Lynn Valley Housing Market Analysis

Go to any dinner party, and the one topic of conversation that never fails to come up is the real estate market. If you want to sound really smart at that next dinner party, check back here often as we’ll provide the relevant statistics on the Lynn Valley housing market on a monthly basis.

April Sales Recap

Wondering what sold in Lynn Valley in April? Read on:

Single Family Homes:

There were 14 detached homes sold in April with an average sale price of $994,625 (median = $935,000).
The average sale price achieved was less than list price by 2.7%.
Detached homes that sold in April took an average of 57 days to sell (median = 40 days).

Apartments & Townhouses:

There were 9 attached homes sold in April with an average sale price of $396,782 (median = $365,000).
The average sale price achieved was less than list price by 1.88%.
Attached homes that sold in April took an average of 45 days to sell (median = 44 days).

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March 2013 Sales Recap

Here is the monthly sales recap for March.

Single Family Homes:

There were 16 detached homes sold in March with an average sale price of $963,100 (median = $860,000).
The average sale price achieved was less than list price by 2.74%.
Detached homes that sold in March took an average of 64 days to sell (median = 47 days).

Apartments & Townhouses:

There were 2 attached homes sold in March with an average sale price of $420,000 (median = $420,000).
The average sale price achieved was less than list price by 2.1%.
Attached homes that sold in March took an average of 30 days to sell (median = 29.5 days).

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February 2013 Sales Recap

Here’s what sold in Lynn Valley during the month of February.

Single Family Homes:

There were 11 detached homes sold in February with an average sale price of $1,028,391 (median = $950,000).
The average sale price achieved was less than list price by 2.24%.
Detached homes that sold in February took an average of 53 days to sell (median = 28 days).

Apartments & Townhouses:

There were 6 attached homes sold in February with an average sale price of $433,750 (median = $367,500).
The average sale price achieved was less than list price by 2.83%.
Attached homes that sold in February took an average of 109 days to sell (median = 100 days).

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January 2013 Sales Recap

Here is your monthly snapshot of sales that occurred in Lynn Valley during the month of January.

Single Family Homes:

There were 11 detached homes sold in January with an average sale price of $918,545 (median = $820,00).
The average sale price achieved was less than list price by 1.85%.
Detached homes that sold in January took an average of 62 days to sell (median = 76 days).

Apartments & Townhouses:

There were 5 attached homes sold in January with an average sale price of $418,980 (median $368,900).
The average sale price achieved was less than list price by 2.98%.
Attached homes that sold in January took an average of 72 days to sell (median =69 days).

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PAST REVIEWS

General Overview – April 4, 2012

Q1 2012 Review – The Lynn Valley housing market bounced back from the market of late 2011 by posting a 38% increase in sales. However, sales activity was 25% lower than that experienced during the first three months of 2011. Not surprising, the detached home segment led the way with an increase of nearly 40% over the fourth quarter of 2011. Apartment sales more than doubled from the last three months of 2011, while townhome sales remain sluggish.

In general, the market remains generally balanced, with appropriately positioned quality homes in appealing locations selling briskly.

Sales

Q1 Review – As noted, detached home and apartment sales drove residential market activity during the first three months of the year. The limited number of townhome sales – some 160% lower than the same period a year ago – can be attributed primarily to the limited number of townhome listings available in the marketplace. Apartment sales more than doubled from the fourth quarter of 2011, which illustrates reasonably strong demand among more price-sensitive buyers.

Pricing

Q1 Review – Not only did median price of detached homes sold during the first quarter of 2012 exceed that of the last quarter of 2011, it was also approximately 6% higher than the same period in 2011. The median sale price increase was even more pronounced in the apartment sector, which increased by some 24%. The only segment of the market to experience a drop in sale values was townhomes, which saw the median sale value fall by 6%.

Inventory Levels

While the number of new residential listings in Lynn Valley increased relative to the fourth quarter of 2011, the market remains relatively balanced. As a result of the lower supply of housing options, we are unlikely to see any significant drop in sale values for the foreseeable future. As of the end of the first quarter of 2012, there were just 47 active Detached Home Listings, 6 active Townhome listings and 18 active Apartment Listings. This represents just over 3 Months of Inventory* (MOI) of all product types.

