2016 was a record year for the Vancouver real estate market, with 112,209 residential unit sales recorded by the Multiple Listing Service® (MLS®). Total sales reached a record $77.6 billion, a 18.8% from the previous year, as reported The British Columbia Real Estate Association (BCREA).
While the B.C. market continues to grow, North Vancouver continues to draw buyers in the condominium, townhouse and detached property markets. As we look to Vancouver Real Estate Market Trends for 2017, its’s important to take a moment to reflect on some of the trends that took place across 2016. Below, I discuss North Vancouver Real Estate statistics for December 2016.
North Vancouver Condos
According to the Real Estate Board of Greater Vancouver, December 2016 saw 73 sales in the North Vancouver condo market. On average, condos were on the market for 25 days.
Of 35 North Vancouver neighbourhoods, total benchmark price for North Vancouver condos reached $452,600, up 14.7% from 2015.
56% of active North Vancouver Condos were listed between $400,000 – $899,999 for December 2016.
As of December 2016, there were 89 active North Vancouver Condo listings, 50 of which range between $400,000 to $899,999.
North Vancouver Detached Homes
At a snapshot, the number of sales from December 2015 have gone down 38.5% but continue to draw new customers in neighbourhoods across North Vancouver. December 2016 saw a total of 48 sales with 178 active listings.
For December 2016, top-selling neighbourhoods include Lynn Valley, Upper Lonsdale and Central Lonsdale.
Exclusive neighbourhoods that continue to set the bar for luxury detached homes for December 2016 include Braemar, Edgemont and Northlands.
For those looking to break into the North Vancouver real estate market, neighbourhoods such as Pemberton NV, Lynnmour and Roche Point offer some of the most competitive prices. Average benchmark prices in these neighbourhoods range from $1,155,700 – $1,280,200.
North Vancouver Townhomes
December 2016 saw 15 sales in six unique neighbourhoods across North Vancouver. Neighbourhoods with the highest growth in benchmark price include Lower Lonsdale, Hamilton and Central Lonsdale. Across 35 neighbourhoods, total benchmark price saw an increase in 18.2% reaching $831,400.
For the latest Vancouver Real Estate Market information and 2017 real estate trends contact me for the most up-to-date information for your neighbourhood.