First, we must apologize for missing the last month’s market update! Team Finney has undergone a few transformations of late with Christine getting married and Mark having his first baby! Although we are still relishing these wonderful moments, we are back on track with our market updates and will not be missing another one!
Since we last communicated, not much has changed in terms of the pacing of the market. Things remain active, and prices continue to be (overall) stronger than ever before. While the detached market does appear to be experiencing some minor slowing, it is likely just due to a slight increase in inventory during the spring months and will probably not be long term.
West Vancouver Detached
The West Vancouver detached market had a 27% sales ratio in May, which although still considered a “sellers’ market”, is down 7% from the previous month. On average, homes were selling 3% below asking price (down from 1% below the previous few months), which likely has something to do with sellers deciding to list their homes higher due to evidence of other strong sales. The median sale price in West Vancouver for May was $3,200,000, down from $3,337,500 in April.
The most active price bands in West Vancouver this past month were under $2,000,000 and between $2,500,000 and $2,750,000. Properties over $5 million in West Vancouver are experiencing the lowest sales ratio, with 136 listings in this price range on the market in May and only 20 sales (15%).
West Vancouver Attached
The West Vancouver attached market continues strong, with a whopping 89% sales ratio average, up from 41% the previous month. This segment of the market seems to be unstoppable as more and more downsizers are moving out of their expensive and large homes and looking for a well-located condo or townhome of a manageable size. Homes in this category sold on average 4% below list price in May, and the most active price bands were between $400,000 and $500,000 and between $800,000 and $900,000.
North Vancouver Detached
The North Vancouver sales ratio dipped from 98% in April to 65% in May, still a very strong sellers’ market. Homes in North Vancouver are selling on average 3% above asking price. The most active price band in this category is between $2 million and $2.5 million with a 100% sales ratio.
North Vancouver Attached
Similar to what is happening in West Vancouver, the North Vancouver attached market is extremely strong – likely as a result of downsizers as well as first time homebuyers or young families who can no longer afford a detached home. This segment of the market has a 100% sales ratio, and all price ranges are moving quickly from $200,000 all the way up to $1,500,000. On average, attached properties in North Vancouver are selling 3% above list price.