Community SnapShot Series – West Vancouver

Day 5 – West Vancouver

This is the fifth of seven installments where we visit seven communities forming part of the Vancouver Real Estate market. The seven communities that are reviewed include Coquitlam, Burnaby, Vancouver East, Vancouver West, North Vancouver, West Vancouver and Richmond.

Today’s review is the West Vancouver detached real estate market.

During the two periods July 26, 2010 to August 25, 2010 and August 26, 2010 to September 25, 2010, detached properties in the West Vancouver community had these results.

Listings

Total Listings decreased from Jul/Aug’s 582 to Aug/Sept’s 581.

Sales

Sales were stagnant with Jul/Aug registering 40 to and Aug/Sept 39.

Expired, Reductions, Increases, Days on Market

  • Listing mandates that expired were even in both periods at 41.
  • Price reductions in Jul/Aug were 169. They had a marginal increase to 171 in Aug/Sept.
  • There were 5 price increases in Jul/Aug and 4 in Aug/Sept.
  • Like the sales the number of days it took to sell a home didn’t change much. It took 83 days to sell a home in Jul/Aug and 84 in Aug/Sept.

Average and Median Prices

  • Jul/Aug’s Average Ask price was $2,187,260. The Average Asking price increased in Aug/Sept to $2,493,764.
  • The Median Ask price in Jul/Aug was $1,689,000. This increased to $1,738,000 in Aug/Sept.
  • The Average Sold price in the Jul/Aug’s was $2,063,362. In Aug/Sept this increased to $2,256,820.
  • The Median Sold price in Jul/Aug’s was $1,605,000. In Aug/Sept the Median Sold increased to $1,650,000.

Questions

It is strange to see Total Listings, Sales, Price Reductions and Days on Market at a stand still while prices rise.

What is this telling you?

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

Samsonite Says:
September 29th, 2010 at 7:23 am

good for West Van – i was out there a few days ago, loads of for sale signs

581/39 = 14.89 MOI

Larry, what do you make of that?

Also, coffee talk – is it still pointing to an upsurge in sales in the pipeline that will show in early October?

How do you think Sept will fall into place – do you think we’ll be +/- 40% drop in sales year over year?

Do you think prices will rise or fall for the month?

thanks!

fatjay Says:
September 29th, 2010 at 10:45 am

“It is strange to see Total Listings, Sales, Price Reductions and Days on Market at a stand still while prices rise.”

With the large discrepancy between average and median, it appears that there may have been more high end sales in Sept.

Can’t say without the raw data, but my guess is that more high end homes are being listed and sold.

Note that the difference between average ask and sold prices actually increased in Sept from 6.9% to 9.5%. The median difference stayed about the same at about 5%, so maybe there were some very high end sales that accepted well under 10% below asking price?

jross Says:
September 29th, 2010 at 12:18 pm

The spread between average and median is increasing. The spread between asking and selling is increasing.

Suggests that the sales mix is skewing higher and that asking prices are under increased downward pressure.

jesse Says:
September 29th, 2010 at 12:56 pm

“What is this telling you?”

That averages and medians produce many false positives unless they’re averaged over many months.

MOI solidly above 10 is all I need to know.

stats don't lie Says:
September 29th, 2010 at 5:23 pm

@ jesse – exactly, 39 total sales and a HUGE discrepancy between average and median prices simply means that there were a few uber-expensive houses thrown into the mix in September.

When the days on market is almost 90 and the months of inventory is 15, it is a slow market (even if a few high-end places sneak into the average price).

John V Says:
June 5th, 2011 at 12:31 pm

Time for a West Van update. Dollars to donuts prices are way up from this report.

June 6th, 2011 at 8:06 am

@john V

– indeed they are

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