*Months of Inventory is a measure derived from the number of active listings during a given period divided by the number of sales during that period. It indicates the theoretical length of time it would take to sell all of the properties on the market if nothing changed. Historically, 0-5 months of inventory has generally implied upward price pressure for the ensuing six months, 5-8 months of inventory meant a flat market with respect to pricing and over 8 months of inventory has, generally precipitated downward price pressure.

General Overview – January 18, 2012

Q4 2011 Review – Not surprising, the Lynn Valley housing market experienced a similar malaise as the rest of Metro Vancouver during Q4 2011. Lower sales of detached homes and apartments resulted in a drop in the median sale price of all product types. If you’ve been considering a home purchase in Lynn Valley, now is as good a time as any to make that move given the recent softening in both sales activity and prices, and the still historically low mortgage rates.

2011 Review – A very active first half of 2011 resulted in higher sales of detached homes and townhomes in 2011. The strong sales activity resulted in higher median sale prices of all product types compared to 2010

1. Sales

Q4 Review – Whether the result of typical seasonal influences or lower consumer confidence, Lynn Valley experienced a second consecutive significant drop in home sales in Q4 of 2011. Detached home sales fell by more than one-third while townhome and apartment sales continued to be limited as well.

2011 Review - Total home sales on MLS increased by just over 11% in 2011 over 2010. The detached home sector experienced the biggest increase – 22%. While townhome sales were 15% higher, apartment sales were 27% lower during the past year. The drop in apartment sales are likely the result of the lack of any new condominium development occurring in Lynn Valley in 2011.

2. Pricing

Q4 Review – Not surprising given the lower sales activity in Q4 is the fact that median sale prices dropped slightly for all product types. Apartments experienced the biggest drop (-18%), while detached homes (-4.4%) and townhomes (-1.3%) experienced more modest declines in median sale prices.

2011 Review – Based on the strength of sales activity during the first half of 2011, median sale prices rose for all product types relative to 2010. Townhomes experienced the biggest increase at nearly 11%. Detached homes followed closely at just under 8%. Apartment median sale prices rose by a more modest 4%.

3. Inventory Levels

In spite of the slower sales pace during Q4, the residential real estate market in Lynn Valley is still a seller’s market due to the limited number of active listings as of the end of Q4. There were a measly 27 active Detached Home Listings, 7 active Townhome listings and 14 active Apartment Listings. This represents just over 2 Months of Inventory* (MOI) of all product types.

***PAST ANALYSIS***

General Overview, October 13, 2011

The Lynn Valley real estate market experienced the typical summer swoon during the third quarter (Q3) as sales of all residential product types backed off the torrid sales pace experienced during the second quarter (Q2). However, the Median Sale Price of Detached Homes and Townhomes increased while dropping slightly for Apartments. Inventory levels remain reasonably low for all product types, thereby keeping the market in sellers’ favour.

Sales

Q3 sales of Detached Homes (60) were one-third lower than in Q2, while Townhome sales dropped by half and Apartment sales by 28%. Vendors of Detached Homes and Townhomes are waiting an average of just over one month to sell their homes. Meanwhile the limited inventory of Apartments resulted in this product type taking an average of just 19 days to sell during Q3.

Pricing

Contrary to what typically occurs during a period of lower sales activity, the Median Sale Price for both Detached Homes and Townhomes increased during Q3. The Sale to List Price Ratio also remained high at 99% and 98% respectively. The Median Sale Price for Apartments dropped by 5% during Q3, but was still 99% of the List Price.

Inventory Levels

In spite of the slower sales pace during Q3, the residential real estate market in Lynn Valley is still a seller’s market due to the limited number of active listings as of the end of Q3. There were just 44 active Detached Home Listings, 14 active Townhome listings and 14 active Apartment Listings. This represents a paltry two Months of Inventory* (MOI) of all product types.