East Side Rumble
Posted March 19th, 2010 in Neighbourhood SnapShot, Vancouver East Side | 
Surprise
The East side is a wonderful section of the city that is always full of surprises when it comes to being down and out!
Rumble
It seems that East side detached homes are not going to take this market lying down and are ready to rumble – at least on Average and Median Prices!
Units Listed
The East took a few punches in the first rounds with listings dropping from Jan/Feb’s 760 units down to Feb/Mar’s 684.
Solds
A solid punch on the nose left the detached homes on the east dizzy but not out, as it saw sales drop from Jan/Feb’s 180 down to Feb/Mar’s 99.
Expired and DOM’s
Expired mandates increased slightly from Jan/Feb’s 25 to Feb/Mar’s 30, suggesting that some home owners threw in the towel on their asking price and walked away from the ring.
Price Increase/Decrease
Increases and decreases in price remained much the same during both periods. A sizable number of homes for sale realized that a change of fight strategy (reducing their price) was necessary if there was to be any hope of lasting this quarter’s 15 rounds.
Left Jab
Both Average and Median Sale Price delivered a left to the cheek. Average and Median prices increased suggesting that the bell hadn’t rung yet.
Average Sold ASK price delivered a solid punch with an increase from Jan/Feb’s $753,127 to $777,612 in Feb/Mar. A left jab from the Median Sold ASK was seen in Jan/Feb’s $719,500 rise to Feb/Mar’s $759,000.
Confirming that the bell hasn’t rung an end the round. Median Sold Prices of Jan/Feb’s $727,000 take a solid jab with Feb/Mar’s $750,000.
Down For the Count
Unlike the other battles taking place in the Attached markets of both East and West side the Detached may have wobbly knees in these final rounds of this spring quarter via reduced sales volume but is holding on with firmly planted Sold prices.
The Detached homes on the east side shouldn’t be counted out – the fight continues and the bear bookies are hedging their bets.
“…and the bear bookies are hedging their bets.”
Not at all bothered, Larry. Not a bit.
@Boombust
- wouldn’t have it any other way!
I think the hotter markets will cool latest in the cycle.
The heat comes from the inside and goes to the outer areas as its spreads. It cools in opposite order. But, the laws of thermodynamics makes the outcome assured.
Always has.
@Charles&Tammy
- a reference compendium of bear sayings needs writing. The title – “How Many Ways Can You Say Crash Without Repeating”
Could your eastside numbers show a hot market because the eastside is still primarily weighted towards detached homes? This, with respect to the previous cooling data you uncovered in the attached markets of Fairview, Kits and the East Side (I think it was).
@vomitingdog
- first, any chance of you changing your handle. it just leaves a less than pleasant image
- of course this graph shows exactly what you say because it is strictly detached homes. Attached home numbers reflected similar results to Kits and Fairview which you can see here – http://www.yattermatters.com/neighborhood-numbers/dazed-and-confused/
VD
I suspect that listings will be over those of 2009 within 5 weeks. Likely less.
Therefore, the updated stats will show higher listings than 2009 and lower sales (no chance sales beat the incredible levels we’ve seen over the last 11 months).
I suspect March sales will be lower than February. This could legitimately be tied to the Olympics, should sales boom over the next few weeks, well then we know there is a rush to beat April 19/other changes.
Looks like anyone borrowing at the 5-yr rate will qualify on the lower of the BoC and the contracted rate, which will help the market somewhat.
That said, I find this wobble in the market interesting, and this website to be extremely valuable. Glad Larry provides this service.