Wow... the highest number of detached sales in North Vancouver for February since 2002. Yep, I said 2002. There were 124 detached sales in February 2015 compared to 94 in 2014 and 137 in 2002. The least number was 46 in 2009. Coupled with low inventory, relative to the level of demand, multiple offers are commonplace in both North and West Van for detached homes, now trickling into the townhouse and condo markets as well.
However, not EVERYTHING is selling for higher than the asking price. The detached market saw 57 out of 124 homes selling at or over list price (from 3k to 160k); townhouses 25 out of 53; and apartment condos saw 31 out of 94.
“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president. “We’re seeing more multiple offer situations and generally more traffic at open houses today. In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.”
If you’re contemplating a purchase this spring/summer it might be a good idea to start looking now to get a feel for the market before diving in. Feel free to get in touch if you don't quite know where to start!