In North Vancouver total November sale numbers increased for most North Vancouver property types from November 2019:
- Houses up +20.5%,
- Condos up +28% and,
- Townhomes 0.0%.
The MLS® HPI Benchmark Price was up for all property types:
- Houses up +11.6%,
- Condos up +7.3% and,
- Townhomes up 10.1%.
The supply of property types are a critical factor in understanding home price trends. Today’s trends tell us that the supply of detached homes, condominiums and townhomes for sale in North Vancouver is lagging behind the pace of demand.
To better understand this balance between supply and demand we can look to the sales-to-active listings ratio. This balance is what determines price fluctuations. When this ratio dips below <12% persisting for a sustained period prices typically decline. If it surpasses >20% for a sustained period prices typically increase. We call this a Seller’s Market.
The past six months all North Vancouver property types sales-to-active listings ratio have been holding in seller market territory,
More interesting property type stats below:North Vancouver Real Estate 2020-11