Predictably, the Spring market has arrived in full force across Vancouver, perhaps a little earlier than usual thanks in part to the tremendously mild winter we’ve been having (cherry blossoms, anyone?).
Here’s the rundown:
Single Family - Detached February saw a sharp increase in both inventory and sales across the entire North Shore and Vancouver’s West and East sides.North Vancouver hot pockets included Lynn Valley (100% sales ratio on 19 listings), Edgemont Village (10 sales on 12 listings), the Delbrook area (8 sales on 12 listings), and Lower & Central Lonsdale (11 sales on 14 listings). North Vancouver as a whole saw a scarcely believable 49% sales ratio (half the homes listed sold – and remember, 15-20% is considered “balanced”).All 20 homes offered in the $900k-$1M range sold, and the overall average sales price climbed from $1,210,000 to $1,278,750. Yes, if you own a home, there is certainly an army of buyers out there waiting to take it off your hands.If you find yourself on the buying side of the equation, don’t despair; with inventory rising (January, 183; February, 248), the market should cool slightly in the coming months, allowing new home owners to stake their claim on a piece of North Vancouver property. While there were more sales, the days on market remained the same month to month, but the average sales to list price ratio shrunk from 101% to 98%, likely meaning that multiple offer situations are declining.
Townhomes & Condos - The attached tranche of the North Van market favoured sellers this month as well, although there is more balance here than the numbers show at first glance.The sales ratio climbed to 29% from 19% in January, but the median sales price per square foot and overall median sale price went down. As with detached homes, condos and townhouses in Lynn Valley, Edgemont, and Northlands saw huge amounts of interest. Buyers can do very well in Lynnmour, Norgate and Pemberton, and everyone comes away pleased in evenly performing areas like Lower Lonsdale (22% sales ratio with 31 sales on 137 listings).Yes, the Greater Vancouver real estate market remains hot as can be. Sellers have a great opportunity at the moment to secure buyers for their properties with longer possession dates, and then wait through the coming months to find their own next home as the market–potentially–cools a bit.Buyers can find themselves in a frustrating position depending on their place in the market, but values continue to rise across Metro Vancouver, so buying where you want to live for the long term, if you can afford to do so, is a wise play, and there are opportunities out there. If you’re ready to purchase and you’re willing to act quickly, you too can win at the end of the day.