Ian Andrews-North Van Duplexes-September 2019

Real Estate Market Report

NORTH VAN DUPLEXES

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

September 2019

BY ANDREWS GROUP Dana

Elaine

Brenden

604.925.1175

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

Published by REAL Marketing (REM) | www.REALMarketing4You.com | 604.841.1739 | © 2019 | Please Recycle

STAGE FOR SUCCESS 81%

OF BUYERS are able to visualize a house as their future home when it has been staged* *2015 Profile of Home Staging, Reported

by National Association of Realtors

Jonathan and Angela-Marie, Let me help you prepare your house for a successful sale.

Call us today at 604.925.1175.

I S YOU R H OU SE SET U P TO QU ICK LY GR AB T H E AT T EN T ION OF POT EN T IAL B UYE R S?

&

depersonalize

light

bright

Remove your memorabilia so buyers can imagine making their own memories.

Boost the mood by opening curtains or blinds and leaving lights on for showings.

squeaky clean

organize

Buyers want a clean start; you want to maximize your value. Tidying up your house allows buyers to see the home’s true value and possibly make a higher offer.

Remove any unnecessary personal items (family pictures, memorabilia, etc.) to make your house appear more spacious and larger.

F E AT U R E D C O N T E N T : • North Van Duplex Current Market Activity • Supply vs. Demand • Stage for Success

Prepared Especially for

seamless set up

positive focus

Make sure buyers can easily move from one room to the other without having to walk around awkwardly placed furniture or belongings.

Highlight the positive focal points or unique features in your house with decor or furniture arrangements to let the buyer see how it may benefit them.

JONATHAN AND ANGELA-MARIE WILLIAMS

NorthVanDuplexes.com

NORTH VAN DUPLEXES

A FEW KIND WORDS FROM HAPPY CLIENT Dana

"

Brenden

Elaine

Real Estate Market Report

Thank you, Andrews Group so much. You are amazing.

The lawyer confirmed it is transferred into our name and it has closed. Seriously, you are THE BEST REALTORS we have ever dealt with, and we have done many deals in many different places over the years! Thank you!

- Kirsten

"

604.925.1175

homes@andrewsgroup.ca AndrewsGroup.ca NorthVanDuplexes.com

JONATHAN AND ANGELA-MARIE, This market report was prepared especially for you. For an in-depth analysis of your property, please call us today at 604.925.1175 or visit:

WWW.NORTHVANDUPLEXES.COM www.NorthVanDuplexes.com

SUPPLY VS. DEMAND

NORTH VAN DUPLEXES CURRENTLY LISTED

While the government has implicated many new taxes and have played a large role in the changes to our real estate market, supply and demand will always have a dramatic effect.

Prior to our newly elected government, those in the real estate business were experiencing sales dropping and inventory rising long before any of the new taxes were brought up, and many in the business feel if you’d let nature take its course, we were on our way to a natural correction in the market. Now it has been taken to a different level.

The detached market took the hit long before the condo’s and the apartments continued to rise for almost another year before following in the footsteps of the detached home to where we are today. The condo sales have kept the graph numbers up.

Average Active List Price

Where are we today?

Average Square Feet

These graphs represent the amount of inventory (supply) in the market and the amount of sales (demand) specifically for North Vancouver. You’ll notice the year 2016, which was one of the most extreme with regards to high prices, multiple offers and the madness that brought along Vancouver real estate being the topic on every corner, had very high levels of demand and inventory at record lows—buyers had nothing to choose from.

Fast-forward to where we are today and it is quite the opposite.

An abundance of homes to choose from (relatively speaking) and buyers seemingly as scarce as hen’s teeth. But it wasn’t just so black and white. Those of us down in the trenches could feel the shift coming and the graphs show you just that. Around June 2016, you can see a humongous drop in sales. From that point on, things were feeling different. What this graph doesn’t show is the difference between detached and attached homes.

2019 has had its highs but has mainly been a slow year. Simply put, it is a buyer’s market. You can see the supply level is extremely high, so if you’re thinking of selling your home, little things that make you stand out from the competition have never been more important. While the inventory seems to be on the down curve, expect a jump up in the following months. Pricing is crucial, but there is more to it than that. Your marketing, timing and strategies must be on point. The fall market is slim, historically showing one last surge in sales from September to mid-November, before it shuts down for the winter. While the ball is in the buyer’s court, there are plenty of homes selling in less than one week for great value. What’s the key? Give us a call and let us sit down and show you.

130

L I S T I N G C O U N T S

Average Sold Price

Average Square Feet

140

Total Active Homes

Active List Price Range

NORTH VAN DUPLEXES SOLD IN THE LAST 90 DAYS

NORTH VAN RESIDENTIAL SALES September 12th, 2019

1200

2,175

20

$1,099,000$1,799,800

Reflects MLS data above. Deemed accurate but not guaranteed.

Per Square Foot

NORTH VAN RESIDENTIAL LISTINGS September 12th, 2019

$1,475,675

$651 2,420

10

94%

Total Sold Homes

Sold Price/ List Price Ratio

120 S 110 A L 100 E S 90

1000

800

C O U N T S

600

Reflects MLS data above. Deemed accurate but not guaranteed.

80 70 60 50 40 30

400

20 10 0

200

1

3

5

7

9

11

13

15

17

19

2016

21

23

2017

25

27

2018

29

31

33

2019

35

37

39

41

43

45

47

49

51

1

3

5

7

9

11

13

15

17

19

21

23

25

27

29

31

33

53

2016

2017

2018

2019

35

37

39

41

43

45

47

49

51

53

Andrews Group and Royal LePage Sussex do not imply that this is in any way an official advertisement or publication of Royal LePage Sussex®. © 2019. All rights reserved. This representation is based on data reported from June 21st through September 19th, 2019 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.