Attached in June

Series Continued

The beginning of each month is always a rush. It’s that anxious time when we want to know what happened in the Vancouver real estate market. First, it is always a general overview. Not satisfied, we then we want specifics. The specifics reduce to a simple question – ‘what’s happening in my neighbourhood?’

Continuing our series, we follow the various states of Vancouver’s market segments using a combination of elements that include Units Listed, Units Sold, Active Listings, and Average Price for each area.

Together, these elements provide a reasonable market snap shot. Today’s visit is with Vancouver West’s Attached properties.

West Side Attached Units Listed

Units Listed have continued to drop from April’s high of 194, a record! The nearest competitor was April of 2008 at 190 units. June 2010 recorded 165.

West Side Attached Units Sold

May’s sold units dropped to 65 from April’s 88 which by no means was the highest number of sales recorded. That happened a year ago in June when 122 sales were recorded. Sales bounced back from May’s temporary low of 65 up to June 2010’s 81.

West Side Attached Active Listings

Book makers are probably losing money trying to figure out active listings. Since January of this year it has been a steady climb to June’s total of 393. This figure is by no means an all time high. That accolade goes to October 2008 with a whopping 479 active listings. What can be said – the game is on and there is time to place your bets. It’s a 50/50 chance either way.

West Side Attached Average Price

The attached average price on the west side has shown its strength this past month. Having dropped to $843,337 in May, from January’s high of $1,028,736 many were taking aim at a severe market change. They were caught short when June 2010 recorded an increase that settled at $938,495.

Double Dip

Perma-Bears often display a well established bias claiming the Vancouver market can’t go on – it is unaffordable, average people earning average incomes cannot afford average homes. So strong is the bias that a few claim that we are headed for a double dip market. They may be right!

Yet, the Vancouver attached market continues in defiance. With tongue in cheek this defiance reminded me of a financial legend by the name of Bernard Baruch who is attributed with saying that “Bears don’t live on Park Avenue”. Perhaps he is also right. Perhaps this market will continue.

In real terms, it is for sellers a wonderful moment. They get to drink champagne dollars while buyers burdened with large mortgages are at times seen to struggle with the idea of buying powdered milk. Where the answers are that explain this confusing market will be cocktail or beer conversation for years to come.

I for one don’t have the answers. Referring to another Baruch attribution: “I’m not smart. I try to observe. Millions saw the apple fall but Newton was the one who asked why.”

At best, I report what I see in the data and hear on the street. Sometimes both help form a reasoned opinion that may help you make wise decisions. Lately, I find myself starting most conversations with the tried and true 50/50 disclaimer that says – half the time I’m right. Of the rest, I have no memory. 🙂

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:

jesse Says:
July 7th, 2010 at 1:45 pm

Van west attached benchmark was down but sales look not so bad for the attached properties. Nonetheless, if I were a Realtor, which I’m not, I would still be planning on saving some $ over the next while. Just in case.

July 7th, 2010 at 1:48 pm

@jesse
Sage advice! Realtor® or not, one should always save money for that ‘rainy’ day.

fish10 Says:
July 7th, 2010 at 7:10 pm

Actually Larry, this bear could buy all Park Avenue

http://commoditytradealert.com/blog/?p=3738

July 7th, 2010 at 7:17 pm

@fish10
Balance and harmony is all around us. I’m still trying figure out Monopoly 🙂

fish10 Says:
July 7th, 2010 at 8:24 pm

Larry I just looked up the Okanagan numbers and the MOI are remarkably high.

Anywhere from 17- 29!

What say you?

July 7th, 2010 at 8:42 pm

@fish10,
big spread but still deserving a wow!

fish10 Says:
July 7th, 2010 at 8:47 pm

Central Ok 17 MOI
North OK 21 MOI
Shushwap zone 29 MOI !

Triple dang.

July 7th, 2010 at 8:55 pm

@fish10
That makes REBGV look like a walk in the park.

N2V Says:
July 8th, 2010 at 11:46 pm

Larry,

I do enjoy your writing, but PLEASE.. be brave and make some actual predictions on way or the other! We all know better than to hold you to it should things unfold 180 otherwise.

July 9th, 2010 at 8:20 am

@n2V
thank you.
re: being brave – it is truely unfortunate that the “WE” you speak of, don’t know better! It’s very easy to tell someone how they should spend their hard earned money when the responsibility to repay the sum is not mine. Although you are implying by way of your request that I should, I don’t believe I have the right to assume that priviledge. I’ll leave that arena to the politicians.

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