We appreciate the opportunity to keep you informed about the Greater Vancouver real estate market. Here is your monthly update for the month of November, 2015. We hope you find this information useful and interesting. Please feel free to forward to anyone you think would appreciate the information and as usual, your referrals are very much appreciated. You can rest assured that they will receive the professional courteous service that they deserve.
As the end of the year draws near, demand in the market remains strong while inventory has sunk even lower to an average of 125 active detached home listings in North Vancouver for November. Of course, this type of supply and demand scenario will push prices even higher and, not surprisingly, this is what has happened.
North Vancouver in particular remains solidly in sellers’ market territory with an 80% sale to listing ratio for detached homes and a 70% average for attached homes. Detached homes are selling on average at asking price and attached homes, just 3% below asking price. The most active price band for detached homes in North Vancouver was between $1,000,000 and $1,750,000, with a 100% sales ratio in this range. Interestingly, attached homes in North Vancouver between $400,000 and $700,000 also have a 100% sales ratio for November. It seems that as the prices for detached homes are moving upwards, the need for “affordable” homes is pushing more and more buyers into condominiums and townhomes.
Upper and Central Lonsdale, Edgemont, Boulevard and Lynn Valley were the busiest areas of North Vancouver for detached home sales, while Lower and Central Lonsdale, Lynn Valley, and Pemberton had the most sales activity for attached homes.
The West Vancouver market is also a sellers’ market, although a more traditional sellers’ market, with a 24% sales ratio. Homes are taking an average of 34 days to sell in West Vancouver which is quite a bit more than the 9 day average in North Vancouver. On average, detached homes are selling 1% below asking price, while attached homes are actually selling 2% above list price (another indication of the popularity of the “more affordable” range, and also the frequency of downsizers wanting to be near Marine Drive in West Vancouver). The most active West Vancouver price band is between $2,500,000 and $2,750,000, which range has a 100% sales ratio.
Ambleside, Dundarave, and British Properties were the busiest areas of West Vancouver in November.
The average price of a detached home in North Vancouver was $1,500,000 in November, compared to just $1,080,000 last November. The average price for a detached home in West Vancouver as of November was $2,720,000, up from $1,980,000 last November. As has been in the news the last couple days, it looks like BC Assessment is finally catching up to this and many folks will see their assessed values, and in turn, taxes, hiked significantly for next year.