Yes Its Official – Demand Is Rising

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!

March 2014 Podcast

North Shore Real Estate Radio

On an ongoing basis I pledge both my continued personalized service and a commitment to my reduced  business ecological “footprint”. A significant part is the radio (podcast) library which I’m continually creating.

All North Vancouver Real Estate “Updates”, reports and information articles, checklists etc. will be archived on my website and available for download or desktop listening 24/7. You can access the information you seek when the spirit moves and not when someone pushes yet another flyer into your mailbox. I am most excited about these developments. Input as to the topics for “programming” you feel would be of interest is strongly sought. Please e-mail. This email address is being protected from spam bots, you need JavaScript enabled to view it or call me 604 988-7368 and 1-800-665-1455.

Click on the “Podcast” Icon in the top right of this article to listen now.

March 2014 Numbers

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.

Actual Fact, Not Just Opinion

Every so often it is helpful to look at the actual stats that reflect the past trend of values in our Residential Real Estate Market. Note that this is compiled by the Real Estate Board of Greater Vancouver and pertains to the area that falls within the Board’s boundaries. These represent actual historic average prices and not speculation on where the market may be going. Please call/e-mail me with any questions and also if you are contemplating buying or selling in the future. I’ll be happy to discuss your plans.
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