Not on Its Knees

Community SnapShot – Vancouver West

Vancouver West is the 7th and last of November 2010’s community series.

We have suffered an unusually bitter cold this month with snow that sent Vancouver drivers into the usual frenzy of meetings by accident.

This snapshot of Vancouver real estate in its West Side community may well be considered a replication of that bitter cold weather pattern – at least as far as sales are concerned.

The snapshot reflects two moments in Vancouver’s real estate history. Those moments look at the periods of September 24 to October 23, 2010 and October 24 to November 23, 2010.

Listings

Total Listings decreased from Sept/Oct’s 704 to Oct/Nov’s 648.

Sales

It must have been the week of snow on the ground that slowed sales as they hovered near a one third drop from Sept/Oct’s 164 down to Oct/Nov’s 106.

Expired, Reductions, Increases, Days on Market

  • Sept/Oct had 55 listings expire. This increased to 57 listing mandates that failed to sell Oct/Nov.
  • Price reductions in Sept/Oct tallied 131. This slowed to 129 in Oct/Nov.
  • Sept/Oct was a more positive month for some sellers as it had 18 price increases. A change in the weather in Oct/Nov saw this number drop to 14.
  • It took longer to lot longer to sell a home in Sept/Oct. At 37 days it might have seemed brisk compared to Oct/Nov’s 55 days.

Average and Median Prices of Sold Listings

  • Sept/Oct’s Average Ask price was $2,220,843. This Average Ask price dropped in Oct/Nov to $2,071,785.
  • The Median Ask price in Sept/Oct was $1,723,900. The Median ask dropped to $1,698,500 in Oct/Nov.
  • The Average Sold price in the Sept/Oct was $2,111,314. Oct/Nov saw the Average Sold price drop to $1,979,632.
  • The Median Sold price in Sept/Oct was $1,695,000. The anomaly – Oct/Nov Median Sold price increased to $1,739,000.

Thoughts

Expected and confirmed was that total listings and sold units would decrease. An indication that prices still remain high for some units rests with the slight increase in the expired listings. A further indication of this may be that the length of time to sell has also increased. Although prices have for most part, tapered the outstanding is the median price jump in Oct/Nov.

At this point in time, there are only a few hours before we see November’s month end numbers. Some west side seller’s and buyer’s might choose to attend evening services at the Cathedral in anticipation of the outcome.

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.

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