The evidence on our North Shore seems to be pretty conclusive. Demand is rising for all categories of homes with sales numbers up from this time last year and also from the end of last year. Couple that fact with a downtrend in the number of listings (inventory) and we have support for the assertion in our headline.
This is true not only in our neck of the woods, but fairly consistently across Metro Vancouver we notice a similar pattern. A cautionary note here – despite some average price increases in a few of the home types, do not assume that all areas are experiencing price increases of any significant magnitude. Projections from analysts seem to talk of a 2 – 4% rise in Vancouver as a whole and I would be surprised if it were appreciably higher. We’ll look at those results as 2015 dawns… but, let’s not get ahead of ourselves.
We will continue to watch with great interest to see if the upcoming months evidence this trend…. we believe they will!
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And now to our February figures for 2014 in comparison to 2013. North Van detached homes sold are up 15% from last year, attached (t/hses) up from last year by 30% and apartments up 14%. The detached average price is up 15% and inventory is down by 16% from 2013. Average prices down 1% (t/hses) and up 14% for (apts). Inventory (t/hses) 105 vs. 120 (down 12%) from Feb 28th 2013 and (apt) up14% from last year for the same date.
In West Van, detached number of sales YTD for 2014 is now up by 55% from Feb 2013. Average price of what has sold is up 5% from last year and inventory now down 9% from Feb 28th 2013. On the condo side – attached (t/hses) sold 2014 are up from 2013 at 12 vs. 6 units with a 4% drop in average price. Active listings are down year over year from Feb 28th 2013 by 32% (35 vs. 52). Apartments reflect 24 sold in 2014 vs. 18 in 2013 with average price up 13% from Feb 2013 and active listings now 6% down from Feb 28th 2013.
West Vancouver and North Vancouver continue their upward trend and we do see this continuing for 2014. Inventory is generally down. Thus we should see current demand causing that reduced inventory to shrink further. One last message I’d like to leave with you is this. Question any of the rhetoric that arises in the popular press regarding “impending reductions in sales and home prices” – anyone who makes such allegations must support these with actual, verifiable trend figures and current statistics to be credible. Please contact me with any market enquiries and remember I should be honoured to assist you with the selling or buying of a home or investment property.