Vancouver East is a Favourite Cookie

Milk and Cookies

The Orea® cookie is commonly referred to as a sandwich cookie. It is made up of ‘creme’ sandwiched between two chocolate cookie biscuits. Made by Nabisco its famous slogan is ‘Milk’s Favorite Cookie.®’

Imagine if you will Vancouver east side detached homes as an Oreo® cookie. Imagine further Vancouver home buyers eager to drink the milk of home ownership. With that image in mind you might then envision this East side Community Snapshot as a graphical image of Vancouver’s favorite cookie.

During the periods of June 17, 2011 to July 16, 2011 and July 17, 2011 to August 16, 2011 Vancouver’s east side detached tabulated these figures.

Total Listings

Listings decreased from Jun/Jul’s 713 to Jul/Aug’s 723. Notably, this appears contrary to the overall increase in total listings for the lower mainland market place.

Vancouver East Homes Sold

Sales dropped but, not by much from Jun/Jul’s 135 in Jul/Aug’s 107.

Expired, Days on Market

  • Jun/Jul had 31 listing mandates expire. Expired mandates increased to 34 in Jul/Aug.
  • It took 31 days to sell a home in Jun/Jul yet in Jul/Aug buyers seemed to have their finger on the trigger as it only took 19 days to sell an east side home.

Vancouver East Side Homes Average and Median Prices

  • June/July’s Average Ask price was $885,086. The Average Ask price slowed in July/August to $847,150.
  • The Median Ask price in June/July was $849,000. The Median Ask price decreased to $799,000 in July/August.
  • The Average Sold price in the June/July was $888,544. In July/August sold decreased to $854,536.
  • The Median Sold price in June/July was $849,000. In July/August the median sold decreased to $820,000.

Thoughts

Most of us enjoy being lead astray when offered milk and cookies. These numbers might imply that Vancouver home buyers may have been seduced by the sweet ‘creme’ of lower prices. As well, the low number of days east side homes were on the market further suggests that buyers were quick to bite, anxiously making east side homes their favourite cookie.

Oreo and ‘Milk’s Favorite Cookie’ are trademarks of Nabisco

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:
August 17th, 2011 at 2:02 pm

Does that mean MOI increased to 6.75 MOI for Van East SFH (=723/107) vs. 5.5 (=748/135) in previous month? And, not to be pedantic, but sales drop from 135 to 107 is a 20.7% drop. I’d argue that was a “large” drop (vs. your description of “not by much”). Perhaps the significant rise in MOI (mainly due to large drop in sales) is the key behind the drop in prices?

Paul Barriscale Says:
August 17th, 2011 at 4:54 pm

Dear YM,

Sweet.

All good things,

Paul

fish10 Says:
August 17th, 2011 at 5:05 pm

Thanks for the numbers Larry

A 4% drop in both Median and Average MOM sold prices maybe more than just a statistical blip.

August 17th, 2011 at 6:04 pm

@fish, @vanpro
Please note disclaimer at bottom of graph. These numbers are quite dynamic. It’s only the month end numbers that are locked down but, we’ve had this discussion before right. 🙂

fish10 Says:
August 17th, 2011 at 6:20 pm

Yup- we have been there before and I have the wounds to prove it.

Just when it seems like the goose was finally cooked out pops ZIRP or CMHC-monster or HAMs.

Nevertheless the median 4% drop in one month seems like more than noise but then I am a tad biased.

August 17th, 2011 at 6:24 pm

@fish
if we weren’t biased what would be left of opinion?

there a very few days left before we find out if the ‘noise’ is a bang or a whimper – strap on your boots

“Just when it seems” Check out this piece on cycles – http://www.theglobeandmail.com/report-on-business/commentary/neil-reynolds/the-signs-are-clear-no-more-stimulus/article2131409/

Girlbear Says:
August 17th, 2011 at 6:41 pm

Thanks for the numbers Larry

Reggie Says:
August 17th, 2011 at 9:03 pm

Likewise, thank you Larry for the mkt details they are appreciated by many.

East and Westside look to be pointing to sharply lower prices this month (well, we’ll have to see how the next week and a bit play out yet), this could be a shocker to the local market if average price falls by say 2%.

I think we could go year over year negative in 3-5 months, JMHO.

Reggie Says:
August 17th, 2011 at 9:19 pm

Larry, coffee talk still looking at this as a summer slowdown?

I guess it could be, there will be no rate shock in the months ahead, so the market could pick up steam according to the seasonal trend and move right back up again….

Any guesses for how much prices might fall this month?

thx

SoapSuds Says:
August 18th, 2011 at 9:15 am

Thanks for the numbers. Much appreciated!

Reggie Says:
August 18th, 2011 at 10:00 pm

interesting that listings in west and east van have dropped while overall listings have increased

i wonder where the excess listings are piling up

vangrl Says:
August 19th, 2011 at 9:15 pm

thanks Larry!
still have two for sale signs in front of my Kits condo building, they’ve been there for months, both have reduced their price and still not moving.

August 19th, 2011 at 9:38 pm

@vangrl,
condo’s are running slow. hope the signs aren’t blocking a view. 🙂

Reggie Says:
August 21st, 2011 at 5:40 pm

Look forward to seeing the next blog post Larry.

Any thoughts on how August will print for the REBGV?

thanks, hope you are enjoying the perfect summer weather!

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