In West Vancouver total November sale numbers for homes and condominiums improved from same month last year:
Houses up +19.2%,
Condos up +66.7% and,
Also up was the MLS® HPI Benchmark Price for most WV property types:
Houses up +7.7%,
Condos up +6.8% and,
An essential factor in understanding home price trends the supply of property types.
To better understand this balance between supply and demand we can look to the sales-to-active listings ratio. This balance is what determines price fluctuations. When this ratio dips below <12% persisting for a sustained period prices typically decline this is know as a Buyer’s Market. If it surpasses >20% for a sustained period prices typically increase. We call this a Seller’s Market.
First half of 2020, West Vancouver detached homes sales-to-active listings ratio (SAR) sustained in buyer market territory and then, since July, holding in balanced market territory. WV condos sales-to-active listings ratio been pretty much in buyer market territory since the beginning of the year.
Take a glance at WV real estate numbers below:West Vancouver Real Estate 2020-11