Count Down, Day 4 – North Vancouver

Day Four – North Vancouver

In this 7 day series we will visit seven communities that comprise the Vancouver Real Estate market. We will visit the markets of Coquitlam, Burnaby, Vancouver East, Vancouver West, North Vancouver, West Vancouver and North Vancouver.

On day 7 we looked at Coquitlam, on day 6 we visited Burnaby, and on day 5 we visited Richmond. Today, the 4th day of the August count down, we will visit the North Vancouver detached market.

During the two periods June 25, 2010 to July 24, 2010 and July 25, 2010 to August 24, 2010, detached properties in the North Vancouver neighbourhoods had the following results.

Listings

Total Listings decreased from June/July’s 462 to July/Aug’s 432.

Sales

Sales had a bump on its way down from June/July’s 71 to 39 in July/Aug.

Expired, Reductions, Increases, Days on Market

North Vancouver Ferry – 1904: Photo Credit

  • June/July had 31 listing mandates expire increasing to 33 in July/Aug.
  • Price reductions in June/July were 170 increasing to 157 in July/Aug.
  • There were 4 price increases in June/July and 3 in July/August.
  • The 36 days that it took to sell a house in July/August must now seem like a dream compared to June/July’s 63.

Average and Median Prices

  • June/July’s Average Ask price was $958,381. The average decreased a little in July/Aug to $952,164.
  • The Median Ask price in June/July was $869,000 and increased to $898,000 in July/Aug.
  • The Average Sold price in the June/July was $934,454. In July/Aug this dropped to $931,323.
  • The Median Sold price in June/July was $850,000. In July/Aug the median sold price increased to $882,000.

Looking Ahead

North Vancouver’s sellers are waiting 63 days to sell a home which is not something we have seen for a very long time. It would seem that the dark cloud of few sales has also extended its cover to the north shore suggesting that this may cause North Vancouver sellers to wait even longer.

Tomorrow we’ll skoot along the upper levels highway, cross the Capilano river and visit West Vancouver.

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:

fish10 Says:
August 28th, 2010 at 1:40 pm

Hi Larry

Hope you are having a good week-end.

MOI at this rate is over a year.

Will there be a Wiley Coyote moment when prices follow MOI.

The buyers are not taking advantage of the current lack of demand, which I find incredible. The MOI for many areas is huge. Eg Whistler- it is nearly two years.

Something has to give. More buyers coming in, or prices giving way.

I am looking forward to the West Van numbers. I suspect it will look almost exactly like N. Van

August 28th, 2010 at 1:55 pm

@fish
thanks fish caught a break and am actually catching up on home work.
“not taking advantage” – possible that there is for some a high degree of uncertainty in life right now. the bold buyer’s are moving forward but are cautious. it seems strange in light of your comment but there are still multiple offers on select properties. I know I’m being redundant when I say that pretty and in good condition are selling – everything else warrants a ‘meh’!

jesse Says:
August 28th, 2010 at 3:23 pm

Meh. LOL Use that word when trying to convince a client to drop their price!

“I hate to break it to you, but your property is meh. You will need to drop the price.”

August 28th, 2010 at 3:36 pm

@jesse
BTW that was a professional meh not your regular garden variety meh. 🙂
– will probably be hung out to dry for that one.

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