January 2019 North Vancouver Real Estate Market Update

Happy New Year…can we still say that?  We hope that you had a wonderful holiday season.  Brooke, Rob and Laura went to Mexico over Christmas with our families and met up with our brother Jordan and his family.  It was a great Christmas spent on the beach – Santa even parachuted in!  Now that January is upon us, the real estate market is ramping up.  We have started the year with a somewhat lower inventory as many houses come off the market over the holidays.  We are seeing a lot of buyers out already.  In a typical year, we see the inventory rise from this time until late Spring.  It can be advantageous to list in the early months of the year where you face less competition.

The December stats are out and the detached market moved up from a buyer’s market to a balanced market, and the condo and attached market went from a balanced market to a seller’s market.  Overall, 2018 saw historically low home sales.  Many buyers were hesitant to buy, fearing the market would fall further, or that they wouldn’t be able to sell their current home.  Subject to sale offers were common in 2018, and will continue to be until buyers can have confidence that they can sell their home if they buy a new one.  The buyers who are buying are taking advantage of some great opportunities.  A slower market can be better for more cautious buyers who want to take their time, actually think about what they are buying and have certainty with subject to sale offers.  If that sounds like you – this is the market you have been waiting for!  We’re here to help you navigate this complicated market and see if it’s the right time for you to make a move – call us anytime, we’d love to talk to you!

Real Estate Board of Greater Vancouver January Report

Home sales decline below historical averages in 2018.

REBGV reports that residential home sales in the region totalled 1,072 in December 2018, a 46.8 per cent decrease from the 2,016 sales recorded in December 2017, and a 33.3 per cent decrease from November 2018 when 1,608 homes sold.

Last month’s sales were 43.3 per cent below the 10-year December sales average.

There were 1,407 detached, attached and apartment homes newly listed for sale on the MLS® in Metro Vancouver in December 2018. This represents a 25.6 per cent decrease compared to the 1,891 homes listed in December 2017 and a 59.3 per cent decrease compared to November 2018 when 3,461 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,275, a 47.7 per cent increase compared to December 2017 (6,958) and a 16.5 per cent decrease compared to November 2018 (12,307).

For all property types, the sales-to-active listings ratio for December 2018 is 10.4 per cent. By property type, the ratio is 7.1 per cent for detached homes, 12 per cent for townhomes, and 14.2 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Sales of detached homes in December 2018 reached 348, a 43.6 per cent decrease from the 617 detached sales recorded in December 2017. The benchmark price for a detached home is $1,479,000. This represents a 7.8 per cent decrease from December 2017 and a 1.4 per cent decrease compared to November 2018.

Sales of apartment homes reached 535 in December 2018, a 34 per cent decrease compared to the 1,028 sales in December 2017. The benchmark price of an apartment home is $664,100. This represents a 0.6 per cent increase from December 2017 and a 0.6 per cent decrease compared to November 2018.

Attached home sales in December 2018 totalled 189, a 49.1 per cent decrease compared to the 371 sales in December 2017. The benchmark price of an attached home is $809,700. This represents a 1.3 per cent increase from December 2017 and a 1.1 per cent decrease compared to November 2018.

 

Team Clarke Quick Stats:

DETACHED

December                                                     November:

249 listings, 41 sales                                     VS:  380 listings, 40 sales

Sale to List Price Ratio: 96%                         VS:  Sale to List Price Ratio: 91%

Average Days On Market: 50                        VS:  Average Days On Market: 27

Balanced Market at 16% Sales Ratio Avg.    VS: Buyer’s Market at 11%

ATTACHED

December                                                    November:

260 Listings, 55 Sales                                VS: 393 Listings, 98 sales

Sales to Price Ratio: 100%                         VS:  Sales to Price Ratio: 98%

Average Days on Market: 31                      VS: Average Days on Market: 22

Seller’s market at 21% Sales Ratio Avg     VS: Seller’s market at 25%