West Vancouver Statistics: May 2024

Welcome to our Monthly Stats review of the West Vancouver Real Estate market. May was an interesting month as you will see below. The same trend of flatter sales growth and flatter price jumps continues!

Detached Homes:

New Listings: May saw 175 new listings for detached homes, a slight increase from the 171 listed during the same period last year.

Inventory Analysis: The current inventory for detached homes has reached 520 properties, reflecting a significant increase from April's 448 properties, showcasing a growing supply in the market.

Sales Dynamics: The number of detached homes sold rose to 35, compared to 30 sold last year, indicating a healthy buyer interest. This is also an increase from the 27 homes sold in April, pointing towards a positive trend in sales activity.

Price Insights: The average sale price for detached homes in May was $3,473,228, up from last year's $3,235,900. The median sale price, however, was slightly lower at $2,900,000, compared to last year's $3,037,500. Notably, the highest-priced property sold reached $9,500,000, with the MLS Home Price Index (HPI) showing a 7.9% increase from last year, reaffirming the high value of West Vancouver real estate.

Attached Properties:

New Listings: The attached property segment saw 79 new listings in May, up from 59 last year, indicating a robust influx of options for buyers.

Inventory Assessment: The current inventory stands at 129 properties, showing a slight decrease from April's 143 properties, suggesting strong buyer activity.

Sales Performance: May recorded 32 attached properties sold, a slight decrease from 33 sold last year, but an increase from 24 sold in April, highlighting a positive trend in sales.

Price Trends: The average sale price for attached properties was $1,477,711, down from last year's $1,572,581. The median sale price increased to $1,411,500 from $1,339,000 last year. The highest-priced attached property sold for $2,950,000, with the MLS HPI recording a 2.3% increase from last year.

Month-over-Month Analysis:
Comparing May's performance to April, several key trends emerge:
Inventory: Both detached and attached property inventories experienced changes, with detached homes seeing a notable increase in supply, while attached properties saw a slight decrease, indicating strong sales.
Sales: Detached home sales increased month-over-month, reflecting growing buyer interest. Attached property sales also rose, showcasing a resilient market.
Sales Prices: Average sale prices for detached homes increased, while median prices decreased slightly. For attached properties, average prices decreased, but median prices increased, suggesting a mixed but generally stable pricing environment.

Conclusion:West Vancouver's real estate market continues to show resilience and growth, with ample inventory and evolving sales trends. If you are looking for more detailed insight into your specific market, please reach out to us and we are happy to help! Whether you are looking to buy, sell, or both in Vancouver we are here to help!