Changing Conversation

Party Converstion

It wasn’t too long ago that you could introduce yourself at a party with a follow up that started with “so… how about those Vancouver west side house prices?”

It seems that now a more ‘in tune’ introduction might be “so… what do you think? Will Vancouver west side houses continue to see prices reduce?”

This Community Snapshot of Vancouver’s West side detached properties covers two 30 day periods between June 13, 2011 to July 12 and July 13 to August 12,2011.

Total Listings

Total Listings decreased from June/July’s 846 to July/August’s 763.

Vancouver’s West Side Sold Homes

The July/August snapshot, recorded 88 sales – down from June/July’s 188.

Expired, Days on Market

  • June/July had 40 listings mandates expire. This number dropped as July/August recording 33 expired mandates.
  • It took an average of 27 days to sell a west side home in June/July. This reduced to 20 days in July/August.

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

  • June/July’s Average Ask price was $2,624,612. The Average Ask price dropped in July/August to $2,343,206.
  • The Median Ask price in June/July was $2,193,000. The Median Ask dropped in July/August to $1,998,000.
  • The Average Sold price in the June/July was $2,561,221. In July/August that dropped to $2,313,097.
  • The Median Sold price in June/July was $2,193,000. The Median Sold dropped to $1,994,000 in July/August.

Thoughts

In this community snapshot the number of sales alone – almost half of the previous month, would suggest that the Vancouver west market is staggering. A case can also be made that suggests prices are falling – at least for now.

There was talk back in May and June that we could expect a scenario like this to develop. Vancouver Realtors® call it the ‘summer doldrums’ – a slow period of real estate activity typically usurped by hazy summer days of fun and sun. Though some whispered about the potential for another global financial crisis humans by their nature, have a glass half full mentality. No one expected the U.S. to blink. Fewer still, anticipated that they would be thrown into another round of that chaos so quickly.

Real estate does not react as quickly at the financial market place and the numbers here suggest that something different is going on as it began prior to this last go round in the financial markets. However, it seems reasonable to expect that in the weeks ahead as the losses are calculated, one could expect to see the fall off on the west side continue and begin to ripple through to other communities.

As seen in a prior post the Active Listing count is on the rise. Should that continue and the calculated losses prove greater than now known, the fall season of Vancouver’s West Side party invitations will have a new twist asking you to come to a pot luck. Don’t be surprised if the invitation includes the obligatory BYOB.

If this proves true, expect to hear post introduction conversations that begin with these words: “wow – can you believe the decline in Vancouver’s 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:

Reggie Says:
August 13th, 2011 at 8:10 am

Terrific post and comments Larry, wow wow holy cow!!!!!!!!!!

Most interesting……

I imagine that just as the weight of high price solids pulled up avg prices these declines will likewise have a somewhat outsized impact on the way down – ie. That we may see a sharp sharp decline in august prices that the real estate board has a hard time spinning away? Although they will blame the macro stock MIT type issues, but as u quite astutely point out these trends precede the mkt roilings elsewhere.
Thoughts….coffee talk updates?

jesse Says:
August 13th, 2011 at 4:45 pm

Interesting but the westside has been “detached” for so long I fear people are forgetting how deep this pool really is.

Emily Says:
August 14th, 2011 at 10:42 pm

Great post, Larry. How is East Van doing in comparison?

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