Every month, Team Finney sends out market statistics for North and West Vancouver to our list of (lucky!) email recipients including past and current clients, and various others who have asked to be kept informed. We figured why not publish this information on our blog as well, so we are starting now with October, 2015. Also see the Real Estate Board of Greater Vancouver’s website at http://www.rebgv.org/news for detailed statistics on the whole region.
We feel that we are beginning to sound like a broken record, but both the North Vancouver and West Vancouver markets continue to thrive, with no signs of slowing down for the winter months as we normally see. It is particularly difficult to keep up with the North Vancouver market, where the average sale price increased 6.87% from September to October alone and over 30% since last year. In terms of real dollars, North Vancouver has increased by an average of $344,400 and West Vancouver by an average of $450,000 since October last year. Competing offer scenarios remain common in North Vancouver and still occur in West Vancouver for certain properties.
View properties in both municipalities are still in great demand and are commanding much higher than average prices and selling quickly.
Lynn Valley, Canyon Heights and Upper Lonsdale were the busiest areas of North Vancouver in October while the British Properties, Ambleside and Dundarave lead the sales in West Vancouver (albeit with lower sales ratios than we are seeing in North Vancouver).
Sellers in West Van achieved an average of 98% of asking price in October while North Van sellers got 104%! It took an average of eight days to sell in North Van for October and thirty days in West Van.
One thought that we have had lately as we are working with buyers looking in the $1,500,000 to $2,000,000 range is that they might be wise to include West Vancouver in a search that they otherwise would have restricted to North Vancouver. Since the West Vancouver market is moving at a slower pace, there are some properties further west in West Van, to Caulfeild, Eagle Harbour, Horseshoe Bay etc., or in Glenmore (just above the British Properties) where one can find a great livable house in this price range without having to compete with 10 other buyers and pay over asking price with no subjects. Opportunity knocks! See last week’s blog entry for more on this point: http://www.teamfinney.com/blog/2015/11/10/looktowestvancouver/
With no end in sight to the continuing market frenzy, if you are thinking of buying or selling, things do not appear to be slowing down any time soon.