Is North Vancouver’s Real Estate Market Sealed?

Upstream

In this the fourth Vancouver community snapshot, the North Vancouver real estate market like spawning salmon is swimming upstream.

This North Vancouver detached home community snapshot period extends from January 24, to February 25, 2012 and February 24, to March 25, 2012.

Total Listings

North Vancouver’s total Listings listing count like a river turned red with spawning salmon reached 413 in Jan/Feb ebbing slightly lower to 317 in Feb/Mar.

Sales

Many salmon begin their difficult journey but few reach their destination. Likewise, home sales in North Vancouver started out at 116 in Jan/Feb then succumbed the perils of the market as only 79 units reached their destination in Feb/Mar.

Expired, Days on Market

  • Jan/Feb’s expired listing mandates totaled 14 but by Feb/Mar this number trickled to 9.
  • Selling a home in North Vancouver started out slow at 31 days in Jan/Feb gaining speed with Feb/Mar recording 19 days.

North Vancouver Detached Home Average and Median Prices

  • Jan/Feb Average Ask price was $1,084,814. Averages increased in Feb/Mar to record $1,140,078.
  • The Median Ask price in Jan/Feb was $978,500. Following the Average Asking price, the Median Ask price also increase to $1,079,000 in Feb/Mar.
  • The Average Sold price in the Jan/Feb was $1,077,187. Feb/Mar’s average price scaled the waterfall market reaching $1,147,864.
  • The Median Sold price in the Jan/Feb period was $973,000. Like the average sold price, the Median Sold price in Feb/Mar met the challenge of swift water as it climbed out of the pool below to reach $1,100,000.

Sealed

Salmon spawning is a cyclical event seen in many of our coastal rivers. Each are unique with their passing. Accordingly, history tells us that the Vancouver real estate market is markedly similar. Each river, like Vancouver’s diverse communities, experience differing real estate market results during their cycle.

At this time, North Vancouver’s Average and Median prices have held a steady course compared to other community snapshots and yet there is one outstanding similarity – the lack of sales!

The lack of sales leads one wonder whether the future of North Vancouver’s steady pricing is about to swallowed whole. Does the lack of sales suggest that the fate of the North Vancouver real estate market is ‘sealed’?

Image Credits: Salmon Fall Spawning Run (Utah~Dave AA7IZ via Flickr.) Swallowed Whole (Dan Bennett via Flickr CC)

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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.

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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:

REW.ca Says:
March 29th, 2012 at 9:29 am

Great series, Larry. You must be metaphored out,

It’s going to be an interesting spring.

Reasonfirst Says:
March 29th, 2012 at 4:55 pm

I think that’s a sea lion….:-)

Smart ass comments of mine aside, I do appreciate the stats.

R

March 29th, 2012 at 6:05 pm

@reason
it was a test – you pass 🙂

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