North Vancouver real estate sales are up by 58.8% over last September and listing inventory is down. Broken out it looks like this: detached sales +71.1% and inventory -21.3, attached sales +115.4% and inventory -20.0%, and condos sales +29.5% and inventory -10.0%.
So why haven't we experienced huge fluctuations in local home values over the past year? Well, prices didn't quickly and 'artificially' inflate like in some markets, plus it's important to consider that we're in line with the 10-year sales average. The real estate market held its own during a slow market and now we're seeing things gradually get back to normal. If anybody really knows what that means.
What's impressive is that our home prices didn't see a significant decrease through the last quarter of 2012 and into 2013, when sales were at all time lows. Why? Supply and demand. While demand was down, so in fact was supply. Yes, we had inventory but there were also options for home sellers. They could, and did, take their homes off of the MLS to easily rent their property, receiving 5-10 applications if priced properly. Or they just delayed their plans and stayed put. Also consider the long term picture...land. As my grandpa used to say, "They aren't making any more of it".
We're not here to paint a rosy picture of the real estate market because it is not predictable. Anyone who claims to know what the next year decade will bring, is off their rocker. We are no more in control of government regulations than we are the global economy or a natural disaster. But it has proven to be somewhat stable. Just sayin.
West Vancouver and Vancouver have experienced a similar trend. Sales in West Van are up by 61.4% and like North Van, condos sales are only up modestly... +16.7%. Vancouver sales are up by 66.6% and condo sales appear to be back in the swing of things at +63%.
Stats are provided by the Real Estate Board of Greater Vancouver; feel free to view the complete REBGV Stats Package for September, 2013 on their website.