North Vancouver detached house sale activity recorded through the MLS® system of the Real Estate Board of Greater Vancouver numbered 67 in January 2015. This was up +24.07% from January 2014 and +4.69% from December 2014.
House sale activity this January was running at above average levels (48) for the month over the past ten years.
The median home sale price posted an increase year-over-year in January. The median price of North Vancouver detached homes sold in January was $1, 210,000, up +5.9% from a year earlier ($1,142,500).
New listings were similar on a year-over-year basis to 150 homes in January 2015 compared to 151 in January 2014. This January was up approximately +233% from December 2014 (45)!
There were 213 North Vancouver detached house listings on the Associations's MLS® system at the end of January 2015, down -26.5% from levels at the end of January 2014 and the lowest this time of the year since 2008.
To gather a pulse on real estate markets, the number of months of inventory is an important measure of balance between housing supply add demand. This is the amount of time it would take to sell all current listings at the current sales pace if no new listings became available.
It is generally accepted among real estate experts that:
0-4 months is a Seller's Market
5-7 months is a Balanced Market and
8+ months is more a Buyer's Market.
There were approximately 3 months of inventory at the end of January 2015, down from 5 months of inventory at the end of January 2014.
In 2014 North Vancouver home sale prices have been on an steady upward trajectory and the question is, how long will the 'buyer market conditions' last as 2015 unfolds?
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