North Vancouver Attached Home Market

Posted in June's North Vancouver Real Estate Blog on April 16, 2014

One of the measures of local market activity is to look at the sales to listings ratio. It is an indicator of whether we are in a buyers' market, balanced or sellers' market. There is no standard ratio for any market. The British Columbia Real Estate Association generally characterizes a housing market as a

  • 'sellers' market' when there is an excess of demand for homes over current supply as measured by active or new listings. A sellers' market typically occurs when the ratio of home sales to active listings is above 20 per cent.
  • 'balanced market' is when the sales to active listings ratio is in a range of 14 to 20 per cent. In general, a balanced market results in home prices remaining relatively stable.
  • 'buyers' market' is when there is a higher number of homes to choose from than buyers in comparison. Prices of homes tend to be lower and they remain available for sale longer. Buyers usually have more leverage in negotiating a purchase.

The North Vancouver (NV) attached home market which includes condominiums and townhomes ended March as a 'balanced market' with a Sales to Inventory Ratio of 16% meaning 1.6 to 10 attached homes selling. The past twleve monhs average SIR was 18%. In comparison West Vancouver attached homes March SIR was10% and 13% for the twelve month average.

A further look into the NV attached home market shows

  • 90 NV attached home sales in March which is down -19.3% from the month before and up +2.3% from the same month last year.
  • End of March there were 555 NV attached homes for sale, up +11.45% from February 2014 and March 2013.
  • The number of NV attached homes for sale has been increasing each month as we move into 2014; 443 January and 498 in February.
  • Currently 609 condominiums and townhomes for NV buyers to choose from!