Count Down – Day Four
Posted July 29th, 2010 in Neighbourhood SnapShot, West Vancouver | 
Day 4 – West Vancouver
Two days remain in July. This is the fourth installment of six posts where we continue to seek a sense of the market segments in Vancouver’s real estate prior to month end accounting.
Each day the series has traveled around Vancouver to explore the major areas including West Vancouver, Burnaby combined with its North,South,and East subareas, North Vancouver, Vancouver East and Vancouver West. Our exploration centers on detached homes and their market performance during the following 30 day periods – May 25 to June 25 and June 25 to July 25.
Today we visit West Vancouver.
In the two periods May 25, 2010 to June 25, 2010 and June 25, 2010 to July 25, 2010, detached properties in the West Vancouver neighbourhoods had the following results.
Listings
Total Listings decreased units from May/June’s 627 to June/July’s 600.
Sales
Sales decreased from May/June’s 63 to 33 in June/July.
Expired, Reductions, Increases, Days on Market
- May/June had 29 listing mandates expired increasing to 32 in June/July.
- Price reductions in May/June were 190 increasing to 201 in June/July.
- There were 6 price increases in May/June and 6 in June/July.
- It took an average of 53 days to sell a home in May/June. This dropped to 40 in June/July.
Average and Median Prices
- May/June’s Average Ask price was $2,102,439 decreasing to $1,623,478 in June/July.
- The Median Ask price in May/June was $1,499,000 decreased to $1,349,050 in June/July.
- The Average Sold price in the May/June was $1,954,587. In June/July this dropped to $1,532,848.
- The Median Sold price in May/June was $1,500,000. In June/July this dropped to $1,275,000.
Looking Ahead
Day 5 we will make our way across the Lions Gate Bridge as we travel over to the East side of Vancouver. A community that is chock full of multi-cultural diversity!
What is typically a better month to sell a house. August or September?
@Jim
a historical perspective suggests that post summer holiday/beginning of school is a time when people put their moving plans into action.
It just boggles my mind to see such a big price reduction in West Van while Richmond is fetching > 1M.
Any clue why Richmond can fetch that much money still amid the slowdown in the real estate market here???
@Roland
without prejudice – it is not uncommon for ethnic groups to exhibit a propensity to purchase homes within a community that offers them the highest level of comfort. It one aspect that defines neighbourhoods.
Roland, don’t worry, your boggles will calm down.
Richmond will take a huge hit. Gigantic.
Regarding the 5:56pm response
It seems interesting though, to imply that price increases in Richmond are due to Chinese buyers wanting to purchase in areas where there are lots of Chinese
While the demand in West Van has also been attributed to Chinese buyers as well…
So when prices increase in West Van it’s due to Chinese buyers…when it decreases, there’s no Chinese buyers but they all flocked to Richmond?
I am ethnically Chinese, 8 years in South Surrey. Richmond is appealing because of proximity to amenities (chinese supermarkets, restaurants, friends and acquaintainces, and the airport). That said, there many chinese also choose not to live in Richmond precisely because of the concentration of chinese there. South Surrey is easy drive from Richmond on 99 whereas West Van is less accessible.
@tinypotato
see @ben’s response