West Vancouver Market Update November 2008

You read a lot in the newspapers about the market and they make gross generalizations, but what is really happening in West Vancouver?

Below is a table comparing detached home listings in West Vancouver from January 2008 to June 2008 to November 2008. What we do know is that the average number of days on market has increased and might even be higher depending on how many homes were taken off the market and re-listed a month or two later.

Here are the facts about the market as of November 7, 2008:
Total Number of Listings – 544
Average Days on Market – 99
Price Reductions – 213
% of current listings that have reduced their price – 39%
Average price reduction – 8%
Median price reduction – 7%
Average days on market for homes with price reductions -137
Average days on market for homes that have not reduced their price – 114

The price range of homes has changed since July 2008 when there were 322 homes for sale under $2 million compared to 303  today. Click on the chart below for a comparison of the number of homes for sale by price range from January 2008 to present.

	Jan-08	Jan-08	Jul-08	Jul-08	Nov-08	Nov-08
Price Range	# of Homes For Sale	Avg Days on Market	# of Homes For Sale	Avg Days on Market	# of Homes For Sale	Avg Days on Market
< $1 million	11	75	30	64	48	94
$1.0 – $ 1.25 million	21	75	63	78	69	99
$1.25 – $ 1.5 million	42	50	111	70	86	99
$1.5 – $ 2.0 million	57	64	118	79	100	79
$2.0 – $ 2.5 million	30	82	61	79	67	89
$2.5 – $ 3.0 million	21	53	37	73	54	104
$3.0 – $ 5.0 million	51	107	79	87	82	117
> $5 million	28	136	36	121	38	129
	261	81	535	79.5	544	99