Vancouver’s West Side – Community Snapshot
Posted June 27th, 2011 in Neighbourhood SnapShot, Vancouver West Side | 
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.
Perhaps this stat sums it up:
MOI has nearly doubled from 2.83 to 5.54.
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….
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.
So, sales are down about 60% month-over-month? What the heck happened? Too many people watching the Canucks choke?
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?
@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.
Larry , thanks for update on total listings – can we expect an updated Total Active Listings graph soon?
Thanks Larry-Care to mention the new dynamics?
thanks Larry!
[...] Vancouver Westside, Month over Month: SALES dropped over 60%: 28 April – 27 May 2011: 359 sales 28 May – 27 June 2011: 138 sales. PRICES were pretty much flat through the period: Average about $2.42M Median about $2.15M LISTINGS decreased from 1013 to 764 [numbers from yattermatters.com] [...]
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!
any numbers on Richmond…that would be interesting to see if the results are similar.
thanks …happy Canada Day!