018. This represents a decline of 2.1 per cent over the last 6 months but an increase of 18.4 per cent over the last 3 years, an increase of 50.7 per cent over the last 5 years and an increase of 58.7 per cent over the last 10 years. The increase over the last 10 years was 77.4% in May 2019. The gains for apartments are shrinking and the declines slightly increased. 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 23 per cent and a build up of just over 1 month worth of inventory. The average condo listing sat on the market for 34 days compared to 23 days in November 2018. Condos are selling on average for 95.7 per cent of list price. Approximately 2 out of 10 sellers priced their condos correctly while 8 out of 10 sellers did not.
Attached property sales in November 2019 totalled 38, an increase from the 24 sales in November 2018. The benchmark price of a North Vancouver townhome property is $937,100, which represents an 7.7 per cent decrease from November 2018. This represents a decline of 1.7 per cent over the last 6 months, an increase of 6.8 per cent over the last 3 years, an increase of 50.2 per cent over the last 5 years and an increase of 66.8 per cent over the last 10 years.
The attached market is in a sellers market position with a sales ratio of 37 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 November 2018 at 50 days. Attached properties are selling for 96.3 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®