Vancouver West Mimic and Mistress
Posted January 28th, 2010 in Real Estate, Statistics | 
West Side 30 & 60 Days
Yesterday it was suggested in the East Side Limb post that for some real estate adventurer, it might be worth going out on a limb about east side numbers. Implied was that the east side limb of Vancouver’s real estate tree was exhibiting something not seen in a while. 24 hours later, after scrambling around to the other side of that same tree, we find ourselves straddling the west side limb. For all intent, it seems a mimic.
The Same But Different
If the drama of sitting high on that east side limb made you feel tense and somewhat arbitrary as some have noted in their comments, you might be accordingly tempted to claim that the average and median sold and ask prices on the west have also dropped ‘a lot’. It could be worth a shout but, again, is it enough change to crack that limb?
Comparing the two limbs you could stretch a point and say they look the same if you ignore the larger price numbers. Like the east side the solds in the 60 day period were higher. The expired mandates too seem in unison. Almost all of the reported numbers exhibit remarkable parallels – strange how limbs balance a tree.
No Doubt
Limbs that are established is tough wood. Curiosity asks what would it take break them? Are these numbers the earliest fissures of such a catastrophic event?
Without doubt we are due for a storm that will test these limbs. The adventurers have already planned for that moment but they know all too well, they must wait. Presumed is that such a storm will not be equal to a summer breeze. Such a storm will require a wind that includes a number of national and provincial economic forces to bring those limbs down.
Numbers
FOR SALE
| FOR SALE |
30 Days |
60 Days |
| Active Listings |
373 |
373 |
EXPIRED
| Expired Listings |
64 |
35 |
| Average Expired Price |
$2,831,478 |
$2,389,251 |
| Median Expired Price |
$2,365,000 |
$1,998,000 |
SOLD
| SOLD |
71 |
101 |
| Average Sold ASKING Price |
$2,030,460 |
$2,149,861 |
| Average SOLD Price |
$1,985,714 |
$2,048,117 |
| Median Sold ASK Price |
$1,730,000 |
$1,698,000 |
| Median SOLD Price |
$1,748,875 |
$1,780,000 |
The Mistress
While waiting for the light to change at Cambie and 25th you can see all the electronic torch lights shining bright as they lead you to the downtown core. Mesmerizing they are in uniformity of display.
So too it seems, that many buyers have become entranced with the bright lights of the Olympic spirit. Uncertain, yet prepared to go out on one of those limbs, it appears the interest level in purchasing a home has just been notched up to a new low. One you may recognize, as the aggravation of getting around a city that is quickly closing down to traffic. As bright as the Olympic lights burn so too does a question of interest that asks – will the magic of the Olympics closing this city’s traffic transform February’s and or March’s numbers into something that resembles the beginning of Q1 – 2009.
Vancouver real estate – a fickle mistress!
Larry
Greatly appreciate this market (limb) comparison.
Hmmm – new trend…? – keep us posted!!!!
Muchos Graciou
Larry!
Such allusions!
Try this one:
“…and it’s hey ho, blow the man down…”
Isn’t that a Newfie song?
Tom W- It’s all in how you look at things
Boombust – Blow the man originates with the sailors aboard the fast packet ships owned by the American Blackball Co. – ships on which the men were regularly beaten. It is a reference to when, after having been beaten, they lay sprawled on deck, ergo – blow the man down. ‘Newfie’ (excuse the slur) song. Nah!
As noted it is possible that a big wind is brewing sufficient to ‘blow those limbs down.’ Be sure to hat tip when you write that great Canadian left coast tune. We’re waiting!
Hmm…
Or, is it this market that will take a beating?
Boombust – should I be sending you the lyrics?