First Squeak

Vancouver’s East Side

In the two periods ending February 08/10 and March 08/10 the east side has by comparison performed quite well however, today the wheel may have revealed the first sign of wear.

Average – Median

Both average and median prices climbed a little higher than the 30 day period prior. According to REBGV’s numbers average sold price increased from Jan/Feb’s $742,484 to Feb/Mar’s $784,077. The median sold backed this up with Jan/Feb’s $709,000 also rising to $751,500.

Reductions and Expired Mandates

Price reductions appeared to slow from Jan/Feb’s high of 102 changes to Feb/Mar’s 89. Expired listings also slowed from 28 to 23.

Sold

With the increase in price the number of solds decreased almost by half from Jan/Feb’s fever of 179 units to Feb/Mar’s 96 units. Days on Market saw a very slight change down from 33 to 31.

Shock

Looking at these numbers for the past 30 and 60 days you have to wonder what lies ahead for on this same day the 8th of March, a quick look at the East Side Detached Daily numbers in isolation, witnessed only 14 New listings and 2 Sold Listings.

Should these Daily numbers remain on this path, then 30 days from today the tally could reflect a substantial change in the market place. Today may be the first squeak.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

fish10 Says:
March 9th, 2010 at 8:22 am

Larry- quick erratum. …’from Jan. Feb’s fever of 179′. Keep up the good work. Yesterday’s numbers were a wowser.

March 9th, 2010 at 8:47 am

@FISH10
THANKS! 🙂

1 Says:
March 9th, 2010 at 9:52 am

Larry

I’m nervous. What if tonight’s numbers are the mirror image (inverted) of yesterdays? Was yesterday the outlier or the precursor to more?

With baited breath, I await.

March 9th, 2010 at 10:19 am

@1 –
either deserves a scotch 🙂

1 Says:
March 9th, 2010 at 11:20 am

haha….

i’m more of a cognac gentleman myself (or a nice cab/merlot blend)

tonight numbers…will they confirm a trend or not…to be or not to be, that is the question…

Boombust Says:
March 9th, 2010 at 3:46 pm

I’ll drink to that.

PostOBlues Says:
March 9th, 2010 at 6:05 pm

HOLY CRAP BATMAN

are those the dailies Larry???

Yes, the bearish trend seems to be well in force.

I still say we need a few more weeks of low sales to put a fork in this market, but I’m increasingly optimistic that we are THERE.

PostOBlues Says:
March 9th, 2010 at 6:11 pm

HolyShitShackLarry

Your graphs in a few weeks are set to look mighty interesting.

What do you make of this? Come on, tell us what you really think….(seriously)

March 9th, 2010 at 6:25 pm

@ PostOBlues-

‘tell us what you really think’ – in a word – fascinating!

**Note**:
I have added a time stamp to the Dailies.
Reason: these numbers are dynamic and as example, the units listed increased by a few while answering the phone.
So that nobody gets cranky they must be understood as such – ergo the time stamp is added today.
Simply, that is what I saw at that time +- a couple of minutes.

PostOBlues Says:
March 9th, 2010 at 6:29 pm

Larry,

Please. Don’t do it. Don’t hold us in suspense…..

HOW MANY MORE listings hit the system!?:)

You know, an increasing volume of eyes are looking to your stats for their daily dose!

PostOBlues Says:
March 9th, 2010 at 6:30 pm

and thanks for the time stamp explanation

see you tomorrow

asalvari Says:
March 9th, 2010 at 6:42 pm

Larry

Thanks for generous share of this information – you give a lot and get nothing from us your readers.

All: The low sales are (I think) mostly due to the Olympics. Lets see if this trend keeps for 2 more weeks, then we can call it A TURN.

Boombust Says:
March 9th, 2010 at 7:10 pm

Time stamp, eh?

Hmm…my VOW auto update has been a tad slow today.

Am I to expect a BIG surge in my inbox tonight or tomorrow?

I have a feeling that the answer is…yes.

davers Says:
March 9th, 2010 at 11:40 pm

These low sales / high listings are interesting, but I wouldnt be calling the market dead anytime soon. If this keeps up for 6 months then the media will get a hold of it (they always are a bit slow) and the panic of 08 could happen all over again.

As much as I would love to think the sellers are all freaking out right now, I’m pretty sure they are still stoked to be asking over 900K for an average westside house.

That being said if I was an investor holding 17 properties I might be looking to get rid of a few of them pretty damn fast….

March 9th, 2010 at 11:51 pm

@davers –

yup! that may be the Fat Lady singing or it could be her understudy. In either case, the words are mumbled as they are still in the dressing room. 🙂

vomitingdog Says:
March 9th, 2010 at 11:52 pm

Larry,

Do you ever take a look at Fairview? I would find that interesting. To me, there are a lot of new(ish) build apartments and many units just hanging out on the market since last year.

Me wonders what median/average prices are for this area over the last year or two.

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