Bruin Thoughts

Community SnapShot – West Vancouver

December is fast approaching. We are now at the 5th of the seven day series and it is on this day where we check the pulse of the West Vancouver detached real estate market.

Waiting for the month end numbers we wonder what is in store. Will it be continuance of high end properties continuing to sell only to skew average prices or, will we see a rebound prompted by sales that currently, seem to be improving on a daily basis? Until November’s numbers are locked down the outcome remains your guess. However, if the snapshot of West Vancouver provided by this Vancouver real estate agent prove correct, there is indication that West Vancouver’s month end numbers won’t be pretty.

During the two periods September 24 to October 23, 2010 and October 24 to November 23, 2010 detached properties in the West Vancouver community recorded these results.

Listings

Total Listings dropped from Sept/Oct’s 507 to Oct/Nov’s 502.

Sales

Sales dropped by 3 units from Sept/Oct’s 55 to Oct/Nov’s 52.

Expired, Reductions, Increases, Days on Market

  • Expired listing mandates slowed from Oct/Nov’s 48 to Sept/Oct’s 46.
  • Price reductions in Sept/Oct 147. This increased to 151 in Oct/Nov – a possible explanation being that other seller’s are realizing the market change is on and are adjusting their marketing strategy.
  • There were 6 price increases in Sept/Oct. This slowed to 4 in Oct/Nov.
  • The number of days to sell a home stretched from Sept/Oct’s 72 to 91 in Oct/Nov.

Average and Median Prices

  • West Vancouver’s detached Average Ask price in Sept/Oct was $2,316,525. The Average Asking price decreased Oct/Nov $1,987,182.
  • The Median Ask price in Sept/Oct was $1,700,000 decreasing to $1,498,500 in Oct/Nov.
  • The Average Sold price in the Sept/Oct was $2,147,414. In Oct/Nov the average sold price took a spilled down to $1,862,225.
  • The snapshot Median Sold price in Sept/Oct recorded $1,635,000. In Sept/Oct the Median Sold tumbled to $1,475,000.

Thoughts

Total listing held, sold units were about even, expired numbers held, price reductions were almost par, days on market increased – the remaining factor – price, has dropped.

While feeding bears can be exciting many will tell you it is not wise. Similarly, if by way of reciprocation you anticipate the bruin to offer a predictive thought on the state of the West Vancouver home market it surely will include the word down.

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:

YatterFan Says:
November 28th, 2010 at 9:02 pm

Um. Incredible.

Look forward to the rest of the series!

Is Vancouver finally showing some price fatigue? I mean, nothing goes straight up (or does it…?).

Lots to chew on, thanks Larry.

FlipFlop Says:
November 29th, 2010 at 9:07 am

Shouldn’t we be looking at YOY for sales data?

Wouldn’t there typically be a seasonal fluctuation from Sept/Oct to Oct/Nov?

What does the data look like compared to ’08 or ’09? OR, if you really want to compare MOM, what does the ratio look like compared to MOM a year ago? Similar fluctuation? Less? more?

This data means very little IMHO with the obvious MOM fluctuations that come with the RE market.

November 29th, 2010 at 9:27 am

@FlipFlop
no question about it, you can do all of that and more.

“This data means very little IMHO” – with this statement I’m inclined to believe that you have conveniently overlooked that you get what you pay for.

Brad Says:
November 29th, 2010 at 11:56 am

Thought this BC demographics chart i came across was interesting enough to share.

https://sites.google.com/site/bchousingmarketshift/

Whitebear Says:
November 29th, 2010 at 2:26 pm

Sales/List has been trending up and has been consistently above 100% since Sept for Vancouver West side. No wonder there are so many “Sold” signs recently on the west side.

Bob Lucas Says:
November 29th, 2010 at 3:54 pm

@Brad: What is not mentioned on that chart is the amount of wealth transfer that will happen as boomers pass on their accumulated assets (including homes) to their children etc. The bequest motive will likely keep supply tight and prices high, imho.

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