Ian Andrews-North Van Duplexes-June 2020

Real Estate Market Report

NORTH VAN DUPLEXES

2397 Marine Drive West Vancouver, B.C. V7V 1K9

BY ANDREWS GROUP Dana

Elaine

June 2020

Brenden

604.925.1175

F E AT U R E D C O N T E N T :

homes@andrewsgroup.ca AndrewsGroup.ca NorthVanDuplexes.com @NorthVanDuplex

• Should I Sell My Home Now (During the COVID-19 Crisis)?

• North Van Duplexes Stats Published by REAL Marketing (REM) | www.REALMarketing4You.com | 604.841.1739 | © 2020 | Please Recycle

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DEAR JONATHAN AND ANGELA-MARIE, If you are considering selling, it is important to review the services each agent offers.

For more information on our customized selling plan for North Vancouver, call us today at 604.925.1175.

Prepared Especially for

JONATHAN AND ANGELA-MARIE WILLIAMS

NorthVanDuplexes.com

NORTH VAN DUPLEXES Where's the action?

Dana

Elaine

NORTH VAN DUPLEXES Real Estate Market Report

Brenden

604.925.1175

JONATHAN AND ANGELA-MARIE, Whether you’re in the first stages of discovery or you’re ready to put your home on the market today, give us a call at 604.925.1175 or visit:

homes@andrewsgroup.ca AndrewsGroup.ca NorthVanDuplexes.com

WWW.NORTHVANDUPLEXES.COM www.NorthVanDuplexes.com ©2020 Google | This map is a visual representation of the data to the right.

Should I Sell My Home Now (During the COVID-19 Crisis)?

NORTH VAN DUPLEXES CURRENTLY LISTED

Ok, there is no one right answer to the above question, we all know that. Individual circumstances dictate much of our lives. So for this article, we will keep the focus on market statistics and our professional experience with our feet on the ground right now.

∞ HEADLINES: The media constantly bombards us with inflammatory and conflicting facts, it touts contradictory

information as gospel truth on the same topic. Real Estate is no different, in fact, it’s one of the favorite topics. Here’s two current headlines: “Falling home listings will keep prices stable through pandemic: BMO” & “Home prices could fall up to 18% over next 12 months: CMHC”. There are veins of truth in both articles, but neither tells the full story. In our 20+ years of experience in the trenches, we can honestly say, the media rarely has it right, but they know how to get your attention.

∞ COVID: The current environment is full of uncertainty and unknown terrain. Unemployment is at an all-time

high, shops we loved are closed, some folks are relying on government handouts: deferred mortgage payments and short-term loans to get by; and people are sick and dying. Yet there are those who have adjusted well, even a few thriving amongst the chaos. Let’s all agree, no one knows what the full impact of this pandemic will be, so best not to allow the short-term dramatic headlines of the media stress us too much when history has proven in the long term, Vancouver real estate bucks the analysts and usually surprises us all.

∞ MARKETING: Throughout this pandemic, certain market segments are in demand and multiple offers are

commonplace with properties selling over the asking price; while other segments are depressed and offer some excellent buys. In North Vancouver properties under 1.7M are in high demand with a minimal supply. A sharply priced home, marketed properly can easily sell in less than 2 weeks, but this where the professionals come in. Incorrect pricing is the #1 reason homes don’t sell and we (at Andrews Group) have now implemented a new set of marketing skills such virtual tours, Facebook Live Open houses, and digital strategies to adjust to how buyers have changed their style shopping for a home.

Average Active List Price

Average Square Feet

$1,549,100 2,200

∞ FUTURE: Along with all the uncertainty, there is a growing pressure on the market, with low inventory, rising

prices and multiple offers, it’s not the doom and gloom some headlines are predicting. Our experience? We have sold 9 homes in the last 2 months and most of those were on the market for less than 21 days. We have been in over 12 multiple offer situations. Conclusion: If you’ve got a property under 1.7M in North Vancouver, it could be a brilliant time to consider selling especially if moving up in the market is in your future. Do give us a call, because like everything–nothing is what it seems.

Total Active Homes

Active List Price Range

Deemed accurate but not guaranteed.

NORTH VAN DUPLEXES SOLD IN THE LAST 90 DAYS

Average Sold Price Per Square Foot

$660

∞ MARKET: Generally, May and June mark the peak of the selling market, but inventory is low. This is not “business as usual”! The amount of competition for home sellers is down 41% and yet, we continue to feel the pent up buyer demand and which was clear from February’s HOT-HOT-HOT market. Those buyers are still out there, and the expected and hoped-for “drop in price” has not materialized. In fact, the opposite is true, sale prices are up 2.2% from last year. There are deals out there, but mostly in the higher end luxury market. So now is a splendid time to pick up a 5-million-dollar mansion.

7

$1,238,000$$1,818,000

Average Square Feet

2,500

8

97%

Total Sold Homes

Sold Price/ List Price Ratio

Deemed accurate but not guaranteed.

Andrews Group and Royal LePage Sussex do not imply that this is in any way an official advertisement or publication of Royal LePage Sussex®. © 2020. All rights reserved. This representation is based on data reported from March 2nd, 2020 through June 2nd, 2020 by multiple brokers/agents to the Real Estate Board of Greater Vancouver (REBGV). This information is not intended to represent any existing listings but is general marketing information based on REBGV MLS data, however, neither Royal LePage Sussex nor the REBGV guarantees the accuracy of this data, which may not reflect all of the real estate activity in the area. E&OE covered. This market report is not intended to solicit properties already listed for sale nor is it intended to cause or induce a breach of an existing agency agreement. Each office independently owned and operated.*Square footage is rounded to the nearest hundred.