Slack Tide

Posted June 26th, 2010 in Neighbourhood SnapShot, North Vancouver |

Ebbing Tide

As we approach the month end it is always fun to see how the different areas are performing. Yesterday we had a peek at Vancouver West. Today it’s North Vancouver.

If you have ever had the pleasure of riding and ebbing tide all the way from Deep Cove to the Capilano River you will notice a lot of changes as the current swirls around the deep hidden rocks.

Through it all North Vancouver passes on your right. Outstanding is how Lonsdale drops from the mountain to the sea. In this months Snapshot, it would seem that the North Vancouver detached market matches that incline.

North Vancouver Detached

For the period covering April 26,2010 to June 25,2010 North Vancouver Detached detached homes experienced the following market activity.

Listings

Listings dipped from 583 in April/May to 562 in May/June.

Sales

The sales dropped from April/May’s 95 units to May/June’s 66 units.

Expired, Reductions, Increases, Days on Market

April/May saw 17 listing mandates expire. That increased to 25 in May/June.
Price reductions as a factor of total listings was substantial. in April/May were 203 and increased to 214 in May/June.
There were 5 price increases in April/May matched by 5 in May/June.
It took 29 days in April/May to sell a home. It took longer to sell a home in May/June as the days on market stretched to 33.

Lynn Valley, 1905
Courtesy North Vancouver Museum and Archives.

Average and Median List Price/Sold Price

Average List price

April/May – $976,967
May/June – $947,903

Median List price

April/May – $899,000
May/June – $849,950

Average Sold price

April/May – $959,313
May/June – $921,695

North Vancouver ferry terminal, foot of Lonsdale – 1906 CVA 677-700

Median Sold price

April/May – $880,000
May/June – $850,000

Thoughts

North Vancouver’s detached is on a gentle but continuing slide.

Arithmetic – listings down + sales down + increased expired listings + longer time to sell + lots of price reductions = average and median prices dropping.

We won’t reach slack tide for some time to come. My guess is we can continue to expect this North Vancouver market flow for a number of months ahead.

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*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:

fish10 Says:

June 26th, 2010 at 11:22 am

NIce Larry!

Not so gentle either.