September Real Estate Insights: A Look at West Vancouver's MarketWest Vancouver’s real estate market in September 2024 offers a mix of trends across detached homes and attached properties. Let's dive into the latest numbers and compare them with last year’s performance, as well as analyze the month-over-month trends from August.
Detached Homes:
- New Listings: September saw 142 new listings for detached homes, a slight decline from last year’s 147 listings. This brings the total active listings to 527, reflecting a 5.6% increase from last year.
- Sales Activity: Detached home sales reached 30 this month, a slight drop from 33 sales last year, which represents a 9.1% year-over-year decline. This dip in sales could suggest a softening in demand, with a sales-to-active ratio of 5.7%, which is indicative of a balanced to buyer’s market.
- Pricing Trends:
- The MLS® HPI Benchmark Price for detached homes was $3,269,200, a marginal 0.1% increase from last year’s $3,264,800.
- The average days on market extended to 52 days from 30 days last year, reflecting a longer timeline to close deals.
- While prices remain strong, the extended selling times suggest that buyers are being more cautious and selective.
Attached Properties (Condos & Townhomes):
- New Listings: The attached segment saw 72 new listings, up from 63 last year, bringing the total active listings to 126—an impressive 26% increase from last year. This surge in inventory provides more options for buyers in the West Vancouver market.
- Sales Activity: Despite the higher inventory, sales for attached properties dropped to 12 units, down from 18 last year—a 33.3% decline. The lower sales figures, combined with higher inventory, have pushed the market further towards a buyer’s market, with a sales-to-active ratio of 9.5%.
- Pricing Trends:
- The MLS® HPI Benchmark Price for attached properties declined by 7.3%, now sitting at $1,245,400 compared to $1,342,800 last year. This suggests that while inventory is increasing, prices are softening as sellers adjust to market conditions.
- The average days on market for attached properties also increased, reaching 49 days from last year’s 44 days, further emphasizing a more sluggish pace for sales in this category.
Market Observations:
- Inventory & Sales Trends: The overall inventory in both segments continues to rise, with detached homes at 527 and attached properties at 126 active listings. However, sales have slowed down compared to last year, which is reflected in both categories. The extended days on market also indicate a more patient buying environment, where buyers have more options to choose from, and sellers may need to adjust pricing expectations.
- Month-over-Month Performance:
- From August, inventory levels for detached homes have remained fairly steady, but sales have decreased slightly (30 in September compared to 35 in August). The MLS HPI for detached homes also remained relatively stable, with a small 0.1% increase.
- For attached properties, sales in September dropped significantly from August (12 vs. 21), indicating a slowdown in buyer activity. The decline in the MLS HPI for attached properties also points to weakening prices in this segment.
Conclusion:
West Vancouver’s real estate market in September 2024 is reflecting a mixed picture. While inventory remains strong, sales activity has slowed, and prices are seeing minimal gains or slight declines. Buyers are clearly exercising more caution, taking longer to make decisions, while sellers may need to adjust to longer market times and potentially softer prices.With the market shifting towards more favorable conditions for buyers, it will be crucial to watch how the balance between inventory and sales unfolds in the coming months. For now, West Vancouver remains a competitive and desirable location, but the pace of the market is showing signs of cooling.