Vancouver East Bumpers

Vancouver East Community Snapshot

The PNE closed its exotic fun rides some time ago. Based on the sales in this month end snapshot of Vancouver’s East Side real estate market buyers also given up their hopes of taking a ride.

This community snapshot comparison is for the periods of September 28 to October 27, 2011 and October 27 to November 27, 2011.

Total Listings

The number of Total Listings dropped from Sept/Oct/s 676 to Oct/Nov’s 632.

Vancouver East Homes Sold

A hectic ride, bumpers cars often deliver the driver a shocking thump. So it would seem that the number of sales have also received a thump as they dropped from Sept/Oct’s 123 to Oct/Nov’s 65.

Expired, Days on Market

  • Expired listing mandates increased from Sept/Oct’s 40 to Oct/Nov’s 54 suggesting that some sellers would rather stow their homes for the season rather than endure the season’s hectic ride.
  • Days on Market decreased by one from Sept/Oct’s 35 to Oct/Nov’s 34.

Vancouver East Side Homes Average and Median Prices

  • Sept/Oct’s Average Ask price was $918,729. Average Ask prices settled in for the long storage season with a little drop to Oct/Nov’s $875,705.
  • Sept/Oct’s Median Ask price of $869,000 was nudged downward to $819,000 in Oct/Nov.
  • Average Sold prices also took a little bump as Oct/Nov recorded $874,127 down from Sept/Oct’s $902,035.
  • Median Sold prices rode the same bumper car recording a gentle thump from Sept/Oct’s $869,000 to Oct/Nov’s $808,000.

Unplugged Season

It is the number of sales that seem unplugged. Prices so far have not taken a big thump in value. Should the continuance of low sales continue in the months ahead it is fairly certain that some sellers will be stepping back to pass beyond the turnstiles and take a ride on the baby elephants.

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:
November 30th, 2011 at 6:42 am

Larry: you are correct that sales are plunging, but your claim that ” Prices so far have not taken a big thump in value” is confusing – the median price in Van East as you noted above plunged from $869k to $808k in one 30 day period – that’s a 7% drop in a month!!! Avg. price fell 3.1% in the same period – that’s a big drop in one month.

Ben Rabidoux Says:
November 30th, 2011 at 5:50 pm

Hi Larry

Love your site and really appreciate these market snapshots. I was wondering if comparing the year-over-year change in house prices in a particular neighbourhood wouldn’t be more telling. We know prices tend to soften at this time of year. Is a drop in median and average house prices normally this significant at this time of year?

Cheers
Ben

November 30th, 2011 at 6:15 pm

@Ben

Hi Ben,
re: snapshots – can’t disagree with the YOY thought. The 60 day snapshot was implemented with the idea of being as current as possible. It is loosely analogous to providing market evaluations which is of course part of my work. Much beyond 60 days in these parts and you can miss the pulse in a community. Moving that centric to a particular neighbourhood gets a little edgy as the base line is usually quite thin and can provide some not so right analysis.

Re time of year: yes we are heading into the ‘traditional’ holiday slow period for sales however, the over all numbers this year in particular, seem a little less excited. We still have a large inventory of homes for sale which also may be adding to the ‘what’s the rush’ buyer state of mind. As a final note is that I also happen to think that although money is cheap the psyche of going into debt is settling in on a lot of people who have simply accepted that they are not going to do that.

L8erdude Says:
December 1st, 2011 at 8:57 am

@ Larry,
how do you feel about the inventory now that we just lost another 5% to expired? I think the daily numbers also suggests we’re heading into the surprising (but oh so usual) January bidding war time for detached.

December 1st, 2011 at 4:48 pm

@L8r

In a couple of days when all the Nov. listings expire I’ll put up another post for that. As of last night we are down from the high by about 2000 listings throughout the 3 boards. Will we match last year and drop another 5500 +- in 40 days. Your guess is as good as mine.
If I can figure out a contest where the winner gets a sack of beer it would be fun to see who the winner is and what their estimate would be. Any ideas?

Comment On This Post

will not be published
http://www.yourwebsite.com