Multiple offers are back in play as the North Vancouver real estate market experiences low detached inventory. There were 134 sales in March, which is up by about 19% over the previous year while listings are down by 21%. Due to the shift in supply and demand, 41 of those properties sold for asking price or, more commonly, over asking price. The busiest neighbourhoods being Lynn Valley with 8 and Blueridge with 5. Canyon Heights, Forest Hills, Central Lonsdale and Westlynn were also popular.
The West Vancouver market had a very different experience where only 9 of 62 detached sales resulted in multiple offers however, prices continue to rebound and are up by 6.8% over last year and 1.7% over last month. While condos prices are down by -1.6% over last year, they are up by 3.1% over last month.
North Vancouver prices are up across all property types this March compared to last. Detached by 3.2%, townhouses by 1.9% and condos by 2.2%. Over last month they are also up… detached by 1.8%, townhouses by 1.1% and condos by 0.9%. For all turnkey properties and especially detached homes in good condition, there’s not a lot of time for buyers to mull things over anymore. If you’re contemplating a purchase this spring or summer it might be a good idea to start looking now to get a feel for the market before diving in. Give us a call or send us an email to discuss your needs.