Count Down, Last Day – Vancouver West

7 of 7 – Vancouver West

This is the last day of August 2010. It is also the 7th Snapshot in the 7 day series.

We have visited 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.

Today we look at the last community in the series – Vancouver West.

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

Listings

Total Listings decreased from June/July’s 881 to July/Aug’s 831.

Sales

Sales decreased from June/July’s 104 to July/Aug’s 85.

Expired, Reductions, Increases, Days on Market

Dunbar At 29th – 1923 CVA 173-D-5

  • June/July had 86 listing mandates expire. That number decreased to 55 in July/Aug.
  • Price reductions in June/July were 208 slowing to 195 in July/Aug.
  • There were 30 price increases in June/July and 21 in July/Aug.
  • Part of this market’s story lies in the time it takes to sell a home. It took an average of 37 days to sell a home in June/July. That has increased to 53 days in July/Aug.

Average and Median Prices

  • June/July’s Average Ask price was $1,888,348. This average increased in July/Aug to $1,910,031.
  • The Median Ask price in June/July was $1,656,500. It increased to $1,699,000 in July/Aug.
  • The Average Sold price in the June/July was $1,808,382. In July/Aug this increased to $1,827,411.
  • The Median Sold price in June/July was $1,580,000. In July/Aug the median went up to $1,650,000.

Take Away

Again this snapshot’s most evident element of change is the decrease in sales and the length of time it takes to sell a home along with prices that show resistance in their decline.

This is the final report in the 7 day series. What lies beyond will be determined in REBGV’S MLS® monthly totals due out tomorrow. As we have seen some variances in these community snapshots I would expect that the month end numbers will be just as astonishing.

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:

John E Veltheer Says:
August 31st, 2010 at 7:00 am

perhaps the world isnt coming to an end after all? june was busier than normal and july was slower than normal due to implementation of hst – things should settle out now looking forward

JustCurious Says:
August 31st, 2010 at 8:03 am

This is not normal, unless you count 2008 as normal. MOI for August here is 9.8. Given the other snapshots Larry has shown, MOI for GV this year I guess will be in the 10-15 range. Typical at this time of year is about 3.5, but 2008 was 11.45. Basically the market has gummed right up because buyers aren’t buying at the prices sellers think their houses are worth (with a decreasingly small number of exceptions). It’s going to be an interesting fall (in both senses of the word!)

August 31st, 2010 at 8:09 am

@curious
if you are making assumptions based on the snapshot numbers as I have noted to others be cautious – they are very fluid. Beyond that, have fun.

Jim Says:
August 31st, 2010 at 10:37 am

Thanks for the numbers.
Westside detached homeowners are a unique group. They are all in the higher wealth/income bracket.
What I read into these numbers was a very very slow sumer, causing many to not even bother listing their homes. Isn’t 53 days to sell a home typical of a normal market/economy Larry?

August 31st, 2010 at 1:30 pm

@jim
As I recall a bunch of years ago + – 30 to 45 days wasn’t that unusual.

MH Says:
August 31st, 2010 at 1:46 pm

@Curious,

MOI in GV right now is roughly 6.01, half of your 10-15.

JustCurious Says:
August 31st, 2010 at 2:06 pm

@MH – Really? Where is that figure from?

Mike Says:
August 31st, 2010 at 2:52 pm

All these examples are showing MOI way higher than than the roughly 6 indicate generally. If its 10-20 MOI in these Snapshots, than there has to be a helluva lot of sales going on somewhere else. Question is, where?

August 31st, 2010 at 2:57 pm

@mike
see precautionary note to @curious about making MOI assumptions from these numbers

August 31st, 2010 at 3:05 pm

@MH
Great, then let’s not do that. You probably are aware but just in case, the owner of that blog is quite clear about selectively choosing areas in which he works. As a result his numbers may differ from what others here are using for their calculations.

JustCurious Says:
August 31st, 2010 at 3:12 pm

Larry, did you forget to publish MH’s comment?

August 31st, 2010 at 3:19 pm

@curious
nope – house rules, i don’t do links to other Realtors®

MH Says:
August 31st, 2010 at 5:52 pm

JustCurious,

To clarify, I am not a realtor, I was posting stats from another realtors site and I will not be posting this individuals site but my numbers are not just dreamed up by myself.

August 31st, 2010 at 8:28 pm

@mh
i know that rest easy. just keep in mind that he is not covering the entirety of the REBGV and says so. no harm no foul

bearknowitall Says:
August 31st, 2010 at 9:18 pm

From Agent Will’s stats, it is not difficult to get the total sales at 1884 for August. Listing right now is 11649; it makes MOI = 6.2.

So, MH’s #, 6.01, is not far away from the truth if consider withdraw of listing is usually accelarated in the end of each month. But, again, as Larry said, Will’s data does not covering the entirety of the REBGV.

It’s not end of the world, bears (or bulls), half of glass is still empty. LOL

Vic Says:
September 1st, 2010 at 12:32 am

With slower sales but higher average prices, looks like we are set repeat 2008 again.

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