West Side Sold Homes Suffer

Community SnapShot – Vancouver West

Vancouver West community snapshot is the 7th and last in the December series. It is also be the last post in 2010 and will be the 885th post to this blog.

It wasn’t so long ago that I started this adventure and since then the Vancouver real estate market has changed as much as this blog. Always a learning process, it has been both a challenge and a pleasure to provide to you information about our local market, the external influences on it and in many cases, the resulting changes caused by those influences.

To the readers who follow this blog, who engage in discussion through comment and to those who pass by, I thank you for your patience and interest. I wish you well in your home buying and selling decisions. Owning a home means a lot of things to a lot of people. From my perspective as a Realtor®, however you view your decision to own, it always comes down to Dorothy’s line in the Wizard of Oz when she said – “There’s no place like home.” My wish to you all, is that your home in 2011 be one that is prosperous and healthy.

Happy New Year!

This snapshot reflects the periods of October 26,2010 to November 26,2010 and November 26,2010 to December 26,2010.

Total Listings

Listings decreased from Oct/Nov’s 566 to Nov/Dec’s 465.

Vancouver’s West Side Sold Homes

Unlike retail sales that count on the Holiday Season as their best time of the year, in Vancouver, it can be expected to that during this traditional period home sales will plummet. In Oct/Nov there were 163 homes sold on the West Side. In the Nov/Dec period this dropped to 82.

Expired, Reductions, Increases, Days on Market

  • Oct/Nov had 57 listings mandates expire. There was quite a change in Nov/Dec as this slowed to 37.
  • Price reductions in Oct/Nov tallied 112. This slowed to 90 in Nov/Dec.
  • Price increases remained equal at 18 in both periods.
  • At 50 days on the market, it took less time to sell a west side home in Nov/Dec. On average, in Oct/Nov it took 57 to sell a home on the west side.

Vancouver’s West Side Average and Median Prices for Homes Sold

  • Oct/Nov’s Average Ask price was $2,183,112. The Average Ask price dropped a tick in Nov/Dec to $2,141,153.
  • The Median Ask price in Oct/Nov was $1,799,000. The Median ask increased in Nov/Dec to $1,884,000.
  • The Average Sold price in the Oct/Nov was $2,074,931. In Nov/Dec there was a slight upward tick to $2,082,408.
  • The Median Sold price in Oct/Nov was $1,818,000. The Median Sold also had a small up-tick to $1,881,500 in Nov/Dec.

Thoughts

Expected and confirmed by history and all of the community series snapshots is that the Holiday Season has a strong effect on the number of homes sold. During this time of year Buyers and Sellers simply become preoccupied with glad tidings, shopping and holiday travels. For many, it is also a period where they are just glad to take a break from the stress associated with the home buying/selling process.

For some, it is also a time to regroup and look forward to the challenges of Vancouver Real Estate in 2011.

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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