Normally strong monthly home sale numbers trend mid year but not this March in North Vancouver. It was busy! Spring is usually a good season for the real estate market and this March has been phenomenal.
Detached home sales skyrocketed to 189 in March from 124 in February. March 2015 tops the list for the highest number of monthly home sales in the past ten years, followed next by:
- 156 in May 2006,
- 152 in June 2009 and
- 153 in June 2011.
Furthermore, March home sales were up 67% from the 10 year March sales average and up 108% from the 10 year monthly sales average.
March marks the second consecutive month that North Vancouver detached home sales have out performed the ten year average for this month-over-month comparison.
Why the increased North Vancouver detached home sale activity? It's likely a combination of factors such as
- buyers from other areas desire to own in a livable community adjacent to Vancouver's downtown,
- people choosing to take advantage of current home equity to 'right-size' in the market,
- consumer confidence that real estate is an excellent investment and
- buyers taking advantage of low interest rates.
Over the past ten years generally the months of April and May have experienced the strongest influx of new listings for North Vancouver detached homes:
2005 - May (176),
2006 - May (211),
2007 - April (189),
2008 - May (255),
2009 - May (171),
2010 - April (275),
2011 - March (202) & May (202),
2012 - May (252),
2013 - April (262) and
2014 - April (259).
Last month's new listing totals were up 35% from the ten year average for the month of March and up 66% compared to the Monthly Ten Year Average.
Though new listing count was strong for the month of March, the total of North Vancouver homes for sale at the end of March
- declined 18% compared to March 2014,
- increased 5% compared to February 2015,
- in line with the month's 10 Year Average and
- just below, 9% from the Monthly Inventory 10 Year Average.
By taking the total inventory at the end of March and dividing it by the pace of March sales there was '2.3 months of supply (MOI)' which basically means that if existing North Vancouver detached homes were to continue selling a the same rate as the most recent month of data, the current inventory of homes would be sold by that many months.
March MOI was below the ten year MOI average, 2.3 in comparison to 4 respectively.
With the strong demand for detached home sales continuing month after month in contrast to supply, 2015 is unfolding like 2014, a Sellers Market.
Furthermore, March's SAR is a record high, second highest in ten years to 0.65 April 2005!
With buyers continuing to outpace sellers North Vancouver detached home prices are realizing incremental gains. No matter which 'measure' you look at, North Vancouver detached home House Price Index (HPI), Median Sale Price and Average Sale Price have risen over the the years:
January 2005 HPI vs March 2015 HPI
$628, 200 vs $1,111,200
January 2005 vs March 2015 Median Sale Price
$607,500 vs $1,290,000
January 2005 vs March 2015 Average Sale Price
$612,747 vs $1,375,728
Below is a glance at the last fifteen months progress of value gain:
Bottom-line, North Vancouver house market is active and competitive!
If you are a buyer be prepared for multiple offer situations.
In a market such as this ~ if you are a home buyer and or seller, it is my pleasure to ensure a more than satisfactory home buying and or selling journey: