North Shore Real Estate Shifts: Market Update December 2024

Nest Presales Market Statistics North Shore December 2024

The North Shore real estate market in December 2024 displayed a mix of stability and shifts across property types in North Vancouver and West Vancouver.

North Vancouver - December 2024 Market report highlights

North Vancouver: Declining House and Townhouse Prices, Lower New Listings, and Strong Sales Ratios

Price Analysis:

House/Detached:

The benchmark price for detached homes in North Vancouver declined by 0.8% month-over-month to $2,130,900, marking a 2.5% decrease from December 2023. This remains above Metro Vancouver’s benchmark of $1,997,000.

Discover North Vancouver homes priced below $2,130,000 here, or explore listings above $2,130,000 here..

Townhouse/Attached:

Townhouse prices dropped 2.8% from November to $1,311,700, with a slight year-over-year decline of 0.8%. Despite this dip, townhouses in North Vancouver remain priced above Metro Vancouver’s benchmark of $1,114,600.

Find North Vancouver townhomes listed below $1,315,000 here, and check out townhouses priced above $1,315,000 here..

Condo/Apartment:

The benchmark price for condos in North Vancouver remained stable month-over-month at $796,100, reflecting a 0.6% increase year-over-year. This price continues to be higher than Metro Vancouver’s benchmark of $749,900.

Search for North Vancouver condos priced below $800,000 here, and explore apartments listed above $800,000 here..

New Listings and Sales:

New listings saw a decline across all property types compared to November. House listings in North Vancouver fell to 26 from 83, though they were still up 7.7% from December 2023. North Vancouver’s Townhouse listings dropped to 22 from November’s 43, reflecting a 27.3% year-over-year increase. Condo listings in North Vancouver decreased to 53 from 131, down 7.5% compared to December 2023.

Sales remained strong in North Vancouver. Detached home sales reached 46, with a robust sales ratio of 176.9%, up 41.5% year-over-year. Townhouse sales totaled 32, achieving a sales ratio of 145.5%, reflecting a 5.8% annual increase. Condos saw 60 units sold, with a sales ratio of 113.2%, marking a 19.5% rise from December 2023.

Take a look at all the houses in North Vancouver with an open house coming up here.

West Vancouver - December 2024 Market report highlights

West Vancouver: Rising House Prices, Stable Condo Prices, and Declining Sales Ratios

Price Analysis:

House/Detached:

The benchmark price for detached homes in West Vancouver increased 2.5% month-over-month to $3,308,300, marking a 6.1% year-over-year rise. This remains well above Metro Vancouver’s benchmark of $1,997,000.

Check out West Vancouver homes below $3,310,000 here, orsee available listings above $3,310,000 here..

Condo/Apartment:

The benchmark price for condos in West Vancouver rose 1.2% month-over-month to $1,226,100 but showed a 4.3% decline compared to December 2023. Despite this, West Vancouver condos remain significantly higher than Metro Vancouver’s benchmark of $749,900.

Discover West Vancouver condos listed under $1,225,000 here, and browse options above $1,225,000 here..

New Listings and Sales:

West Vancouver experienced significant shifts in new listings. Detached home listings in West Vancouver dropped to 50 from 78 month-over-month but were up by 26.0% compared to the same time last year. Townhouse listings in West Vancouver fell to 3 from 13, though they rose by 66.7% year-over-year from December 2023. West Vancouver’s condo listings saw a 36.4% increase compared to last year, but declined from 28 in November 2023 to 22.

Sales activity, however, showed a mixed trend. Detached home sales totaled 26, with a sales ratio of 52.0%, down 16.3% from the previous year. Townhouse sales remained low at 2 units, achieving a 66.7% sales ratio, marking a 66.7% decline year-over-year. Condo sales held steady at 11 units, with a 50.0% sales ratio, down 53.3% from December 2023.

Take a look at all the houses in West Vancouver with an open house coming up here.

Metro Vancouver: Mixed Trends in Sales and Pricing

Although the year began slowly, sales activity in Metro Vancouver gained momentum toward the end, fueled by declining mortgage rates. This trend signals the potential for increased market activity as we move into 2025.

Currently, Metro Vancouver’s average sales ratios are 12.1% for detached homes, 23.6% for townhomes, and 18.7% for condos. North Vancouver and West Vancouver exceeded the regional averages, especially for detached homes. However, West Vancouver experienced a decline in sales ratios for both townhouses and condos.

Leave a Reply

Your email address will not be published. Required fields are marked *

Want more info?