Vancouver’s West Side – Community Snapshot

Vancouver West Side

On almost any day a conversation about the Vancouver’s west side real estate market will leave you dazed and confused. Some claim the market is up. Some say down. Some say it is being overtaken by the offshore Chinese millionaires.

This Vancouver West community snapshot might be saying all of those things.

This snapshot of Vancouver’s West side detached properties covers two 30 day periods between April 28, 2011 and June 27, 2011.

Total Listings

Total Listings decreased from Apr/May’s 1013 to May/June’s 764.

Vancouver’s West Side Sold Homes

The May/June snapshot, records 138 sales – down from Apr/May’s 359.

Expired, Days on Market

  • Apr/May had 55 listings mandates expire. This number dropped with May/June recording 27 expired mandates.
  • It took an average of 26 days on the market to sell a west side home in both periods

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

  • Apr/May’s Average Ask price was $2,454,246. The Average Ask price dropped in May/June to $2,411,217.
  • The Median Ask price in Apr/May was $2,088,000. The Median ask increased in May/June to $2,174,000.
  • The Average Sold price in the Apr/May was $2,430,307. In May/June that dropped to $2,405,497.
  • The Median Sold price in Apr/May was $2,088,000. The Median Sold had a small up-tick to $2,194,000 in May/June.

Thoughts

In this community snapshot the number of sales alone could suggest that the Vancouver west market is staggering. A case could also be made that falling prices indicate a market on the edge. Yet, some Vancouver Realtor® conversations would tell you that this is just a precursor to the slow summer Vancouver market period. If you multitask and look at the graph while listening to the conversations, you too might be staggering on the edge of becoming dazed and confused.

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:

vanpro Says:
June 27th, 2011 at 7:21 pm

Perhaps this stat sums it up:

MOI has nearly doubled from 2.83 to 5.54.

Dydgi Says:
June 27th, 2011 at 8:06 pm

vanpro, interesting, and thanks Larry for the ‘coffee talk’

I suspect with the MOI higher that we could see some additional price weakness in the month ahead, will watch with interest. That said, nothing dramatic to spur the market in either direction, IMHO, if(?)/until rates move upward….JMHO….

t Says:
June 27th, 2011 at 8:18 pm

The drop in number of sales is marked too. Pretty soon it will be 2 sales for the month at a median price of 4 billion.

stats don't lie Says:
June 28th, 2011 at 6:43 am

So, sales are down about 60% month-over-month? What the heck happened? Too many people watching the Canucks choke?

bbcoq Says:
June 28th, 2011 at 8:51 am

It has been 3 weeks since I last saw a “puff piece” on the news reporting PRC buyers coming, cash in hand buying same day.
Could it be that the market is simply returning to a normal pattern and and that with summer rapidly approaching we are seeing a normal seasonal slowdown?

June 28th, 2011 at 9:05 am

@bbcoq
According to the IDX numbers I track – Active Listings across the 3 boards now exceeds 24,000 and is a breath away from last October’s numbers which were up there. There are a few new dynamics in play, but if cycles repeat, there could be a lot of listings sitting in the very near future.

vanpro Says:
June 28th, 2011 at 9:46 am

Larry , thanks for update on total listings – can we expect an updated Total Active Listings graph soon?

bbcoq Says:
June 28th, 2011 at 10:55 am

Thanks Larry-Care to mention the new dynamics?

vangrl Says:
June 28th, 2011 at 6:19 pm

thanks Larry!

Jim Says:
June 29th, 2011 at 4:02 pm

I guess we are joining the rest of the planet. Of course Vancouver prices have to fall. Unless all our property gets sold to foreign milionaires.

“soon it will be 2 sales for the month at a median price of 4 billion.”
@t- that is seriously funny-thanks!

EVa Says:
July 1st, 2011 at 11:07 am

any numbers on Richmond…that would be interesting to see if the results are similar.

thanks …happy Canada Day!

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