July Sales Take A Breather

 
Home Sales Reflect A More Typical Summer Market

According to MLS Data, July residential unit sales were off 25.2% with 2,732 units sold in July 2006 vs. 3,652 units in July 2005.  Actual unit sales were more in line with 2004 volume.  As one month does not establish a “Trend”, we will need to wait and see how the market performs in August and September before suggesting we are experiencing a shift in the market.
 
Following is a summary of Real Estate Board statistics for the North Shore and Sea To Sky corridor.

The West Vancouver market for Attached and Apartment properties was consistent with prior month sales.  Detached home units were off 39.7% at 44 units.  The average price of a Detached home was $1,160,000 off marginally when compared with June 2006 sales.

In North Vancouver sales of Detached homes were off 32.8%, Attached homes off 23.3% and Apartment homes off 33.3%.  Prices were however higher across the board. 

Squamish unit sales of Detached homes were consistent with prior month at 29 sales.  Average price at $345,000 however was off 10.2% compared with prior month.  Unit sales of both Attached and Apartment homes were off significantly from prior month, down 58% and 50% respectively. 

At Furry Creek, Sales were buoyant as ParkLane Homes Eagle’s Nest Project effectively Sold Out in July. This is just the beginning of a huge project with 600 new homes to be built over the next 10 years.  Preparations are well underway to release the next development phase of 12 single family Ocean View homes at Ocean Crest in September 2006.

West Vancouver YTD
Detached 468 units YTD up 5.9%  Prices up 26.5% to $1,256,250
Attached 54 units YTD up 20%  Prices up 11.6% to $812,000
Apartments 24 units YTD down 12%  Prices up 24% to $599,500

North Vancouver YTD
Detached 781 units - YTD up 1.4%  Prices up 14.9% to $729,000
Attached 261 units - YTD down 13% Prices are up 17.5% to $490,000
Apartments 631 units - YTD down 17.5%  Prices are up 13.5% to $297,500
 
Squamish YTD
Detached 174 units YTD up 18.4%  Prices are off 1.3% compared with last year at $370,000.
Attached 102 units YTD up 21.4%  Prices are up 11.4% to $295,000
Apartments 45 units YTD up 67%  Prices are up 37.6% to $227,000 

Inventory of New Listings
Other than Apartment homes which saw an increase in the number of New Listings, inventory levels of New Listings for Detached and Attached homes declined in all areas in July when compared with prior month. 
Year To Date, in West Vancouver the number of listings is still higher than during the same period in 2005 with the exception of West Van Apartment homes with 31% fewer listings available vs. the same period in 2005.  North Vancouver inventory is up 9.7% for Detached homes and flat vs. prior year for Attached and Apartment homes.  In Squamish, inventory of Detached homes is consistent with prior year, with increases for both Attached and Apartment homes with the latter up 120% vs. the same period in 2005. 

If you or someone you know is thinking of buying or selling real estate on the North Shore and Sea To Sky Corridor to Furry Creek including Britannia Beach, please give us a call, you’ll be glad you did!!

Anita Schmitt, Realtor - Royal LePage Northshore 604.787.1456 

Tom Davis, Realtor - Royal LePage Northshore 604.315.0172
 
 

This communication is not intended to cause or induce breach of an existing agency agreement.