Current: West Vancouver is in a Buyers Market with 4 %SOLD rate, 56 days on the market (DOM) and with a 89% selling discount of $333,000 off the original list price.
Most Active Range: Homes below $2 mill. have 16.7 %SOLD rate.
Least Active Range: Homes between $3 mill. - $3.5 mill. have 1.0 %SOLD rate.
History: The West Vancouver Year-To-Date Home Price Index HPIp (Top 50%) HPIp* shows that prices decreased $605,046.
The West Vancouver Year-To-Date Home Price Index HPIp (Lower 50%) HPIp* shows that prices decreased $202,690.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: West Vancouver has average Listing supply; 539 homes are for sale and with the 4 %SOLD monthly rate gives us a ~25 months of inventory. 6% of the active listings have reduced their price by $272,902 on average and $296,000 on median for the last month. We project West Vancouver to be a continued Buyer's market.
August's Real Estate Statistics shows 90% of Vancouver's Detached Markets decreased $26,380 in this last month and that compares to the COMPLETE OPPOSITE Market we saw in August 2015 when 90% increased by an average of $$23,833. Our August 2018 Drop demonstrates a continuous decline from $23,555 price drop we saw in July 2018. On Average, the Fraser Valley Market shows a $14,299 monthly price decrease. With the latest trade tariffs, foreign buyer taxes, higher personal taxes, tough mortgage lending rules and the pending interest rate increase, we are still forecasting a Buyer's Market across the Detached Markets for the following quarter.
Currently, the Condo Market continues to present a Cool Market with 90% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 86% of the Townhouse Markets are decreasing. (24 out of 28 Markets). Both Markets indicate a Buyer's "Watching and Waiting" behavior which was evident in the previous quarter. We are still forecasting a Buyer’s Market in all Condo/Townhouse Markets for the foreseeable future. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.