Just how lofty were West Vancouver home sale prices the first three months of 2015?
- 66% fetched $2 million plus as high as just over $9 million,
- 32% in the $1 million range and
- 2% with a 'five digit dollar' sale price.
Reports from the Real Estate Board of Greater Vancouver show detached home sales in West Vancouver for March lessened about -14% from the month before but was strong for March's 10 Year Sales Average as well as for the Monthly 10 Year Sales Average; about +29% and +63% respectively.
21.5% of West Vancouver homesellersin the first three months of this year experienced strong competition amoungst homebuyers leading to multiple offer scenarios creating upward pressure on the 'settled sale price' of some homes in select West Vancouver neighborhoods ~ full price or more!
New listings for detached West Vancouver homes totaled 182 in March representing a +29% increase compared to the141 new listings reported in March 2014.
Last month's West Vancouver detached home new listing count was about +33% more than the 10 Year New Listing Average for the month and up +45.5% from the Monthly New Listing 10 Year Average.
495 West Vancouver homes were for sale on MLS® at the end of March which was
- about a -5% decline compared to March 2014,
- approximately +24.5% above the March Inventory 10 Year Average (397) and
- +14.5% above the Monthly Inventory 10 Year Average (433).
West Vancouver home prices experienced steady price gains in 2014 with this trend following through into 2015.
The MLS® Home Price Index sale price for detached homes in West Vancouver end of March stood at $2,183,700. This represents a +12.5% increase compared to March 2014 ($1,941,800) and +107% increase from January 2005 ($1, 051,900)
March 2014 Median $2,300,000 and Average $2,829,611.
West Vancouver's detached house 2015 sales-to-active listings ratio has been fluctuating from upper reaches of Buyers' conditions in January, dramatically popping in Sellers conditions in February and settling the past month in the upper edge of a balanced market.
There were 5 months of West Vancouver detached house inventory at the end of March 2015, up from 4 months the month before, down from 8 months at the end of March 2014 and below the long-run Monthly Ten Year Average of 9.
The months of inventory is the number of months it would take to sell current inventories of West Vancouver detached homes at the current rate of sales activity.
As the numbers show, West Vancouver detached home market is in a world of it's own and certain neighborhoods even more so.
Your contact is welcomed to gain further insight of our market and our neighborhood micro-markets in order to maximize on selling today and or make the right buying choice for you: