Despite media talk of skyrocketing prices, the benchmark price in West Vancouver for the month of July is north of $2,600,000 (for Condo's) and $3,241,000 (for single family homes). This is down 4.2% from a year earlier.
There were 47 total sales in the month of July, 2023. This is still a buyers market with 583 active listing and sales ratio in the mid 20% range and a 13 month supply of properties for sale.
June: If they can handle the prices, buyers are in control of West Vancouver’s detached-house sector, where the median price in June was $3,418,000, up more than $500,000 from a month earlier, though sales dipped to 28 transactions, down from 41 in May 2023. There is a 15-month supply of houses, with sales at the lowest level in five months. Townhome listings are disappearing: 5 new listings in June and 6 sales. The June benchmark condo price was $1,339,700, a record high, even with a relatively low sales ratio of 37%.
May: The benchmark price of a detached house in West Vancouver in May was nearly unchanged from six months ago, at $3,111,600. Total housing sales, mostly detached houses, were 80 in May, up 16% from April 2023 and 16% higher than in May 2022. With 529 total active listings, there is a 7-month supply in a balanced market where the sales-to-listing ratio is 35%.
April: Metro’s second-most expensive housing market is not known for a high number of sales and April was no exception, with 60 transactions, down 6% from a month earlier, though 43% higher than in February. New listings, though, were 94% higher than a year ago, so the market is stirring. We are calling this a balanced market, but shifting to a buyer’s advantage for those who can afford it. The benchmark price of a detached house, which dominated the market with 43 sales in April, is $3,111,600, up 3% from March, but still 8% lower than a year ago. The overall sales-to-listing ratio is 38% and has held steady in that range for two months.
Without any noticable increase in the supply of homes, competition will heat up again, especially as the population continues to grow. I hope this helps with your decision making process. If you have any questions please reach out. XOX
Need an explanation of Benchmark Price Vs Average Price Vs Median Price? Click here to watch this video
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