Community Snapshot – Vancouver East Side Market Primed

Thirsty

Is the sun rising or setting on Vancouver’s East Side?

In this East Vancouver community snapshot a candid observation would suggest that an old hand pump appears to have satisfied the east side’s home buying and selling thirst.

During the periods of January 24, to February 25, 2012 and February 24 to March 25, 2012 Vancouver’s east side detached snapshot tabulated these figures.

Total Listings

While Total Listings decreased, it was a barely noticeable drop from 652 in Jan/Feb to 629 in Feb/Mar.

Vancouver East Homes Sold

Detached home sales declined as well but, like total listings, it wasn’t by much. Jan/Feb’s 143 total was reduced to Feb/Mar’s 113.

Expired, Days on Market

  • Jan/Feb saw 25 listing mandates expire. Suggesting that some list prices were unacceptable to buyers, the number of expired mandates increased to 32 in Feb/Mar.
  • The number of days it took to sell an east side detached home remained constant at 26 during the two periods.

Vancouver East Side Homes Average and Median Prices

  • Jan/Feb’s Average Ask price was $924,022. The first stroke of the pump handle in Feb/Mar seemed to prime the market with a small drop to an Average Ask price $919,367.
  • The Median Ask price in Jan/Feb recorded $895,000. The second swing of the pump handle saw the Median Ask price flow a little more with an increase to $897,000 in Feb/Mar.
  • The Average Sold price in the Jan/Feb was $919,375. With a another lifting of the pump handle in Feb/Mar the Average Sold Price began to see an increased price trickle to $928,355.
  • The Median Sold price in Jan/Feb was $873,000. In Feb/Mar another increase in flow was evidenced from the old pump as the Median Sold price rose to $899,000.

Thoughts

Numbers appear to confirm that Vancouver’s east side home buyers and sellers have not suffered from market thirst. But, what or who is pushing and pulling the handle on the east side real estate pump?

This Vancouver Realtor® suggests that if the sun is setting in the west, it may be the price of west side homes that have inadvertently primed the east side’s market pump with a flow of home buyers wishing to satisfy their home ownership thirst in seeking homes more in line with their budgets.

Photo Credit: Flickr: Just call me Jac

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:

stats don't lie Says:
March 31st, 2012 at 7:40 am

143 (February) to 113 (March) is a 21% drop in sales month-over-month… and I believe that historically this would be an increase?

So, while I agree that the total SFH sale numbers here are small and pretty close, I would dispute the statement that “Detached home sales declined as well but, like total listings, it wasn’t by much”.

March 31st, 2012 at 8:20 am

@stats
MOM drop = historical increase. Could be!
I haven’t bothered to check as market relevance for ‘active clients’ often does not extend beyond 160 days. Much beyond that time frame is referenced as points of interest.

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