To be parallel means that two things face the same direction, never converge or diverge and remain equidistant at all points.
Although the communities of North and West Vancouver are sometimes referred in parallel as the ‘north shore’, West Vancouver’s real estate market compared to that of North Vancouver is anything but parallel.
This checkup of West Vancouver detached homes extends for the period that starts on July 24, 2011 and extends to September 23, 2011.
A quick glance at the Total Listings in Jul/Aug 569 units and 556 in Aug/Sept leave an impression that this segment of the market almost parallels those numbers recorded for North Vancouver.
As well, the volume of sold homes – Jul/Aug’s 68 and Aug/Sept’s 53 equally lend appearance to a ‘parallel-ness’ with North Vancouver.
Jul/Aug’s total for expired listing mandates recording 30 units with an increase to 32 in Aug/Sept.
Additionally, the average number of days on the market mimicked North Vancouver as Jul/Aug recorded 40 and Aug/Sept recorded 54.
Jul/Aug’s Average Ask price was $2,825,588. Aug/Sept saw this decrease to $2,402,356.
The Median Ask price in Jul/Aug $2,289,000. The Median Ask also decreased recording a total of $2,049,000 in Aug/Sept.
The Average Sold price in the Jul/Aug was $2,679,142. Average Sold prices decreased to $2,269,292 in the Aug/Sept period.
The Median Sold price recorded in Jul/Aug was $2,140,000. Matching the decline of the Average Sold price the Median Sold decreased to $1,950,000 in Aug/Sept.
The discrepancies in West Vancouver’s listing inventory, number of sales, expired, and days on the market all seem in degree to parallel those of North Vancouver. Yet, in the West Vancouver market these equidistant points quickly converge in both the Average/Median Ask and Sold prices leaving this West Vancouver community checkup more than just an optical illusion.
Hi Larry, thank you for your tireless efforts on the stats.
Damn – I lost $400k by waiting 30 days to sell my West Van bungalow!
I am the opposite of “Stats”.
Since I don’t own, I apparently lost millions over the last decade but made 400K this past month.
Yes, I’d rather have the millions… Or maybe not.
But hey, being delusional, neither matters.
FYI – specialfx3000: I was joking… I don’t own a West Van Bungalow.
Hopefully people that do own properties in West Van don’t calculate their net worth monthly, or they may turn schizophrenic.
currently (and this is not pointed at Larry at all) many folks who own houses (especially those who are in the middle ages (like me)) many homeowners place incredible importance/pride/joy (and who can blame them…) on the ever rising value of their homes….i think there is a lot built up on this and as the slide picks up pace (assuming it will, as I do) I think that there will be an emotional hangover over vancouver for some years to come, this will scar many…life will move on, but this will have a big impact, primarily in Van where the excesses are so large….