North Vancouver Housing Market Update: September 2015


Under: Market statistics, REBGV

 

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Written on October 13th, 2015

 
 

North Vancouver housing market continues to favour sellers

Total active listings remain below seasonal averages in North Vancouver across all home types, a trend that is continued form the past few months. For September 2015, total active listings was 37% – 70% below the same period last year, depending on the type of home you are interested in.

All homes types continue to see strong demand, with total sales volume ranging from 15% – 70% over the same period last year, depending on home type.

With the limited number of homes available (compared to seasonal averages) and new listings not keeping pace with demand, pricing continues its march upward across all home types. Price increase have ranged from 6% – 18% from the same period last year. Sale prices for detached homes have lead all categories at an increase of 18% from the same period last year.

With a continued low interest rate environment, high levels of consumer confidence in future employment security and high rates for rental homes, Buyers are moving into the market in force.

As a Buyer, to be successful in purchasing a home, you will need a purchase strategy that takes into account current market conditions as well as a thorough understanding of price trends. For Buyers who are not finding the right home in the resale market, you may want to look toward the presale market with numerous opportunities to purchase across North Vancouver in areas including Lower Lonsdale, Lynn Valley, Mt Seymour and along Marine Dr.

As a Seller, now is a great time to list your home for sale. Across all home types, there is a significant lack of available homes for sale and consistent amount of demand in the market. Your open houses will be busy and with an effective marketing strategy, for detached homes and towhomes, it is not unlikely you will see multiple offers. Do not be afraid of pushing your list prices above market comparables, especially for detached homes and townhomes.

If you are interested in buying or selling a home in the near future, lets grab a coffee and talk about your plans. A thorough understanding of the market is the first step in putting together an effective strategy to buy or sell.

I can be reached at 778-881-0673 or by email at chris@chrisbrownrealestate.ca with any questions.

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