North Van home sales continue to make gains, as we’ve become used to. However, there are some huge differences between the different market segments.
Detached- As we’ve seen since the mid-point of 2016, the sales of detached homes has settled down drastically from the previous couple of years. That being said, the detached market did push up just onto the sellers’ side of the market in October, meaning that more than 20% of homes listed for sale, were selling, 22.1% to be precise. This trend makes a lot of sense, when you consider the increase in the benchmark price for townhomes has continued to push upwards. However, the benchmark price for a detached home in North Van has slipped from $1.713 million to just $1.7 million from last month, but, is still up from $1.665m a year ago. Inventory of available homes was 367 listings and 81 sales, at an average of 26 days on market.
Townhomes- This market has continued to outpace historic sales, and has been in a very strong sellers’ market with 71.2% of homes listed, selling within the month. The benchmark price has jumped almost 15% year over year from just $849,900 last year, to $977,000 now. If you’re in a townhouse and looking to make the move to a detached home, now would be a great time as the gap in benchmark pricing has fallen by 26% from last year. Inventory of available homes was 52 listings and 37 sales, at an average of 26 days on market.
Condos- The condo market is the fastest paced segment again this month with 75% of listed homes selling. Not only that, multiple offers are also pretty common still with the average selling price 101% of sale price, indicating many are selling over asking price. This would be a great time for home owners looking to move up to a townhouse or detached home, as the condos are selling fast, over asking price, helping to narrow the gap in pricing on the move up. Inventory of available homes was 167 listings and 125 sales, at an average of 18 days on market.
To recap, the current market holds some great opportunities to upsize in any way. I believe you can expect to greater pressure on the low end of the markets, especially condos and townhomes, however, I do expect the low end of the detached market is also likely to receive increased activity.
If you would like some greater insight into your personal situation and how you could be impacted, please call now! 604-818-9909