The North Shore housing market continues not unlike other Canadian urban markets in defying skeptics with continued strong market activity and house prices still hitting new records!
One of the measures of how our local market is doing is to review the months of inventory (MOI). MOI is a measure of how many months it would take for the current supply of actively listed homes on the Multiple Listing Service (MLS) to sell, given the current pace of home sales. That is, the amount of time it would take to sell all the current listings in a given area if no new listings became available. Generally if they are:
- 0-4 months of inventory, meaning that all current MLS listings can expect to be sold in 4 months, it is considered a sellers' market;
- 5-9 months of inventory is considered a balanced market; and
- 10 or more months of inventory is considered a buyers' market.
These time lines are approximate, but it is generally accepted that fewer than 5 months of supply reflects good conditions for sellers whereas greater than 10 months of supply represents optimum conditions for buyers.
North Vancouver (NV) months of inventory according to Greater Vancouver Real Estate Board stats at the end of June indicates a:
- Sellers' market for NV Detached (houses); 2.7 months of inventory.
- Sellers' market edging towards a balanced market for NV Attached (townhomes and apartments); 4.5 MOI.
West Vancouver (WV) a:
- Balanced market for WV Detached; 5.6 MOI.
- Balanced market for WV Attached; 5.8 MOI.
Should you or someone you know would like to take full advantage of the North Shore 'robust' real estate market, I welcome your contact to make that happen!
Can be reached: 604-360-1188 or firstname.lastname@example.org