Inventory of West Vancouver detached house listings at the end of this January (407) was
- down -11.7% from the same month last year (461),
- up +40.3% from December 2014 (290) and
- up +17.5% of the January ten year average inventory level (355).
So as you can see from the numbers above West Vancouver ended 2014 with low inventory which is not unusual for that time of the year. However January's influx of properties has opened up Buyer choice!
January West Vancouver detached house sale levels (47) were over 27% than the 10 year average (37) and down -11% from December 2014 (53).
Despite the recent detached house supply increase in West Vancouver this past month, this past January median sale price continued to hover in the $2 million range ($2,050,000), up +10.4% from the same month last year and down -3.9% from December 2014. The median price is the mid-point between the least expensive sale and the most expensive sale in the month.
There were 9 months of detached house inventory at the end of January 2015 in West Vancouver, down from 10 months reported at the same time last year and just below the long-run ten year average (10) for this time of the year (January). It is normal for us to see inventory start to climb at the beginning of the year in preparation for a busier spring market.
The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity. It is generally accepted among real estate experts that:
0-4 months is a Seller's Market
5-7 months is a Balanced Market and
8+ months is more a Buyer's Market.
As mentioned, as Spring approaches, we typically see an uptake in our local market. Whether you are buying and or selling a home or condo, I welcome your contact to successfully navigate our current market conditions: email@example.com