Seymour View?

Other Side of the Narrow

It’s three days till the end of the month. We’ve had a look at the West Vancouver detached market. Continue this 4 day series, today we have a look at North Vancouver detached. To come is Vancouver East and Vancouver West so stay tuned.

Yesterday’s snapshot of the West Vancouver real estate market contained a few surprises. Not to be out done, North Vancouver graphically appears to parallel it’s cousin to the west. Like West Vancouver’s view from Cypress Mountain, North Van’s view from the top of Seymour Mountain is one that also shows some steep declines.

North Vancouver Detached

For the period covering March 28 to May 28, North Vancouver Detached detached homes experienced the following market activity.

Listings

Listings dipped from 619 in March/April to 551 in April/May.

Sales

The sales drop matched West Van’s. They are down by more than half from 132 in March/April to 60 in April/May.

Expired, Reductions, Increases, Days on Market

  • March/April saw 14 listing mandates expire then more than doubled to 32 in April/May.
  • Price reductions in March/April were 183 increasing to 193 in April/May. Approximately thirty five percent of the total listings reduced their price in April/May.
  • There were 4 price increases in March/April and 4 in April/May.
  • It took 19 days in March/April to sell a home. It took much longer to sell a home in April/May as the days on market stretched to 31.

Average and Median List Price/Sold Price

Average List price

  • March/April – $938,142
  • April/May – $1,027,891

Median List price

  • March/April – $849,900
  • April/May – $959,900

Average Sold price

  • March/April – $929,536
  • April/May – $1,011,888

Median Sold price

  • March/April – $860,000
  • April/May – $954,000

Thoughts

The drop in the number of sales is foreboding. Combined with the stunning number of price reductions and the increased prices one wonders if this is a last gasp or that buyers are prepared to pay more for a great house as opposed to the balance of not so great obviously over priced houses that are currently on the market.

I have commented before that if your house is for sale and your house is spectacular in all regard, you will get a premium price. Remember Tony the Tiger’s slogan? It has to be “Greeeeaaaaattt!”

Today’s Buyers are in control and are very picky. Considering the amount of inventory available any house that has anything buyers perceive as an issue will remain on the market or worse, fail to sell. As evidenced from the growing number of expired listings we can expect this number to increase during the next period as the ‘less than’s’ listing mandates mature.

Sellers should consider eliminating as many sale road blocks as possible. Got an oil tank – remove it before the buyers turn up. Got roof issues – replace it now. Not sure what is wrong – have it inspected and provide that report to the buyers for their perusal. It never hurts to disclose. No one, especially today’s buyer, likes surprises.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

jesse Says:
May 29th, 2010 at 8:47 am

Again, I wouldn’t get too hung up at the sales mix. Normal randomness puts median and average prices over a large range. Agree that sales are the key; actually sales compared to listings are the most significant key, according to what I have seen.

Fred Says:
May 29th, 2010 at 8:55 am

Put me down in the ‘last gasp’ column. Prices always tend to spike at the very end.

May 29th, 2010 at 10:21 am

@jesse –
following your logic of sales compared to listing inventory – are you comfortable in suggesting that 60 solds out of 551 listings is a red flag?

Jen Says:
May 29th, 2010 at 7:53 pm

Hey Larry,

Have you ever seen this type of market behaviour at this time of the year? I’m assuming something similar occurred in 2008, but that happened in the autumn, when sales would be expected to decline anyway.

Thanks!

vangrl Says:
May 29th, 2010 at 11:24 pm

Thanks for providing that search engine…..it’s fantastic!

oh, and the blog, you provide some very useful information, much appreciated:)

May 30th, 2010 at 12:04 am

@Jen –
generally you would expect the summer doldrums setting in. This one seems different. It has an attitude that is not forthcoming.

May 30th, 2010 at 12:05 am

@Vangrl-
thanks for the report. was wondering if anybody was using it. hope the extras help.

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