On the West Vancouver Front

Numbers from the Hill

A snapshot of West Vancouver’s quiet neighbourhoods offered up another chapter of detached monthly real estate numbers that are surprising and yet, from a global perspective still remain ‘No Longer Pretty.’

West Vancouver Detached

For the period covering February 23 to April 22, West Vancouver Detached detached homes experienced the following market activity.

Listings

In keeping with the overall market increase in listing inventory the total Detached Listings in West Vancouver increased by forty from February/March’s 521 to March/April’s 561.

Sales

Sales also increased from February/March’s sixty-two to March/April’s seventy eight.

Expired, Reductions, Increases, Days on Market

• February/March saw 22 listing mandates expire which increased to 38 in March/April.
• Price reductions in February/March numbered 102 and increased to 113 in the March/April period.
• There were 7 price increases in February/March and 6 during the March/April period.
• It took 47 days in March/April to sell a home, down from February/March’s 51 days.

Average and Median List Price/Sold Price

February/March’s Average Ask price was $1,749,504 then increased to March/April’s $2,028,333. The Median Ask price in February/March was $1,495,000 which also increased to $1,598,500 in March/April.

The Average Sold price in March/April of $1,921,819 up from February/March’s $1,674,401. The Median Sold price in February/March $1,470,000 increased to March/April’s $1,542,500.

Thoughts

At first site the West Vancouver market seems to be on a rush of higher average and median sold prices. Compared to the last snap shot this seems quite cheery except for the overall downward pattern seen and one that is emulating other areas and neighbourhoods. Notable is that it is not often that you will see Median prices stand above averages. It is perhaps a reflection that of the 561 listings, only 45 are under the $1,000,000 mark with the highest priced home ringing the bell at a cool thirty million dollars.

So that there are no misconceptions about what $30 million gets you, “this amazing opportunity rarely becomes available for you to build your very own ‘Seaside Mansion’ on the Pointe” – agents remarks! The existing 4700 square foot home is considered a tear down.