To help better understand the strength of West Vancouver's condominium (apartment) market we measure the condominium buyer demand fueled by condominium sales against condominium seller supply fueled by the number of condominium listings. This measurement in June gave us a sales-to-active listing ratio of 17% for West Vancouver condominiums. Over the past five months the sales-to-active listing ratio has ranged between 16 to 25% which overall stronger than for the same period last year:
Generally analyst's say downward pressure on home prices occurs when the ratio dips below the 12% mark. Home prices often experience upward pressure when it reaches the 20 to 22% range in a particular community for a sustained period of time.
Year-to-date West Vancouver condominium sales are up approximately 19% from the same six months last year; 106 vs 89. Unlike previous months this year, June's sale total of 16 was in line with the West Vancouver's Ten Year Monthly Sale Average of 15.
West Vancouver condominium sale total for the first six months of this year have increased and the monthly sales-to-listing ratio improved. However the monthly median price can be a bit deceiving. Notice in the chart below that there are rogue months due to the limited number of West Vancouver condominiums sold making medians either oddly high or low.
The average six month median sale price for a West Vancouver condominium is $717,667 compared to $835,992 last year.
West Vancouver and North Vancouver condominium sale activity from January to June accounts for approximately 15% and 36% respectively of West Vancouver and North Vancouver residential sales which includes houses, condominiums and townhomes.
For a further detailed visual take on West Vancouver's condominium market check out this infographic: