Count Down, 3 days left – West Vancouver

Day Three – West Vancouver

In this 7 day series we will visit seven communities that comprise the Vancouver Real Estate market. We will visit the markets of Coquitlam, Burnaby, Vancouver East, Vancouver West, North Vancouver, West Vancouver and Richmond.

Counting down – on day 7 we looked at Coquitlam, on day 6 we visited Burnaby, on day 5 we visited Richmond, on day 4 it was North Vancouver. Today, the third day before the end of the August we visit the West Vancouver detached market.

During the two periods June 25, 2010 to July 24, 2010 and July 25, 2010 to August 24, 2010, detached properties in the West Vancouver neighbourhoods had the following results.

Listings

Total Listings decreased from June/July’s 598 to July/Aug’s 579.

Sales

As in other areas sales took a hit. They are down from June/July’s 52 to 26 in July/Aug.

Expired, Reductions, Increases, Days on Market

Logging Flume Hollyburn Ridge – 1923 Photo Credit: Rupert Harrison Collection

  • June/July had 32 listing mandates expire increasing to 39 in July/Aug.
  • Price reductions in June/July were 184 decreasing to 175 in July/Aug.
  • There were 10 price increases in June/July and 7 in July/August.
  • This is ugly – it took 74 days to sell a house in July/August up from June/July’s 53.

Average and Median Prices

  • June/July’s Average Ask price was $1,870,323. The average increased in July/Aug rising to $2,004,865.
  • The Median Ask price in June/July was $1,391,500 and increased to $1,635,000 in July/Aug.
  • The Average Sold price in the June/July was $1,730,130. In July/Aug this increased to $1,869,903.
  • The Median Sold price in June/July was $1,337,500. In July/Aug the median sold price increased to $1,517,500.

Looking Ahead

At 74 days on the market, West Vancouver’s sellers are waiting a long time to find a buyer. Based on these Snapshot average and median prices, it was worth it.

Tomorrow we’ll cross over the Iron Workers bridge and head to Vancouver East.

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:

JustCurious Says:
August 29th, 2010 at 8:07 am

MOI=22

fish10 Says:
August 29th, 2010 at 12:48 pm

Hey Larry

The same as N Van

20 MOI based on last month’s sales.

However prices still strong. I would suspect we have two markets there.

One market that is job/CMHC/lending sensitive buyer, which is the lower end and has pulled in it’s horns. And another market which is high-end, cash buyers, mining company etc bonuses and they are still buying away, and so the trend is to higher prices.

Any thoughts?

August 29th, 2010 at 1:18 pm

@fish @JustCurious

what will it be 20 or 22 MOI??

@fish

certainly is plausible and may explain why WVan seems less settled.

Putting my swami hat on – Regardless of all the pointers out there that suggest the contrary, I’m thinking the overall market is headed for a settled period. I don’t think it is something you can calulate yet but, it seems the buyers pushed, the sellers pushed back and maybe, just maybe, the pressures of life are beginning to weigh on both sides. Like I said I can’t put my thumb on it – consider it the swami’s gut feeling or a vision seen in the smoke spilling from the magic lamp.

Off the cuff – at first I thought it was just me so I asked a few friends and who also noticed that there are a lot of new or about to be new mommy’s around. Maybe you noticed it too? Sure sign that family pressures will start changing the market. Problem – my calculater doesn’t have a button for that fundamental? 🙂

JustCurious Says:
August 29th, 2010 at 1:37 pm

Meh. 20-22, who cares – it’s pretty high. Tho 579 / 26 = 22.3

August 29th, 2010 at 4:39 pm

@justcurious
“who cares” – some here are picky about their numbers. just sayin…

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