Neighbourhood SnapShot – West Side

West of Ontario Street

During the past 30 day period, a snapshot of the detached market activity on the West Side of Vancouver experienced ask/sold prices lower than the month before. Average and Median Price patterns as expected, appear to parallel those in North Vancouver or West Vancouver.

In the period covering February 24 to April 23, the West Side of Vancouver experienced the following market activity.

Listings

Total Listings declined from February/March’s 846 to March/April’s 799.

Sales

Sales decreased by 48 from February/March’s 184.

Expired, Reductions, Increases, Days on Market

• March/April saw twenty-one listing mandates expire. There were twenty in February/March.
• Price reductions in February/March were 132 while in March/April it was 131.
• There were 46 price increases in February/March and 42 and in March/April.
• It took 14 days to sell a home in March/April compared to 35 February/March.

Average and Median Prices

February/March’s Average Ask price recorded $1,986,774 with a slight decrease to March/April’s $1,984,842. The Median Ask price in February/March was $1,765,000 dropping to $1,649,000 March/April.

The Average Sold price in the March/April of $1,987,767 increased from the February/March’s price of $1,954,600. The Median Sold prices reacted negatively with February/March’s $1,777,500 reducing to March/April’s $1,677,500.

Thoughts

Vancouver’s west side has in the past remained a bastion of price stability. It is an area where within the total of 799 listings, only 43 are priced below $1,000,000.

Within this snapshot, the average prices appear to have maintained that aura of staid and steady. Median prices do show show some variance but keeping it in perspective, a $100,000 drop on property sales in this price range represents a very low percentile and is not viewed here as significant.

Price reductions and slightly faster list to sell time, serve to indicate this market area like others visited, is in a state of flux.