West Vancouver House Market

The 2014 West Vancouver (WV) Spring market is upon us!

Here are some market insights to give you a head start if you are buying and or selling:

  • March house inventory (460) was up +5.99% from the month before.
  • Inventory selection for homes in March was strongest in WV neighborhoods of British Properties (78), Ambleside (53); Caulfield (28), Altamont (24) and Dundarave (23).
  • March home sale numbers (62) was the same as the month before and up +8.77 from March 2013.
  • Of WV's 35 neighborhoods British Properties (13), Ambleside (10), Chartwell (5), Westmont (5), Caulfield (4) experienced the greatest amount of March sale activity.
  • $1,999,000 was the median WV house sale price at the end of March which is down -22.79% from February and up +11.05% from same month last year.

According to most industry analysts and the BC Real Estate Association a housing market characterized as a

  • 'Sellers' market' is when there is an excess of demand for homes over current supply as measured by active or new listings. A sellers' market typically occurs when the ratio of home sales to active listings is above 20%.
  • 'Balanced market' is a market in which the sales to active listings ratio is in a range of 14-20%. In general, a balanced market results in home prices remaining relatively stable.
  • 'Buyers' market' is when there is a higher number of homes to choose from than buyers in comparison. Prices of homes tend to be lower and they remain available for sale longer. Buyers ususally have more leverage in negotiating a purchase.

At the end of March WV detached house market was in the 'buyers'market' ' but edging in the 'balanced market' category with a 13% sales ratio average, that is, 1.3 in 10 homes selling.

So if you are poised to buy and or sell, take advantage of historic mortgage rates (less than 3% !)..