Only The Shadow Knows Vancouver Real Estate

Only the Shadow Knows

Are the rumors true? Did the Vancouver west market change, is it about to change or worse, is it just imagination gone wild.

This snapshot of Vancouver’s West side detached properties covers two 30 day periods between February 19, 2011 to April 18, 2011.

Total Listings

Total Listings decreased from Feb/Mar’s 817 to Mar/Apr’s 695.

Vancouver’s West Side Sold Homes

In the Mar/Apr snapshot, only recording 146 sales were recorded – down from Feb/Mar’s 269. It is probable that a few Vancouver west side home sellers are wishing the Easter Bunny will be good to them. With prices and sales on the down side sellers may be hoping to find golden sold eggs in their house value basket.

Expired, Reductions, Increases, Days on Market

  • Feb/Mar had 15 listings mandates expire. There was not much of a change with Mar/Apr recording 16 expireds.
  • Price reductions in Feb/Mar tallied 59. This increased to 64 in Mar/Apr.
  • Price increases in Feb/Mar were 59 climbing to 60 in Mar/Apr.
  • At 19 days on the market, it took less time to sell a west side home in Mar/Apr. On average, in Feb/Mar it took 27 days to sell a home on the west side.

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

  • Feb/Mar’s Average Ask price was $2,239,304. The Average Ask price dropped in Mar/Apr to $2,033,199.
  • The Median Ask price in Feb/Mar was $1,888,000. The Median ask increased in Mar/Apr to $1,884,400.
  • The Average Sold price in the Feb/Mar was $2,268,866. In Mar/Apr that dropped to $2,071,771.
  • The Median Sold price in Feb/Mar was $1,977,000. The Median Sold also had a small up-tick to $1,924,800 in Mar/Apr.

Thoughts

One doesn’t need to rely on shadowy rumors as the snapshots during the two periods do show that a change has taken place. Vancouver west side homes have seen a slight drop in prices both average and median. In pace, price reductions have increased in anticipation of the drop occurring.

Only the Shadow Knows if the anticipated arrival of holiday house hunters from China will adopt the good will of our cherished Easter Bunny to merrily deposit large amounts of cash on willing sellers of Vancouver real estate.

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:

Dydgi Says:
April 18th, 2011 at 7:16 pm

Great post Larry.

Interesting. Listings lower (despite overall lower mainland listings UP).

Sales down sharply. Average sold price down sharply.

Any guess as to how much is a change in the market vs. a change in sales mix? Median is down as well, interesting.

Larry, any thoughts on what the next 30 days might bring? I’m hearing comments about MORE for sale signs (in the burbs) and slowing uptake of new mortgages from the bankers I know.

Any coffee talk comments are eagerly anticipated.

bbcoq Says:
April 18th, 2011 at 8:12 pm

Larry -just like the Shadow you have “clouded our minds.”
What impact would chinese new year having rolled over? Familiy in Richmond were advised to sell BEFORE Chinese New Year.
Also, their agent (specializing in mainland Chinese buyers) said Burnaby was now hot area in response to Japanese Tsunami.
Thoughts?

specialfx3000 Says:
April 18th, 2011 at 9:27 pm

Van West is really living up to it’s Chinese reputations. Median shows its magical (lucky) 1888 number for both months.

Maybe 88% of homes sold for exactly $1888K and hence that median 🙂

specialfx3000 Says:
April 18th, 2011 at 9:28 pm

Sorry, I meant Ask price.

fish10 Says:
April 18th, 2011 at 10:14 pm

Larry quick typo Median sold in Feb/Mar was 1977.

This shadow has appeared many times and been whisked away by the hock of HAM or sat on by the weight on the CMHC.

However something tell me he may have a longer presence this time.

fish10 Says:
April 18th, 2011 at 10:16 pm

Dang. Now I am the king of the typos.

April 19th, 2011 at 8:36 am

@fish – thx for headsup

@special – you got more feng shui then they 🙂

@bbcoq – i admit to not knowing the name of the ‘national’ holiday (somebody here might help with that) but it’s being chatted up at the next by Vancouver opportunity

@dydgi – been running hard so haven’t coffee with the kids.

Jim Says:
April 19th, 2011 at 9:16 am

Thanks Larry.
I love it when you post information about the local real estate market.
Reliable, stat based-good posting!

April 19th, 2011 at 9:22 am

@jim – blushing 🙂

Best place on meth Says:
April 19th, 2011 at 10:57 am

Total detached listings were 817?

Strange, I don’t recall them being over 550 at any point this year.

vangrl Says:
April 19th, 2011 at 11:13 am

thanks Larry, appreciate the post!

Tony Says:
April 20th, 2011 at 12:16 am

The market is actually very hot – the average sold price is even higher than average ask.

And it took less days to sell a house.

Jim Says:
April 20th, 2011 at 8:40 am

Tony I beilive you may possibly be misunderstanding the charts sort of. Maybe, I could be wrong.

Rob Says:
April 21st, 2011 at 9:49 pm

Larry, I would love to get your view as a realtor and a person of the recent article in the Vancouver Sun by Cam Good. Why would this be published in a newspaper?

April 21st, 2011 at 11:03 pm

@Rob

It is interesting that you think a humble peddler’s opinion of Mr. Good’s article is of importance.

Within Mr. Good’s musings there doesn’t appear to be much that is new. His suggestion that the ‘greater we’ are ’tilting at windmills’ as we cast our eyes to the far west horizon is not without validity. It would not be a stretch to suggest that windmill discussions now reside in the top ten list of idle conversations.

A important question not asked by Mr. Good is this – how do long established Canadians of Chinese origin view his words? In the asking is one to presume that they, the Canadian Chinese, are predisposed to tilt at the same windmills?

Why the piece was published in the Vancouver Sun will remain a mystery. Perhaps the rationale rests somewhere within the idiom that ‘every dog has his day.’ Ultimately, for me at least, it serves as one more example to ratify why I haven’t subscribed to that rag for a very long time.

Dydgi Says:
April 27th, 2011 at 8:36 pm

Hi Larry

Any thoughts on avg sales values for April – could the info in this chart be pointing to a fall for April?

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