Market Knowledge is critical in the world of Real Estate. We work hard to keep our buyers and seller well informed so that they can effectively make decisions. We prove these articles as a brief overview of the West Vancouver Market. If you would like a more detailed look at your specific neighbourhood, please get in touch and we are happy to provide it!
Detached Homes:
New Listings: March brought forth 103 new listings for detached homes, marking a slight increase from the 97 listed during the same period last year.Inventory: With the current inventory soaring to 421 properties, there's a notable uptick reflecting sustained market activity and a healthy supply of housing options, however; the market still remains in Balanced territory for buyers and sellers in West Vancouver!Sales: Despite a decrease in the number of homes sold to 36, compared to 45 last year, it's essential to contextualize this against February's performance. The month-over-month comparison reveals a steady uptrend in sales activity, indicating growing buyer confidence.Price Insights: The average sale price for detached homes settled at $3,466,138, down from last year's $3,855,035. Similarly, the median sale price saw a decline to $2,830,000 from $3,298,000, reflecting adjustments in pricing dynamics. Notably, the highest-priced property sold reached $8,000,000, with the MLS Home Price Index (HPI) showing a 4.4% increase from last year, underscoring the importance of a detailed analysis when looking at Real Estate trends!Attached Properties:
New Listings: In the attached property segment, 50 new listings emerged in March, maintaining a steady influx of options for prospective buyers.Inventory Assessment: The current inventory stands at 143 properties, indicating a balanced market landscape and ample choices for discerning buyers.Sales Performance: March witnessed 13 attached properties sold, a decrease from the 31 sold last year. However, similar to detached homes, a month-over-month analysis reveals positive momentum in sales activity.Price Trends: The average sale price for attached properties remained relatively stable at $1,474,615, while the median sale price saw a slight decrease to $1,198,000 from $1,338,000. The highest-priced attached property sold for $3,300,000, with the MLS HPI recording a significant 9.5% increase from last year, indicative of sustained market growth and appreciation.Month-over-Month Trends:
Comparing March's performance to February, we observe several noteworthy trends:- Inventory: Both detached and attached property inventories experienced modest increases, indicating sustained market activity and a healthy supply of homes.
- Sales: While detached home sales saw a slight increase month-over-month, attached property sales witnessed a decline, potentially influenced by shifts in buyer preferences as the prices for condos has been quite high relatively to homes for a while now.
- Sales Prices: Average and median sale prices for both detached and attached properties displayed fluctuations, reflective of market dynamics and evolving buyer expectations.
Conclusion:
West Vancouver is always an interesting market to follow! With this last month of stats, it will be interesting to see where the market goes. Stay tuned as we unravel more insights and trends to guide your real estate journey!Curious about your specific market? Give us a
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