West Vancouver – Where Has the Cozy Gone?

Cozy

In the 1920’s real estate and banks had a cozy arrangement wherein they often shared the same building.

This 2012 market snapshot of West Vancouver real estate suggests that home sellers may wonder what happened to that cozy feeling.

This snapshot reflects the periods from January 24 to February 25, 2012 and February 24 to March 25, 2012.

West Vancouver Total Listings

West Vancouver’s total listing count dropped slightly from Jan/Feb’s 506 to 540 to Oct/Nov’s 491.

West Vancouver’s Sold Homes

Of the Feb/Mar total listings, only 57 (approx 12%) sold. Down from 81 – (approx 15%), of the total in Jan/Feb.

Expired, Days on Market

  • In Jan/Feb 26 listing mandates expired. This total dropped to 20 in Feb/Mar.
  • The number of days it took to sell a home improved from Jan/Feb’s 50 to Feb/Mar’s 40.

West Vancouver Homes Average and Median Prices

  • In Jan/Feb the Average Ask price for a West Vancouver home was $2,681,575. In Feb/Mar the Average Ask price dropped to $2,425,927 – about 10%.
  • The Median Ask price in Jan/Feb was $2,188,000. The Median Ask slowed to $1,850,000 in Feb/Mar.
  • The Average Sold price in the Jan/Feb was $2,524,883. In Feb/Mar the Average Sold also slowed to $2,324,675.
  • The Median Sold price in Jan/Feb was $2,108,000 dropped to a Median Sold price of $1,820,000 in Feb/Mar.

Thoughts

With a high number of listings on the market, a notably low number of sales combined with both Average and Median price drops a image evolves suggesting that real estate market in West Vancouver is anything but cozy.

In the past, anxious homes sellers may have lined up at the bank’s front door cozy in their thoughts of depositing excess dollars gained from bullish selling prices. In contrast, one suspects that today there is a subdued line up for withdrawals by West Vancouver home owners feeling the chill of real estate market values declining.

Photo Credit – West Vancouver Arhives

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:

Bubbleboy Says:
March 30th, 2012 at 8:15 am

You’re saving the best for last. I’m guessing Van East numbers are up.

stats don't lie Says:
March 30th, 2012 at 8:27 am

Median Sold Price down 14% in 1 month?

yikes.

Joe Q Says:
March 30th, 2012 at 10:31 am

bloodbath.

March 30th, 2012 at 10:43 am

@joe Q
well that certainly was informative and helpful to readers herein 🙁

Lebensaar Says:
March 30th, 2012 at 10:47 am

Hey, I have to say I find it refreshing that a realtor is talking about the bad and the good – everyone else is just pumping. I understand it is your livelihood but the emperor is naked, and people are starting to notice! thanks again. Can’t wait for Van. Hey, will you do New West or is it too small to matter? Surrey?

vangrl Says:
March 30th, 2012 at 10:55 am

i’m hoping the best is Van West….fingers crossed.

March 30th, 2012 at 11:17 am

@lebensaar
Ego aside, the naked reflection in the mirror was all good. Thanks for the warm fuzzy! 🙂

A man has got to know his limitations, as such, New West and Surrey are not on the table.

ZRH2YVR Says:
March 30th, 2012 at 4:48 pm

Van-East – – – This will actually be one of the few this month to be better than last month. Actually West Van will be a bit better with MOI down slightly. Watch out for Van-West and Richmond – – Ouch . . Richmond almost 10 months inventory now and VAn-West now firmly over 6.

This month is a little bit of increase a little bit of decrease – – –

Anyhow – Looking forward to Larry’s great Avg Price graph and sales / list numbers. I’m thinking that we will see the froth of the SFH avg from Feb come off a bit – maybe 6-7%.

JS Says:
March 30th, 2012 at 6:21 pm

Larry,
past by Marine Drive today and saw your name on one of the plates.
is that the house you mentioned a coupe of weeks ago?

March 30th, 2012 at 8:00 pm

@JS
yes.
It’s pretty dangerous around that strip of homes right now with all the film trucks from 2+ movie productions plus rush hour traffic. Two MV accidents in as many days as people are distracted by the white vans and not paying attention to the car in front. Thanks for noticing but I hope you weren’t in one of those accidents.

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