The median sale price for North Vancouver detached homes in October was $1,105,000, up +0.45% from the month before and up +6.05% from same month last year. $1,075,000 was the year-to-date (Jan-Oct 2014) median sale price, up +11.34% compared to 2013's ytd.
On Vancouver's North Shore, September and October sale and active listing numbers typically experience a seasonal drop-off. 91 North Vancouver homes sold in October, down -2.15% from the month before and down -37.24% from May when monthly sale numbers peaked at 145.
At the end of October there were 268 North Vancouver homes for sale on MLS, down -9.76% from September and the lowest since January!
In spite of the seasonal drop-off in monthly sale numbers, North Vancouver's detached house market continued to surge into October, with the number of homes sold ytd up 15.23% from a year ago and the MLS Home Price Index climbed to a record-high $1,040,100.
The MLS Home Price Index (HPI) is modeled on the Consumer Price Index (CPI) which measures the rate of price change for a basket of goods and services, including food, clothing, shelter and transportation. Instead of measuring the goods and services the HPI measures the change in price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).
North Vancouver's detached house market continues to hold since the beginning of the year in sellers' market conditions, with a 34% Sales Ratio average in October, that is, 3.4 in 10 homes selling. The most active price band in October was in the $700,000 tp $900,000 range with an average 96% Sales Ratio (9.6 in 10 homes selling).