The real estate market in West Vancouver, a prominent area within the Greater Vancouver region, has experienced notable changes in 2023. Based on the data from the Real Estate Board of Greater Vancouver, we will delve into key statistics reflecting shifts in active listings, sales, days on the market, and benchmark prices for different property types in West Vancouver.
Detached Properties:
The market for detached properties in West Vancouver witnessed a decline in 2023. The total active listings decreased by 11.4% compared to the previous year, with a further decline of 16.3% observed later in the year. Similarly, sales declined by 8.9% in the initial year comparison, followed by a more significant decrease of 11.3% in the later period. The average days on market saw an increase of 32.1% in the earlier year comparison. The MLS® HPI benchmark price for detached properties also experienced a decline, with a 10.6% decrease in the first year comparison and a 9.4% decrease in the later comparison.
Townhomes:
West Vancouver's townhome market displayed mixed results in 2023. The total active listings showed a slight increase, with a 1.1% rise in the earlier year comparison. However, there was a substantial increase of 47.8% observed in the later period. Sales of townhomes demonstrated significant improvement, with a 61.1% increase in the earlier year comparison and a 46.2% increase in the later period. The average days on market also increased, rising by 88.2% in the earlier year comparison and by 52.6% in the later period. The MLS® HPI benchmark price for townhomes experienced a modest increase of 2.1% in the first year comparison, but a 5.0% decrease in the later period.
Condos:
The condo market in West Vancouver experienced a decrease in total active listings of 30.0% in the earlier year comparison, remaining stable in the later period. Sales of condos saw a surge of 100.0% in the earlier year comparison but experienced a slight decrease of 50.0% in the later period. The average days on market showed a minimal decrease of 5.0% in the earlier year comparison and a further decrease of 12.5% in the later period. Notably, the MLS® HPI benchmark price for condos remained unchanged at $0.
Conclusion:
The real estate market in West Vancouver witnessed significant changes in 2023, with variations observed across different property types. Detached properties experienced a decline in active listings, sales, and benchmark prices. Townhomes showed increased activity with rising sales, although the average days on market also increased. Condos, on the other hand, saw a decrease in active listings but had mixed results in sales. These trends provide valuable insights for buyers, sellers, and industry professionals interested in West Vancouver's real estate market.
For a more comprehensive understanding of the current state of the real estate market in West Vancouver or to inquire about buying or selling properties in the area, we encourage you to contact our team. Contact us!