West Vancouver luxury real estate market gets hammered in November

Jan. 2, 2009 - PRLog -- With 83 listings over 3 million dollars, only 4 Sales the West Vancouver real estate market’s high end is having its challenges.  It’s 4.81% sales to listing ratio for the month is lowest of all West Vancouver categories.  

The month saw 69 new detached listings bringing the total to 361 after 43 properties came off the market (expired).  There were 21 sales with an average sales to list ratio of 5.8%.  Detached housing had the highest competition compared with attached units and apartment/condo units.  There were 96 condos on the market for sale with 8 sales and a 8.3% sale to list ratio.  The attached (duplexes, triplexes and townhouses) market was strongest with 20 listings, 3 sales and a 15% sales to listing ratio.  The total sale to listing ratio for all West Vancouver properties were 6.7%

The average list price for on sold detached properties was $1.24 million, their duration on the market was 144 days.  Over 57% of them reduced their price before selling.  The original to sale price ratio was 79.2%, list the sale price ratio was 86% and the average dollar amount off the asking price was $175,162 while average off the original price was $182,284.  The average sale went for $140,631 above the property assessment value.  The sale with the largest dollar amount below assessment value was $263,000, while the sale with the highest amount above assessed value was nearly $1.9 million.

The highest priced detached home listed for sale was at $19.8 million, the low was $637,000 and the average was $2,445, 914.  The average time on the market for West Vancouver listings in the period was 126 days.

The percentage of detached listings that reduced their prices was 44.5% (161 listings), 14.9% reduced their price twice.  The largest price reduction was 1.93 million dollars and the average was $330,000.  For properties that reduced their asking prices, their average days on the market was 132

There were 43 detached properties (roughly 11.9%) that failed to sell and came off the market as expired listings ranging from $675,000 to $5.38 million.  The average list price for these homes was just over $1.75 million, days on market 143.  Fifteen (34.8%) of these listings reduced their prices on average of over $200,000.  Their average starting price was roughly $1.82 million.

Kevin Lynch
Sutton Group West Coast Realty
604.307.9448
www.kevinlynchrealestate.com

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All statistics indicated, inferred and supplied herein are approximate and are for informational purposes only. This information does not replace a home estimate, property appraisals or other professional services. All parties are strongly advised to do their own research prior to making any real estate related decisions including (but not limited to) having multiple, comprehensive home and market estimates, surveys, inspections, appraisals and legal advice. Not intended to induce or cause breach of an existing relationship.

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