Market Trends Catch Up to North Vancouver
Sales of detached, single-family homes didn’t decline much more than July’s statistics, going from a 21% sales ratio in July to a 20% sales ratio in August. While the detached homes market may not be dipping that much, the same couldn’t be said for condos and townhomes in North Vancouver. The total sales ratio declined from July’s 41% to 29% in August. This is still fairly high compared to the condos and townhomes market in the City of Vancouver, but the numbers have dipped over the course of one month.
Additionally, the average days on market has increased 130% for detached homes (23 days) and 64% for condos and townhomes (18 days).
A few highlights in North Vancouver’s detached home market
The majority of single-family homes sold were between $1.25M to $2.25M. Housing inventory above $3M has been fairly low throughout the summer months.
Central Lonsdale remains a consistently popular neighbourhood for detached homes with a 75% sales ratio. Similarly, single-family homes in Upper Lonsdale had almost the same total sales between July and August. In most neighbourhoods, inventory declined in August, with sales declining too.
Condos & Townhomes continue to be popular despite market trends
The more centrally-located neighbourhoods of Central Lonsdale and Lower Lonsdale continued to lead in sales volumes despite proportionate declines. This is perhaps unsurprising given the growth of multi-unit residential buildings with condos and townhomes in this commercial core of the City of North Vancouver. Condos in Central Lonsdale and townhomes sold at a sales ratio of 31%, while condos in lively Lower Lonsdale and townhomes in the neighbourhood sold at 25% sales ratio.
In western North Vancouver, towards the Capilano River, the neighbourhoods of Norgate, Pemberton and Mosquito Creek prove to be a cluster of desirable areas which border on each other. The Pemberton neighbourhood includes the growing Lions Gate Village, a collection of condo towers and rows of townhomes built next to the Capilano River.
In the East of North Vancouver, condo sales in the hub of Lynn Valley and Lynnmour neighbourhoods led adjacent neighbourhoods in the area. There are fewer townhomes on the market in this area, but they too share in the sales strength of attached homes in these neighbourhoods. These neighbourhoods are developing into communities unto themselves at the forest’s edge, just that little bit farther from the bustle of North Vancouver’s Lonsdale area.
Finally, the Roche Point neighbourhood – which includes the ever-growing Seymour Village, located in the Tsleil-Waututh Nation – had a reasonably stable change in inventory and sales for these North Vancouver condos and townhomes.