What Is It About Change?

Changes 2009 – 2010

Perspective is always a bonus when buying and selling a home. Combining Vancouver West’s market elements to craft a picture helps.

Units Listed

In September 2009, 310 units were listed. The highest number during this recorded period. That number continued to drop until March 2010 when Vancouver West saw units listed reach 370.

Units Sold

After the scare of the Global meltdown subsided, buyers came out in droves in May 2009 and bought 232 Vancouver West homes. Sold units have not reached that plateau again. March 2010 settling in at 208 units sold.

Average Price

January 2010 swept a new path when the Average Price on the West registered at $2,002,135. While respectable, March 2010 sits at $1,959,381.

Active Listings

February 2009 won the prize during this period with 708 Active Listings. In September 2008, this number reached a high not seen before or since at 1053. Vancouver West’s March Active Listings recorded 521.

Thoughts

Real Estate is considered by many to not be a liquid asset. It takes time to bring a home to market, find the buyer and conclude a deal. Also, sellers are not prone to act as quickly as they might when markets go up and down. It takes time for the realization that a change is afoot before a pro-active position is taken. It’s one of the reasons so many people look for prognostications to tell them when something is the future will happen. Unfortunately, real estate numbers only tell you what HAS happened.

What may have happened to explain the great number of Units Listed this past month, is that delayed reaction has set in. Having procrastinated, sellers now realize that the time for change is upon them.

What triggered this reaction can only be divined via supposition. Is it that the HST was voted in on April 1, is it that the benefit of investment property is about to change, is it that stocks rebounded to the point of making them a more attractive place to put their money or is that spring has sprung and it’s simply just a time for change and renewal?

What’s your divine supposition?

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:

1 Says:
April 5th, 2010 at 8:56 am

Larry

Bond yields are surging this morning. I wonder if we’ll see an increase in the banks Prime Rate this month?

I think this month is a wash. Mortgage brokers are telling me they did smashing volume of pre-approvals and lock ins.

Could see hot sales for another few weeks.

Look forward to your dailies this week – let’s see if listing activity continues to gather steam.

MH Says:
April 5th, 2010 at 9:22 am

I somewhat agree although I think the majority of the listings are coming from Olympic rentals being put on the market but I agree many people are trying to catch the wave before the HST/Mortgage rules/Interest rates rise

MH Says:
April 5th, 2010 at 9:23 am

I find it interesting that despite increased inventory prices remain very firm.

1 Says:
April 5th, 2010 at 9:54 am

MH

Not unusual. I would expect listings to rise, sales to slow (which is my expectation over the coming months), but the buyers who have pre-approval and are ‘panicked about missing out’ will still be out (in ever decreasing numbers) and thinking they need to hit the ask price hard before its ‘too late’, so lower sales volumes and higher prices are not unusual, for a month or two…then fundamentals start to swamp things good and hard.

i am hearing from more and more folk that they think things are done, so we could be shocked by how quickly things turn, and if we DON’T see a massive uptick in buying in the weeks ahead and we DO see continued build of inventory, then….its here…

vomitingdog Says:
April 5th, 2010 at 12:35 pm

Gosh Larry,

I’m finding it hard to follow what you’re saying:

January 2010 swept a new path when the Average Price on the West registered at $2,002,135. While respectable, March 2010 sits at $1,959,381.

Are you saying that the average west side detached home in Vancouver hit 2,002,135 in Jan 2010? Didn’t you just post a few days ago that it just hit over a million?

I agree with the previous poster that a lot of your passive voice phrasing makes it hard to understand what you’re trying to say.

Like: Real Estate is considered by many to not be a liquid asset…. why not just say RE is an illiquid asset. So much easier to understand. And no one thinks it’s a liquid asset. It ain’t. Cash is liquid. You can sell/trade it in a second. So the reference to many just stops me in my tracks trying to figure out where you’re going…. although I got the message later on.

Sorry to criticize. I enjoy the blog. (And sorry, I can’t change my handle).

1 Says:
April 5th, 2010 at 5:05 pm

Larry,

I’m hearing (anecdotal only) more and more snipets that lead me to conclude that a ‘rush to the exits’ is underway.

Can you comment on this?

I guess this week’s daily stats will give us a clue.

Could you do us a favor – as more listings/sales print after you update, could you include the uncounted straglers in the following day’s dailies?

1 Says:
April 5th, 2010 at 5:09 pm

case in point, there were about 40 more listings on Thursday (not sure about sales…)

thanks for all you do Larry.

Rhino Says:
April 5th, 2010 at 5:22 pm

“then fundamentals start to swamp things good and hard.”

Like they have for the last 5 years right?

April 5th, 2010 at 5:55 pm

@VOD
I think Garth is the English major. 🙂

April 5th, 2010 at 5:57 pm

@1
nope I didn’t hear that but I never say never.

April 5th, 2010 at 5:58 pm

@1,
Alternate is to stay up past 12 pm. That isn’t going to happen. Plus I’m not comfortable changing numbers in that manner. It will confuse the hell out of everybody.

fish10 Says:
April 5th, 2010 at 7:02 pm

I have an excellent idea.

Anyone who wants to have Larry change his blog or do more work or add stats- introduce one buyer or seller to him.

I am sure he would willingly make the changes 🙂

April 5th, 2010 at 8:27 pm

@fish
lol! Waiting 😉

Charles&Tammy Says:
April 5th, 2010 at 8:30 pm

Larry,

Hope you have a busy 2 weeks leading up to the 19th.

Both buying and selling on behalf of clients.

paulb Says:
April 5th, 2010 at 8:58 pm

Awesome blog Larry! I will be adding this site to my favourites. I like appreciate your candor and hope you make it through this next leg of the market correction in one piece.

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