We appreciate the opportunity to keep you informed about the Greater Vancouver real estate markets. Here is your monthly update for the month of July 2016. We hope you find this information useful and interesting. Please feel free to forward to anyone you think it would help. Once again, your referrals are very much appreciated. You can rest assured that they will receive the professional courteous service that they deserve.
Well, the statistics for July have made it clear that we are seeing a real shift in the market throughout Greater Vancouver including on the North Shore. The market has slowed noticeably this summer with sales in Greater Vancouver down 18.6% since July, 2015 and 26.7% compared to June, 2016. July sales were still 6.5% above the 10 year average but much closer to normal than we have seen for over a year. It remains to be seen what effect the 15% foreign buyer tax will have on the market as it was only announced during the last week of July just before the long weekend. If nothing else, it has certainly introduced some uncertainty into the market which will likely slow things down even more, at least in the short term.
West Vancouver Detached Homes
Last month we informed you that this segment of the market was now considered “balanced”. Well, as of July, the West Vancouver detached market is now officially a BUYER’S MARKET! With an 11% sales ratio (1.1 in 10 homes selling rate), the average sale price has continued to drop as it has since March and now sits at $3,115,000. Still no measly sum of course. Consistent with the shift in market conditions, inventory in West Van was up 7% from June to July, and sales were down 41%. On average, homes were selling 7% below list price and the average days on market increased from 15 to 21 from June to July. The British Properties, Ambleside, and Queens saw significant slowdowns in July compared to what we have been seeing most of this year. Dundarave, Cedardale, and Sentinel Hill remained relatively strong for July.
West Vancouver Attached Homes
The West Vancouver Attached sales ratio fell from 49% to 36% from June to July but that is still quite solidly a sellers’ market. Inventory in this segment of the market was also up 7% month over month and the average sale price fell 7% to $980,000. Unlike in June, homes in this category were selling on average below list price in July (4% below versus 3% above the month before). Ambleside and Panorama Village were the busiest areas for attached home sales in July, while Dundarave had only 1 sale compared to 13 listings.
North Vancouver Detached Homes
As we predicted last month, the North Vancouver detached market did experience quite a slow down in July with the sales ratio down from 82% in June to 45% in July. That translates to a 38% decrease in number of sales from June to July and a 12% increase in inventory. The average sale price fell negligibly from June to $1,664,000. Lynn Valley was the busiest area in July, with Upper Lonsdale and Central Lonsdale following close behind (although Central Lonsdale had a strong 100% sales ratio versus 57% in Lynn Valley and 47% in Upper Lonsdale). The most active price band for the month was between $1,500,000 and $1,750,000 where we saw 28 sales and a 93% sales to listing ratio.
North Vancouver Attached Homes
The North Vancouver attached market remained the hottest of the bunch with an 88% sales ratio for July. Homes were selling on average 2% below listing price, and the average price was down fairly significantly from $550,000 in June to $500,000 in July. Sales were down 24% from June to July although inventory was also slightly down (4%). The busiest areas in this segment of the market for July were Lower and Central Lonsdale, Pemberton, and Norgate. The most active price band was between $300,000 and $500,000.