Is There A Problem?
Posted June 6th, 2010 in Neighbourhood SnapShot, Real Estate, Statistics, Vancouver East Side | 
Puzzlements
A couple of days ago the East side average price post entitled ‘Looks Like’, stirred conversations about this market’s direction and the influences that affect it.
In part, based on those conversations, it struck as important to see if the individual residential components that make up the east side market would further understanding to those conversations.
East Side Attached
Attached Units Listed
The number of Units Listed were quite steady numbering from a low of 49 in October 09 to June 09′s high of 79. For the entire period fromfrom May 09 to March 2010 units listed held steady ground. In April 2010, listings caught fire increasing to 117. Now, in May 2010 that has reversed to 94.
Attached Units Sold
Units Sold continually dropped from July 09′s 71 trickling down to 29 in December 09. They began a slow climb to 40 units in May.
Attached Active Listings
Active Listings continued to pile up from May 09 to May 10. As Units listed continued to flow in and Sold Units decreased it all but stopped the number of units removed from inventory .
Attached Average Price
During the past year the east side attached market has been seen ups and it has seen some downs. It has stretched from the year’s low of $491,000 set in December 09 up to the peak of $584,686 set in February 2010.
Average Price has since sputtered down to $544,776 in May 2010.
Worry’s
One cannot question that the higher level of inventory will continue to haunt this market – particularly if the sales continue to perform poorly during the balance of this year.
One would think that for Buyers this market has got to be great although a bit frustrating due to the amount of choice available. As any buyer will tell you, looking at homes is hard work and demands a lot of time. You would think that abundant choice and dropping prices should be a dream come true. But for some, that dream may be nightmare?
I love the data and regular updates.
That said, I’m convinced that 60-90 days from now all will be clear.
The rollercoaster will have started its decent and have gathered velocity.
The paradox of choice! Being a buyer on the market for more than 4 weeks or so becomes mundane. When a “gem” shows up it is hounded by those who have been scraping through gravel for weeks on end.
Larry, you have more experience on the matter but I’m sure a lot of buyers — especially owner-occupiers — want the “gems” and will only entertain the average or below-quality stuff if the price is low enough for them to renovate the heck out of it or simply tear it down and build anew. Spending hours looking at the same old Vancouver specials in various states of repair is a waste of their time unless the price is right.
I think your comments on a previous post are spot on: there are a large number of buyers with cash out there but they want quality and value. Either they get it “out of the box” or they renovate. Sellers with homes that haven’t been updated should understand this.
Cool! A double top! TIMBERRRRRRR.
jesse: You’re comment is spot on for us. We’ve got the dough but we’re not about to blow it on a pig with lipstick. The sellers who’ve been “updating” (coat of paint and laminate floors) their crap places in the hopes of getting a better price are wasting their time and money. The only buyers left out there are discriminating. They should just price it as the p-o-s that it is and let the buyers renovate/re-build as they like.
@jesse
even with all of that consider this ‘new’ custom designed character home – http://www.yattermatters.com/real-estate/this-is-a-shout/
the very sad part is we are expected to sell it – worse, somebody buys it.