Fly Fishing

Posted June 29th, 2010 in Neighbourhood SnapShot, West Vancouver |

Casting

In a couple of days we will be celebrating Canada Day. It’s uncertain that a lot of West Vancouver sellers who have been forced to reduce their asking prices will be jumping for joy.

We began this market snapshot journey looking at the Vancouver West, Vancouver East and North Vancouver market performance over a 60 day period. Today is West Vancouver Day!

West Vancouver Detached

For the period covering April 29,2010 to June 28, 2010 West Vancouver Detached detached homes experienced the following market activity.

Listings

Total Listings dipped slightly from 653 in April/May to 627 in May/June.

Sales

Sales dropped more aggressively from 70 in April/May to 39 in May/June.

Expired, Reductions, Increases, Days on Market

April/May saw 21 listing mandates expire which then increased to 26 in May/June.
Price reductions in April/May were 214. That number decreased to 203 in May/June.
There were 7 price increases in April/May. This slowed to 5 in the May/June period.

It took 42 days in April/May to sell a home and 48 days in May/June.

Average and Median List Price/Sold Price

Average List price

March/April – $2,022,453
May/June – $2,194,946

Photo Credit

Median List price

April/May – $1,596,500
May/June – $1,499,000

Average Sold price

April/May – $1,924,995
May/June – $2,015,974

Median Sold price

April/May – $1,555,000
May/June – $1,500,000

Thoughts

A quick scan of the last 30 days revealed that 11 of the 39 solds had a price reduction prior to selling. The remainder, appear to have actively negotiated their sale. The number variance between ask and sell did not appear to be overtly dramatic.

As with other areas the drop in the number of sales is perhaps more telling of the current market state. Bothersome is that the number of Total listings has remained strong. Like other market areas there is confusion as to what buyers are prepared to pay.

Seemingly it is a fishing expedition where if that price doesn’t catch anything then as evidenced by the great number of price reductions, sellers are adjusting their cast with renewed hope that we’ll get a bite.

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Search for your home here. It’s lot easier than other places I can’t mention and you can see the home via Google street view. . Use Walkability to determine the availability of those neighbourhood services most important to you. Don’t be shy, tell your friends who are looking to stop by and give it a whirl. They will love you even more.

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Of course, if you got some questions I’m around for that too.

Thinking of Buying or Selling your Vancouver home? Put on a cup of coffee and let’s talk.

*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:

RavingBull Says:

June 29th, 2010 at 8:40 pm

No, this is just the beginning. The beginning of the end.

Its gonna get rough in the RE market all across BC.

Hammer time.

jesse Says:

June 29th, 2010 at 11:05 pm

Larry: Based on daily sales numbers for REBGV, we should be about the same daily sales volume as May. I have June sales within 5% of May’s.

You are consistently showing a marked drop in sales in Vancouver in June compared to May. Where are all the sales happening?

Boombust Says:

June 30th, 2010 at 7:26 pm

“The beginning of the end.”

Or, as Winnie put it, “The end of the beginning.”

yattermatters Says:

July 1st, 2010 at 5:43 pm