I continue tracking the number of listings in both N and W Vancouver.
As mentioned before we witnessed steady increases in properties for sale from around February to late June and then a period of decline. Using “Detached” listings the high – WV – 560’s late June and currently Nov 1 – 433.
NV – 480’s late June and currently Nov 1 – 339.
Now October 2010 YTD figures for our North Shore. North Van detached homes sold are off by 14% from the same period of the previous year, attached (t/hses) down 20% from ’09 and apartments down 12% from ’09. Detached average prices up 7% and inventory Oct 31st, up by 35%. Average prices up 6% (t/hses) and up 9% (apts). Inventory (t/hse) 52% higher than ‘09 and (apt) up 22% from ’09. N/Van inventory at Oct 31st is still significantly higher than 2009.
In West Van, detached number of sales (YTD) is up by 2% from ’09. Average price up by 19% and inventory Oct 31st up by 9% from ’09. On the condo side – attached (t/hses) sold are up from 2009 to 66 vs. 45 units; average price up 31%. Active listings up from Oct 31st (45 vs. 40). Apartments reflect 141 sold vs. 140 during ‘09; with average price 12% higher than ’09 and active listings up 31% from Oct 31st 09.
I’m strongly of the opinion that there are solid opportunities for judicious buying below asking prices. Many properties languish on the market with motivated owners and strangely, many buyers appear reticent to test this level of motivation. If you’ve been fence sitting, think about a “testing” offer. Call me; I’m happy to give my opinion of market value of any property but I do stress that none of us know the market value until the negotiation is complete and both parties are in total agreement. This is not a time to be timid.
With Thanksgiving and Halloween behind us we have less than50 days (and not all shopping ones) to Christmas. Let’s plan now to make the Season less stressful and more enjoyable by eliminating the last minute rushes. Can we?
Again, visit my website to see and “hear” the new developments. I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.
To join the group getting the e-mail version of this “update” – send a request now firstname.lastname@example.org and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca
Re/Max Crest Realty
Vancouver – NorthShore
Toll Free: 1-800-665-1455