Our MLS® data is significantly more meaningful now that we have the past nine months of 2015 results to compare with 2014.
In West Vancouver, detached number of sales year-to-date for September 31st, 2015 is up by 5% from last year at that time.
YTD average Median price ($2,400,833) of what has sold and House Price Index price ($2,265,500) is up 15% and 14% respectively from last year.
Ultra-low borrowing costs and the weak Canadian dollar has upped the demand from domestic buyers and those from countries such as Iran and China and accelerated the upward price trend of West Vancouver detached homes.
Inventory is down 7% and new listings up 19% from September 30th 2014.
The sales-to-active listings ratio in September for WV detached homes was 13%. Generally analysts say that downward pressure on home prices occurs when the ratio declines below the 12% mark, while home prices often experience upward pressure when it reaches 20% or high, in a particular community for a sustained period of time. (Jan 11%, Feb 23%, Mar 19%, Apr 20%, May 18%, Jun 18%, Jul 14%, Aug 16% and Sept 13%).
Here' a market snapshot of the past nine months!