North Vancouver Market Update: March 2016


Under: Market Stats

 

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Written on April 11th, 2016

 
 
Seymour Village phase 2 sales start soon. 3 bed 1600sf townhomes starting at $759,900.

Seymour Village phase 2 sales start soon. 3 bed 1600sf townhomes starting at $759,900.

North Vancouver residential real estate market conditions continue favour Sellers across all products types (detached homes, townhomes and condos), with well below seasonal averages for total active listings and record setting sales volume carried over from the past few months.

Price increases continue on a monthly basis with price increases ranging from 10% Р30%, depending on product type from the same period last year.

Despite the seasonally low availabilty of homes for sale, Buyer confidence continues to be high. Low interest rates, strong employment conditions and a fear of ever increasing sales prices continues to push buyers into the market. March 2016 set a new record for same month total homes sold as registered with the Real Estate Board of Greater Vancouver.

As we move into the Spring, I expect market conditions to remain much of the same. Buyers should continue to look for opportunities in pre sale developments to hedge their risk of loosing extremely competitive multiple offer situations. If you are looking at resale (existing) homes, an understanding of future values and where the market may be heading in the next six months may make your offer more competitive and give you the best chance of purchasing a home. From a Sellers standpoint, now is a great time to list. My clients are maximizing returns, often setting new high benchmarks in their neighbourhoods upon the successful marketing and sale of their home. With a lack of inventory in the market, a well marketed and positioned property will most likely see multiple offers, generating significantly higher than expected sale prices for Seller. Now is a great time to sell a home.

Below is a chart of neighbourhood specific information for North Vancouver across different home types. If you are interested, I would be happy to email you info on other areas including West Vancouver, Vancouver Westside, East Vancouver, Squamish and Burnaby.

If you have any comments or questions about the above, please contact me at 778-881-0673 or by email at chris@chrisbrownrealestate.ca. I look forward to chatting with you about the market.

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