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Current: North Vancouver is in a Buyer Market with its average listings inventory and 8 %SOLD rate. Meaning 8 homes out of 100 sold in the last month with an avg of $77,450 Discount on sale from the original list price.
Most Active Range: Homes below $1.3 mill. have 18.2 %SOLD rate.
Least Active Range: Homes above $3 mill. have 2.8 %SOLD rate.
History: The North Vancouver Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $199,000.
The North Vancouver Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $87,926.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: North Vancouver has an average listing supply; 382 homes are for sale and with the 8 %SOLD monthly rate gives us a ~13 months of inventory. 10% of the Active Listings have reduced their price by $80,287 on average or $75,000 on median in the last month. We project North Vancouver to be a continued Buyer's market.
December's Real Estate Statistics shows 72% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $11,497 which is close to the $11,521 November price drop. On Average, the Fraser Valley Market shows a $7,226 monthly price decrease. Consumer confidence has been damped with the Volatile Stock Markets, tougher mortgage lending rules, and pending interest rate increases. We are forecasting a Buyer's Market across most Detached Markets for the following months.
Currently, the Condo Market presents a Cool Market with 67% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 68% of Townhouse Markets are decreasing. (19 out of 28 Markets). Both Markets still indicate a Buyer's "Wait-To-Drop-More" behaviour for the last 2 quarters. We are forecasting a Buyers Market in all Condo/Townhouse Markets for the foreseeable future. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.
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