We Love Selling North Shore Real Estate - 2015 Market Update
(January 08, 2015
)
As our real estate team forecast 2014 carried on where 2013 left off with continued strength throughout the market. We are huge fans of the detached and town house market for North Vancouver and the North Shore in 2015 while the resale condo valuations slipped further as predicted.Sales in North Vancouver were up 14% from 2013, the second consecutive year of increased sales activity, and finished 5.5% above the 10 year sales average. Listings for the year were up just 1.4% from 2013, and as such, with sales outpacing supply, prices increased. The strongest segment of the market was single family homes, with median prices increasing 12.2% for the year to $1,088,000. This increase has been driven largely by demand for land and a strong high-end market emerging in North Vancouver, with non-waterfront sales, in select areas, surpassing $3 Million for the first time.
West Vancouver sales were up 6.9% from 2013, a more modest increase than last year which saw sales increase 22% from 2012. Listings for the year decreased 2.5% while the median price for a single family home increased 10.5% to $2,100,000 with a monthly high of $2,580,00 seen in February.
Moving forward in 2015, our expectations are for a continued strong market, driven largely by demand for single family homes and land, with strata properties continuing to under perform. As always, growth and stability may be limited by affordability, either as a result of increased mortgage rates or unattainable pricing, although we do not see this being an issue in the short term.
As is common for this time of year, there is currently a lack of inventory with total listings 41% below the 2014 average. If you are considering a move in 2015 now is an opportune time to sell. The lower mainland "spring market" has changed with buyers in constant home hunter mode.
Whatever direction your moving in don't hesitate to call our urban and suburban team of real estate professionals at THE BC HOME HUNTER GROUP any time you consider buying or selling any real estate, anywhere 604-767-6736.
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