Count Down Day 2 – Vancouver East

2 Days Left – Vancouver East

There are 2 days remaining in this the month of August 2010.

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, day 3 we looked at West Vancouver. Today, the 6th of the 7 day series we visit Vancouver’s East side 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 Vancouver East neighbourhoods had the following results.

Listings

Total Listings decreased from June/July’s 858 to July/Aug’s 830.

Sales

Sales decreased from June/July’s 112 to 81 in July/Aug.

Expired, Reductions, Increases, Days on Market

300 Blk Cordova 1943 shows a small child standing by a row of houses
in the slum district of Vancouver. CVA 1184-638

• June/July had 81 listing mandates expire which increased to 84 in July/Aug.
• Price reductions in June/July were 247 slowing to 230 in July/Aug.
• There were 29 price increases in both periods.
• Telling is the increase in time it takes to sell a home. It took an average of 28 days to sell a home in June/July. That increased to 41 days in July/Aug.

Average and Median Prices

• June/July’s Average Ask price was $801,330. This average decreased in July/Aug to $773,150.
• The Median Ask price in June/July was $793,500. It decreased to $738,000 in July/Aug.
• The Average Sold price in the June/July was $787,014. In July/Aug this dropped to $752,731.
• The Median Sold price in June/July was $781,250. In July/Aug the median dropped to $715,000.

Take Away

According to the snapshots most evident elements of change are the huge decrease in sales and the ever growing number of days it takes to sell a home. Prices appear to be on a slow and steady downward path.

Tomorrow is the final day in the 7 day series. We will visit Vancouver West. Beyond that it will be anyone’s guess as we wait for REBGV’S MLS® monthly totals.