N
orth Vancouver Real Estate Market Update – September 2024: Trends, Stats, and What’s Next
As we step into fall, the North Vancouver real estate market is showing some interesting signs for both buyers and sellers. Listings are up, buyer sentiment is still a bit cautious, and sales have taken a slight dip compared to last year. September 2024 has been a month of change, shaped by shifts in mortgage rates and the overall economic climate.
In this update, I will break down the key stats from September, explore what’s driving these changes, and take a look at pricing trends across different property types. I'll also throw in some expert tips to help you navigate the market in the coming months. Whether you're buying, selling, or just want to stay informed, this will give you the inside scoop.
Key Highlights:
Sales have dipped slightly compared to September 2023. (cast your mind back to Sept 2023, things were slow then so imagine what they're like now)
New listings are up, offering buyers more choices. Find out why here.
The market is edging ever closer to being a buyer's market.
Market Overview for September 2024
The real estate scene in North Vancouver saw a moderate shift this September. Listings are up, but buyers are treading carefully, probably due to recent mortgage rate changes and other market conditions. Here’s a quick snapshot of what’s been going on:
Metric | September 2024 | September 2023 | % Change |
Total Sales | 144 | 169 | -14.8% |
New Listings | 540 | 476 | +13.4% |
Total Active Listings | 847 | 635 | +33.4% |
Sales-to-Listings Ratio | 17.0% | 27.0% | -36.1% |
Days on Market | 16 | 7 | +128.6% |
The drop in sales (down 14.8% from last year) and the rise in new listings (+13.4%) are the big stories this month. There’s more inventory out there, which is giving buyers more options. This has sellers working harder to stay competitive, as seen in the declining sales-to-listings ratio (now at 17%, down from 27% last year). It’s a sign that we might be moving towards a more balanced market.
Key Takeaways:
More Inventory: A jump in new and active listings means buyers have more leverage.
Slower Market: The average days on market have nearly doubled, showing that buyers are taking their time.
Sales Ratio Drop: The decrease in the sales-to-listings ratio hints at a move towards a balanced or even a buyer's market.
Sales and Listings Breakdown: September’s Numbers
September brought some mixed signals. Sales dipped compared to last year, but new listings surged, creating an interesting dynamic. Here’s the breakdown:
Total Sales: 144 properties sold, a 14.8% drop from September 2023.
Sales-to-Listings Ratio: Currently at 17%. This ratio suggests we’re moving towards a balanced market, where neither buyers nor sellers hold a clear advantage.
New listings jumped to 540 this month (up 13.4% from last year), and active listings are up by 33.4%. This means more options for buyers, contributing to their more cautious approach.
Breakdown of Listings by Property Type
Property Type | New Listings | Total Listings | Sales | Sales-to-Listings Ratio |
Detached Homes | 200 | 300 | 50 | 16.7% |
Townhomes | 150 | 200 | 44 | 22.0% |
Condos | 190 | 347 | 50 | 14.4% |
Townhomes seem to be holding steady with a sales-to-listings ratio of 22%, while condos and detached homes are leaning towards a more balanced market.
Key Takeaways:
The surge in listings gives buyers more options, which means sellers face stiffer competition.
Sales-to-listings ratios vary by property type, with townhomes showing slightly stronger market conditions.
Buyer caution is leading to slower sales, reflecting the overall sentiment.
Price Trends: Rising or Falling?
Prices in North Vancouver are in a bit of a holding pattern right now. The influx of new listings has kept prices relatively steady, with some minor declines across the board.
Property Type | September 2024 | September 2023 | % Change YoY | % Change MoM (August 2024) |
Detached Homes | $2,022,200 | $2,007,500 | +0.7% | -1.3% |
Townhomes | $1,099,200 | $1,105,000 | -0.5% | -1.8% |
Condos | $762,000 | $768,000 | -0.8% | -0.8% |
Key Influences on Pricing:
Inventory Growth: The 33.4% increase in listings has put downward pressure on prices.
Buyer Hesitation: Fluctuating mortgage rates and market uncertainties have buyers holding back.
Sales-to-Listings Ratio: Currently around 17%, which points to a balanced market. If it drops below 12%, we could see more noticeable price reductions.
Current Market Dynamics: What’s Driving Buyer and Seller Behaviour?
Buyers: Taking a cautious approach, influenced by mortgage rate changes and economic uncertainty. Many are waiting for a more definitive market shift before jumping in.
Sellers: Adjusting their expectations due to increased competition. Properties are staying on the market longer, so competitive pricing is key.
External Influences: Upcoming elections and interest rate announcements are adding a layer of uncertainty to the market.
Key Takeaways:
We’re in a balanced market right now, giving both buyers and sellers room to negotiate.
With the market's future influenced by elections and interest rate changes, we could see more shifts soon.
Future Predictions: What to Watch For in 2024
Interest Rate Decisions: Two more interest rate announcements are expected this year, which could stir buyer activity.
Buyer's Market Potential: If the sales-to-listings ratio keeps dropping, we might see prices fall further, making it more of a buyer’s market.
Inventory Growth: More listings could continue to keep prices in check.
Expert Tips for Navigating the Market
For Buyers:
Negotiate: Use the surplus of inventory to your advantage.
Be Patient: Keep an eye on interest rates and market dynamics.
For Sellers:
Price Competitively: With so many options out there, make sure your property stands out.
Market Smart: Highlight what makes your property unique and use high-quality photography to attract buyers.
Final Thoughts
September 2024 is proving to be a transitional period for the North Vancouver real estate market. With more listings, cautious buyers, and some subtle price shifts, it’s a time of opportunity for both buyers and sellers. However, with the rest of the year still up in the air due to potential interest rate changes and economic factors, staying adaptable is crucial.
Looking to buy or sell in North Vancouver? Now is the time to reach out for some expert advice. I'm always going to tell it like it is and even if you're not thinking about it now there's never a bad time to get familiar with all the ins and outs of our market. Call me, we'll do "tea"
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