Westside House Market Report June 2024
Don't Miss Out
on this Hot
Market
Inside The Westside
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The HOT Westside house market continues with:
Rising Prices. In May 2024 the Westside House Price Index (HPI) was $3,548,900, up 5.5% from January 2024 (see line graph below). The Westside HPI is now just 3.4% below the all-time high set in July 2017.
Multiple Offers. In May 2024, 30% of all Westside houses sold above their asking price.
Seller's Market. In May 2024, the Westside house market (priced under $6 million) was classified as a Strong Seller's Market with a 4.8 month inventory (see pie chart below). Priced above $6 million the Westside house market was classified as a Buyers Market with a 33 month inventory.
Strong Sales. In May 2024, 97 Westside houses sold - 8 more than the 5-year average. Of the 97 houses sold: 91 sold under $6 million and 6 sold above $6 million.
Listing Shortage. On May 31, 2024 there were 640 Westside house listings on the MLS®, which is 39 less than the 5-year average.
Low Days on Market. The median Days on Market for a Westside House sold in May 2024 was just 14 days.
In Conclusion...
On June 5, 2024, the Bank of Canada reduced its key interest rate by 0.25% to 4.75%. This interest rate drop will further accelerate demand in the already HOT Westside house market (priced under $6 million) and push prices higher.
This year the market for Westside houses priced above $6 million has improved significantly, but remains challenging.
Let me show you how my Marketing Plan backed by proven systems and 27-years of experience can be quickly implemented to maximize the value of your home.
Now is a great time to sell. If you are considering making a move, call me today for an honest, professional and free valuation of your home.
Thank you.
