Each week we post the latest stats for one of our specialty areas. This week, we're focusing on the North Vancouver condo market.
- Current inventory is 30% below last year, with 215 properties for sale compared to 291 during the same week in 2021. Current listings are 5% higher than last week.
- Sales weakened this week with 28 transactions out of 215 listings, compared to 47 transactions out of 205 listings last week. Last year we saw 42 sales out of 291 properties during the same period.
- Of this week’s 28 sales, buyers averaged 100% of the asking price, with a median sale price of $812,000 and a median of 9 days-on-market. Of the properties sold, five sold for the asking price, 11 sold over the asking price and 12 sold under asking.
- Our highest priced sale this week: a 3 bedroom, 4 bathroom, 2,419 sq.ft. condo on Capilano Road. List price $4,588,000. Sold for $3,980,000.
- Our lowest priced sale this week: a 1 bedroom, 1 bathroom, 773 sq.ft. condo on St. Georges Avenue. List price $399,999. Sold for $390,000.
- Market absorption rate for North Vancouver condo listings: At the current sales rate, if there were no new listings added, it would take 1.7 months for inventory to be absorbed into the market.