In spite of West Vancouver often quoted as 'being one of world's least affordable cities', monthly home sales that past five months continue to propel above the Monthly Ten Year Average (62):
47 - January
118 - February
101 - March
109 - April
98 - May
103 - June
In addition, for seven months straight the MLS® House Price Index (HPI) and Median Price has been holding in the $2 million dollar range.
The benchmark HPI is a representation of the typical house in the area, providing a better barometer of real estate trends than the average and median prices.
Currently $2,320,400 and $2,520,000 are the MLS® HPI composite benchmark price and Median Sale Price respectively, for West Vancouver (WV) detached homes.
Of the 575 West Vancouver home sales in the first six months of this year, approximately
- 2%, 13 sold for less than 1 million dollars,
- 32%, 185 home sold in the 1 million dollar range, and
- 66%, 377 WV homes home sales sold with price tags of at least 2 million dollars and up.
Currently West Vancouver has 482 listed on MLS®, approximately
- 2% of the inventory, 11, are asking less than 1 million dollars,
- 13% actively listed in the 2 million dollar range and the balance, a significant portion of WV's detached house inventory,
- 85% are asking over 2 million dollars, 410 of the 482.
Check out the six month visual below to see how historically low interest rates and offshore buyers often cited for fueling our pricey house market activity.