Anthony Trinetti*

North Vancouver

North Vancouver this is your Real Estate market update for the month of November.

By this time we all know what's been going on in the market. You might be surprised to hear North Van is doing pretty well compared to other markets….I thought it would be good if we compare our North Vancouver stats with say- Maple Ridge.

Starting out with benchmark pricing (average cost of a home) in North Vancouver it will cost you $2,124,600 for a detached home thats almost $1,000,000 higher than its counter part Maple Ridge which sits at $1,199,900. Maple Ridge sits in a buyers market with 17% of the homes listed sold as where North Vancouver is technically in a sellers market 25.9% of the homes listed, selling. With Homes in North Vancouver on average selling 9 days faster than in Maple ridge.

Mirroring these numbers when compared to Maple Ridge is Townhouses and Condos. In North Vancouver looking at the benchmark pricing it will cost you $780,400 for a Condo and $1,230,600 where in Maple Ridge $525,500 for a Condo and $732,700. Maple Ridge sits in a buyers market with 19.5% of condons and 15.9% of condos listed sold as where North Vancouver is in a hot sellers market 32.3% of condons and whooping 47.1% of condos listed sold.

If you’re looking to buy, It always comes down to location, location, location. Keep that in mind when looking to buy. More desirable areas will usually outperform the market and sell better in slower markets. That is not to say there isn't Neighborhood in some markets that would outperform the market as well, but keep that in mind when looking to buy.

West Vancouver

West Vancouver this is your Real Estate market update for the month of November.

Detached and Townhouses saw a slight up tick but are in stronger buyer territory and the  numbers reflect that. Of the 429 Detached Homes that were actively listed on the MLS last month. Of those, we only saw 28 homes sell. Giving us a sales-to-active ratio of 6.5%. Average days on market to sell at detached home is sitting at 52.

Townhouses did not fair much better. 16 Homes were actively listed on the MLS last month. Of those, we only saw 1 home sell. Giving us a sales-to-active ratio of 6.3% Average days on market to sell at detached home is sitting at 12.

Condos are doing the best out of the 3. 102 Homes were actively listed on the MLS last month. Of those, we only saw 16 homes sell. Giving us a sales-to-active ratio of 15.7% suggesting we are in a sellers market. Average days on market to sell at detached home is sitting at 35.

With the lastest intrest rate hike most realtors have noticed buyers are sitting on the sidelines waiting to see what happens. THERE ARE STILL BUYERS OUT THERE!!! Pricing your home sharply and getting it “showing ready” is key. Usually sellers like to wait ‘till the spring to sell their home, however if your circumstances permits it maybe better to get your home on the market sonner rather than later to attract buyers who have interest rate hold lower than what is being offered currently.

https://youtu.be/ILT8WeSQ4lo