SnapShot – East Side Detached

East of Ontario

A 30 – 60 day snapshot of the detached market activity on the East Side of Vancouver experienced ask/sold prices in decline. Average and Median Price patterns closely match those of North Vancouver, West Vancouver and Vancouver West.

In the period covering February 26 to April 26, the East Side of Vancouver experienced the following market activity.

Listings

Total Listings declined from February/March’s 873 to March/April’s 840.

Sales

Sales decreased from 165 in February/March’s to March/April’s 109.

Expired, Reductions, Increases, Days on Market

  • March/April saw fifty four listing mandates expire. There were thirty-one in February/March.
  • Price reductions in February/March were 149 while in March/April it was 154.
  • There were 32 price increases in both periods.
  • It took 20 days to sell a home in March/April compared to 13 February/March.

Average and Median Prices

February/March’s Average Ask price recorded $809,641 subsequently decreasing to March/April’s $758,581. The Median Ask price in February/March was $779,900, then it dropped to $738,000 in March/April.

The Average Sold price in the March/April of $767,452 decreased from to February/March’s $806,033. The Median Sold prices also reacted negatively with February/March’s $775,000 reducing to March/April’s $750,000.

Snappy Thoughts

Vancouver’s East Side is following other city areas sampled to reveal a slowly declining market. A reduced number of sales in this period was also marked by decreasing average and median prices that have combined with an increased number of price reductions and a greater number of days on market.

No doubt a number of market watchers will based on these snapshots, assume that the blush is off the rose. A blush dimmed by the change in mortgage rules, and increasing mortgage interest rates.

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:

Samsonite Says:
April 26th, 2010 at 7:12 am

Incredible. Thanks Larry, your posts are awesome.

I’m surprised (given the general uptick in listings) that the listings counts are down for many areas – I do expect this to reverse quickly.

Interesting, this week should be telling, if sales peter out I think prices for April will fall (Larry, do you agree?).

Hoping you can provide comparision back to March stats in the months ahead (to show us change from peak).

But whatever we get is appreciated and always informative. thx again.

April 26th, 2010 at 7:43 am

@samsonite
‘I think prices for April will fall’
– the RE numbers fairie will tell us.
‘in the months ahead’
– it’s a 60 day sliding comparison.
‘whatever we get is appreciated’
– works both ways, referrals always appreciated.

asalvari Says:
April 26th, 2010 at 10:16 am

oh well,

compared to the last two reports, the numbers are about where they were in December 2009.

There was a slight uptick in the jan/feb timeframe, but nothing particular.

I guess it is still premature to call it a turn in the pricing trend…

April 26th, 2010 at 10:56 am

@asalvari
don’t forget Dec. is the traditional slow period. That we have according to you, matched that period should say something about today’s market.

Samsonite Says:
April 26th, 2010 at 12:06 pm

last december (which I agree, is traditionally slow) was hot

yes, it does say something

alsavari, larry’s basically calling a top here

asalvari Says:
April 26th, 2010 at 1:54 pm

Samsonite,

I agree that dec was hot, and I have same feeling of looking at the top.

However, this was the first time to recognize (for me) how steep the inclination was last year, it was quite steep (for east Vancouver at least).

I have no doubt that the downward inclination will be as steep as the upward, considering the number of speculators out there (Paris on Dunbar is my favorite example)

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