47 West Vancouver home* sales were registered on MLS® in July 2022. This is a -43% decrease from this time last year (YOY) and is -38% below our 10 year average.
WV sellers listed 145 homes on MLS® last month. That’s a -8% decrease from last year and -27% decrease from last month. This brings the total number of homes listed for sale today in West Vancouver to 557.
*home or homes includes detached homes, apartments and townhomes
Looking at pricing, we are starting to see downward pressure on West Vancouver home prices not unlike in North Vancouver. MLS® HPI Benchmark Price for all house types is now $2,809,500. This is up +6% over this time last year and a -3% decrease from last month.
This downward pressure is likely due to declining home buyer activity and not increase in supply. We base this conclusion on Sales-To-Active Listings Ratio. This ratio measures the homes available for sale against the number of homes sold throughout the month.
The total inventory of homes for sale did increase pretty much month to month but the biggest impact on the ratio has been decline in sales.
In typical market conditions, when this ratio dips below 12% for a sustained period,
it indicates supply is outpacing demand and prices typically decline.
When it surpasses 20%, then demand is outpacing supply and prices typically increase.