West vancouver market upswing

Many Canadian housing markets posted weaker sales in February compared to January except in the Vancouver and Toronto.

A review of West Vancouver MLS® market stats show home sales were 
  • up 152% in February compared to the month before! 
  • Up 87% from February 2014 and 
  • up 84% the Ten Year Average for the month of February.

$2,096,400 was West Vancouver's February MLS®  Home Price Index for a detached home, 
  • up 2% from January and 
  • up 10% from February last year.
The MLS® Home Price Index (HPI)  reports the price for an 'economic bundle' of housing features of a 'typical' house for a neighbourhood, area or region.  Modelled on the Consumer Price Index or CPI, it is considered to be the most accurate indicator of housing price trends in a given region.

$2,367,500 was West Vancouver detached home February Median Sale Price, 
  • up 15% from January.
The Median Price is a list of numbers from high to low, the median is the one in the middle.  In a list of housing prices from high to low, the median is the middle price.

$2,782,877 was the Average Price for a West Vancouver home in February, 
  • up approximately 21% from from the month before.
The Average Price is calculated by dividing the total dollar volume of sales by the number of sales.  The average price is the simplest to explain but is not always the most accurate since it may be skewed by the mix of properties, such as more high-end or low-end sales will skew the number up or down.

Sales/Actives Ratio Percent for a detached home in West Vancouver was 
  • up 24% in February from 11% the month before, 12% in February 2014 and the Ten Year Sales/Actives Ratio Percent Average of 18% for the month of February!
Sales/Actives Ratio Percent is the percent of which the current inventory of homes are selling.  The Formula is the number of sales for the month divided by the number of active listings equals the percentage of homes selling.

According to the Real Estate Board of Greater Vancouver and most industry experts catagorize official market types as a 
  • Sellers Market when the Sales Ratio is 21% or greater, 
  • Balanced Market between 15 to 20% and 
  • Buyers Market 14% and less.

Throughout 2014 West Vancouver's housing market was edging between Buyers and Balanced Market conditions until this past February.

The last time the Sales to Actives Ratio (SAR) consistently sustained Sellers Market conditions for more than one month was in 2011:
  • 14% Jan 2011
  • 25% Feb 2011
  • 39% Mar 2011
  • 35% Apr 2011
  • 35% May 2011
  • 27% Jun 2011
  • 17% Jul 2011
  • 17% Aug 2011
  • 13% Sept 2011
  • 18% Oct 2011
  • 15% Nov 2011
  • 12% Dec 2011
There were 4 months of West Vancouver detached house inventory at the end of February, 
  • February MOI (4) was below the February Ten Year MOI Average of 7, and
  • below Ten Year MOI Average of 9.

The number of months of inventory (MOI) is another important measure of the balance between housing supply and demand.  It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

Both the SAR and MOI measures this past month for West Vancouver detached homes moved into sellers market conditions ~ the question is will it continue in the months ahead and for how long?

There were 177  West Vancouver home sales at the end of February (YTD) of which
  • 11.3% received more than their MLS® list price suggesting mulitple offer scenarios and 
  • 6.8% received full MLS® list price.
Three most popular West Vancouver neighborhoods ytd for multiple offers were in Ambleside (8), British Properties (6) and Dundarave (4).

$890,000 tops the highest amount ytd over the MLS® list price of a West Vancouver residence followed by $702,000, $530,000 and $512,000.  All of these were Buyers for a British Properties property.  Next was $280,000 in Ambleside and $181,000 in Dundarave.

Below is a breakdown of what Buyers were willing dollar-wise to make West Vancouver home the first two months of this year: