Before the Crash

West of Ontario

Vancouver’s west side has been the focus of some conversations that suggest this segment of Vancouver’s market is responsible for keeping the overall average prices up. While any higher priced area when combined with lower priced markets will skew the average overall price, in this snapshot it does not appear that the west side has anything to shout about. If this snapshot is an indicator of the market’s approaching summer heat we might expect to see some brown lawns in this well watered part of town.

Vancouver West

For the period covering April 25, 2010 to June 24, 2010 the Vancouver West Detached home market experienced the following market activity.

Listings

Listings dipped from 1008 in April/May to 950 in May/June.

Sales

Dropping sales approached the half way mark at 94 in May/June, down from April/May’s 161.

Expired, Reductions, Increases, Days on Market

  • April/May saw 31 listing mandates expire. That increased to 40 in May/June.
  • Price reductions in April/May totaled 248 slowing to 234 in May/June.
  • There were 39 price increases in April/May and 43 in May/June.
  • It took 28 days in April/May to sell a home. That period shortened to 27 in May/June.

Average and Median List Price/Sold Price

Average List price

  • April/May – $2,025,479
  • May/June – $2,043,435

Median List price

  • April/May – $1,690,000
  • May/June – $1,604,000

Average Sold price

  • April/May – $1,940,178
  • May/June – $1,928,846

Median Sold price

  • April/May – $1,652,500
  • May/June – $1,604,000

Thoughts

Generally reducing median and average sold prices suggest this market is not in the best shape. Considering the hype generated by the demographic influence that was supposedly driving this market this snapshot does not justify that excitement.

While listings on the west side are declining, it is still a shoppers paradise. A paradise that is if you budget is over $1,000,000. Of the 950 homes available for sale only 35 are below $1,000,000.

Now that summer is upon us perhaps we should stop fretting over numbers and do what the Vancouver folks in this Vancouver Archives picture did in the summer of 1929 – we should just go for a swim in English Bay.

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:
June 25th, 2010 at 9:42 am

great data/analysis Larry, thanks as always.

i’m surprised that listings in many areas are lower, given that overall listings are higher – interesting.

I think July will be a more extreme version of current events. Look at the drop in sales, it is extreme. I look forward to the next snapshot to see if the trend continues.

Interesting times.

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