The market remains hotter than ever, and sellers across the North Shore are moving homes like cheerleaders hawking fresh baked goods at a varsity ball game.
Single Family Detached
March gave us an increase in listings in North Vancouver and a significant rise in sales in the same category. The overall absorption rate rose to a scarcely believable 72%, which I don’t see carrying on for much more than a few more weeks. Vancouver’s East and West Sides rose to 67% and 30%, respectively, and West Vancouver lagged only slightly behind at 21%, which is uncharacteristically active for that market. Buyers in the North Vancouver and the East side in particular are lining up with scores of others, seeing 2-5-10 or more offers on properties, and the average sales to listing price ratio is 100%, with the occasional home going for $50k-100k over asking price. The reader will recall that 15-20% is considered “balanced”.
North Vancouver hot pockets (where this month, every listing sold) include the Boulevard, Central Lonsdale, Lynn Valley, Forest Hills, Norgate, Pemberton & Pemberton Heights, Princess Park, Tempe, Upper Delbrook, Westlynn Terrace, and Windsor Park. If you live in those areas and have a house to sell, it’s not a bad time to do so!
As a buyer, I would encourage you to look outside of the regular “desirable” areas and seriously consider neighbourhoods with upside and great community feel, such as Indian River, Lower Lonsdale, and far west of West Van like Eagle Harbour and Lions Bay.
Overall, in North Vancouver all 49 homes homes offered in the $600k-$1M range sold, and the overall average sales price climbed from $1,278,750 to $1,290,000.
Townhomes & Condos
The Attached tranche of the North Van continued to favour sellers this month as well, although there are pockets of opportunity if you’re looking to buy in to the market. In particular (more on this in a month or two), the Lynn Valley Village project by Bosa will be opening for registration and presale in the summer, and this will provide a welcome addition of entry-level and mid-size homes to the Lynn Valley area, when young people and downsizes are fighting tooth and nail for smaller, more affordable homes.
The attached sales ratio climbed to 41% from 29% in February. As with detached homes, condos and townhouses in Lynn Valley and Edgemont saw huge amounts of interest. Buyers can do very well in Norgate and Pemberton, and things are evenly proportioned for both sides in Central and Lower Lonsdale.
It is the opinion of many in the industry that this spring time micro-market hot flash simply can’t last more than a few months, and that for many sellers thinking of making a change, it might not be a bad move to extract equity and rent for a while to let the market cool over the summer months and allow yourself to determine where to go next.
If you’re in a position to buy, of course, it can be a frustrating process, but as always, there are opportunities out there, and if you align yourself with an agent who understands the market you’re looking in and how your needs, wants and capabilities fall in to place, you can find the diamonds in the rough and make an entry, an up or down-size, or a sideways slide into something different
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.
The Statistics referenced in this market update are Reprinted by permission from SnapStats Publishing Co.