Home buyers were active in Vancouver's North Shore last month!
There were 198 North Vancouver (NV) property sales and 110 in West Vancouver (WV) in September. This is up +22.2% and +20.9% respectively compared to last year and ranks as the third highest selling September for North Vancouver and the highest for West Vancouver over the last ten years.
In terms of listings there were 217 West Vancouver and 432 North Vancouver properties listed for sale on the MLS. That is pretty much in line with the ten year average for both West Vancouver and North Vancouver.
All total there were 693 West Vancouver and 963 North Vancouver properties (detached homes, apartments and townhomes) for sale at the end of September.
To help better understand the strength of today's market we measure home buyers demand fueled by home sales against home sellers supply fueled by the home listings. This measurement today gives a sales to active listing ratio of 15.87% for West Vancouver and 29% for North Vancouver.
The West Vancouver market has been between 9.5 to 12.35% and North Vancouver 15.08% to 24.10% in the last eight months. Generally analyst say downward pressure on home prices occurs when the ratio dips below the 12% mark. Home prices often experience upward pressure when it reaches 20 to 22% range in a particular community for a sustained period of time.
Median represents the point at which half of the homes that sold in a given month were priced higher and half were priced lower.
The North Shore median sale price at the end of September (January 2013) was:
- $802,500 ($515,000) West Vancouver apartments & townhomes,
- $425,000 ($435,550) North Vancouver apartments and townhomes,
- $2,142,500 ($1,753,000) West Vancouver detaches houses and
- $1,100,000 ($906,000) North Vancouver detached houses.
What drives prices? Simply, supply and demand!
Always looking out for your best interests whether buying and or selling >>>firstname.lastname@example.org!