Community SnapShot – Vancouver East

Vancouver East

One day left in the series of seven.

We have reviewed the markets in Coquitlam, Burnaby, North Vancouver, West Vancouver, Richmond and today we look at Vancouver’s East Side.

During the two periods extending from July 26, 2010 to August 25, 2010 and August 26, 2010 to September 25, 2010, detached properties in the Vancouver East communities had the following results.

Listings

Total Listings decreased from Jul/Aug’s 830 to Aug/Sept’s 743.

Sales

Sales decreased from Jul/Aug’s 112 to 81 in Aug/Sept.

Expired, Reductions, Increases, Days on Market

  • Jul/Aug’s had 81 listing mandates expire which increased to 84 in Aug/Sept.
  • Price reductions in Jul/Aug’s were 247 slowing to 230 in Aug/Sept.
  • There were 29 price increases in both periods.
  • It took 45 days to sell a home in Jul/Aug. That shortened to 30 days in Aug/Sept.

Average and Median Prices

  • Jul/Aug Average Ask price was $773,678. This average decreased in Aug/Sept to $770,940.
  • The Median Ask price in Jul/Aug was $739,888. It increased to $749,900 in Aug/Sept.
  • The Average Sold price in the Jul/Aug was $750,403. In Aug/Sept this increased to $756,488.
  • The Median Sold price in Jul/Aug was $726,000. In Aug/Sept the median increased to $750,000.

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:

stats don't lie Says:
September 30th, 2010 at 4:48 am

Somehow the chart doesn’t match the bullet points…

“The Average Sold price in the Jul/Aug was $787,014. In Aug/Sept this dropped to $752,731. ”

(the chart shows $750k and $756k, not $787k and $752k)

fish10 Says:
September 30th, 2010 at 6:49 am

Another community with a MOI over 10.

I think the lower end has just stopped buying.

If so, then the HPI should show a drop for September.

vanpro Says:
September 30th, 2010 at 7:36 am

Larry, your graph numbers don’t match your written description numbers.

September 30th, 2010 at 7:53 am

@stats
appreciate the editing

September 30th, 2010 at 7:54 am

@vanpro
@stats noted the editing required – fixed. thanks

Samsonite Says:
September 30th, 2010 at 8:20 am

Larry,

MOI looks to be averaging upward of 12 across the lower mainland….

Do you still see a surge in sales and decrease in MOI for October?

Given the high MOI, any macro thoughts on the state of the market?

Are sellers getting nervous at all (lots and lots of price reductions and sales well under list)?

Just wondering if you can give us a ‘feel’ as to what’s going on out there now, over and above (the greatly appreciate) stats.

September 30th, 2010 at 9:00 am

@samsonite
“give us a ‘feel’ as to what’s going on out there now”

From whispers heard last night at a Board good times soiree in recognition for those of us who have been in the business for 25 years or more –

overheard from respected senior member, “Nothing new, we’ve been here before! Best guess down 30% YOY”.

This promps a question – at what point will buyers think it time to jump into the market? Will it be 40,50 or 60%?

Samsonite Says:
September 30th, 2010 at 9:27 am

Hi Larry,

down 30% – is that prices or sales?

thanks.

Hope you had fun!:)

asalvari Says:
September 30th, 2010 at 11:20 am

Hi Larry

I believe that the first interesting drop size is lows of 2009, with caveats :
– if we arrive very quickly to these lows, people will keep holding off.
– if we take nice and smooth slope, I think most of the waiting parties will jump in around this drop.

bearknowitall Says:
September 30th, 2010 at 12:06 pm

“Nothing new, we’ve been here before! Best guess down 30% YOY”.

Is the 30% down for prices or sales? Big difference, Larry.

Melville Says:
September 30th, 2010 at 12:08 pm

30% YOY decline in what? Sales? Why should that in and of itself induce any buyers at all to jump into the market? Ditto 40, 50 or 60%.

If he is predicting 30% YOY price declines, that is certainly newsworthy and would no doubt bring new buyers into the market.

September 30th, 2010 at 1:37 pm

@melville, @bear, samsonite

it wasn’t a loud whisper but as I recall it was sales

vanpro Says:
September 30th, 2010 at 2:04 pm

For REBGV, looks more like (based on data to Sept.28):

Sept./10 Sales = 2,166 (-39.1% YoY) —> close to 10 yr.low – so yes, “been here before” – about once in last 10 yrs.!! Only 2008 was worse which was during the worst worldwide financial crisis since the Great Depression.

New Listings in Sept./10 = 4,770 (+27.2% MoM)

September 30th, 2010 at 2:29 pm

@vanpro

So the question is – if the assumption is that this is the bottom should the ‘gentle readers’ be getting their cheque books out and BTW if you are my phone number is at the top right corner 🙂

anon Says:
September 30th, 2010 at 2:51 pm

“So the question is – if the assumption is that this is the bottom should the ‘gentle readers’ be getting their cheque books”

Under this assumption, I’d still want to know how fast can prices be expected to rise from here.

For example, if I expected prices to shoot to the moon in the next 7-8 year like they did in the last, then I’d mortgage myself to my eyeballs an buy NOW as the appreciation alone would offset any interest vs. rent differences. On the other hand, if I thought prices would only increase a little over a long period, then buying now makes as much investment sense as buying a brand new car instead of a well working used one: simply a premium for ownership, but not an investment.

Sandy Says:
September 30th, 2010 at 3:23 pm

new listings are way down compared to last year too (over 20%) so i guess it all evens out doesn’t it Larry?

sales down + new listings down = no change.

You may be getting that call from soon.

September 30th, 2010 at 4:04 pm

@anon
“If I expected prices to shoot to the moon in the next 7-8 year like they did in the last, then I’d mortgage myself to my eyeballs”

The beauty and the danger of any investment is the “IF”.
Bottom line conundrum – “if” you aren’t in the game you can’t win the prize. Then again, it’s always easy to call a no personal risk game when standing on the sidelines. Problem with real estate is it often means you have to stand for years.

Melville Says:
September 30th, 2010 at 4:34 pm

Getting their cheque books out? The problem is that the pool of qualified buyers has dried up. A decline in sales makes little to no difference…a decline in sales only matters to people who live off commissions.

And why in the world would a decline in sales be a harbinger of a rebounding market?

September 30th, 2010 at 5:19 pm

@melville

“a decline in sales only matters to people who live off commissions”

Crap here we go again!

In case you haven’t noticed, this is a Realtors® blog. Do me a favour, stop wasting good bandwith. Go peddle that worn statement somewhere else. They’ll love yah more.

anon Says:
September 30th, 2010 at 9:12 pm

“Then again, it’s always easy to call a no personal risk game when standing on the sidelines. Problem with real estate is it often means you have to stand for years.”

True Larry. But if by sidelines you mean “no personal risk” then this includes MANY homeowners as well, wouldn’t you agree? Let’s face it, anyone who bought 15 yrs ago (to be generous) based on metrics then will be fine no matter what happens from here.

September 30th, 2010 at 10:22 pm

@anon

“many home owners” – agreed with the understanding that at some point they moved from the sideline and joined in the game. I don’t think you can catagorize that the majority joined the game because it was an investment. Will they be ok in today’s terms – sure but, at that time they were just as concerned about making the payments.

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