home listings high, sales low

West Vancouver home sale activity remained below long-term historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that West Vancouver residential home sales totaled 36 in October 2018, a 24% increase from the 29 sales recorded in October 2017, and a 44% increase compared to September 2018 when 25 homes sold.

Last month’s sales were 42% below the 10-year October sales average.

The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market for a few years.   For home buyers, this means you have more selection to choose from.  For sellers, it means your home may face more competition, from other listings, in the marketplace.

There were 144 homes newly listed for sale on the Multiple Listing Service® (MLS®) in West Vancouver in October 2018. This represents a 3% decrease compared to the 149 homes listed in October 2017 and a 11% decrease compared to September 2018 when 162 homes were listed.

The total number of West Vancouver homes listed for sale end of October on the MLS® system was 577, a 1.5% decrease compared to October 2017 (586) and a 5% decrease compared to September 2018 (606).

For homes, the sales-to-active listings ratio for October 2018 was 6%. 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential homes in West Vancouver is currently $2,758,400.  This represents a 11% decrease over October 2017.