Community Snapshot – Vancouver’s West Side Story

West Side Story

In this the seventh installment of Vancouver real estate’s community snapshots, don’t expect to see the high drama of a rumble between teenage gangs or witness the passion of teenage love destroyed.

Instead you may find a high drama in this Vancouver ‘West Side’ story that begins with rumbles from an ever changing detached home market.

This snapshot of Vancouver’s West side detached properties covers two 30 day periods that begin on January 24 and extend to March 25, 2012.

Total Listings

The high number of Total Listings continued to rumble loosing a little ground between Jan/Feb’s 1,056 units and Feb/Mar’s 1,007.

Vancouver’s West Side Sold Homes

Sales battled against a decline as Jan/Feb’s 180 dropped to Feb/Mar’s 113.

Expired, Days on Market

  • Jan/Feb had 41 listings mandates expire. This number increased in Feb/Mar to 59 as buyers refused to pay the asking price.
  • Of those homes that did sell it took an average of 31 days in Jan/Feb. In Feb/Mar the number of days to sell reduced to 26 giving us a loose indication that decreasing prices may have spurred buying decisions.

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

  • Jan/Feb’s Average Ask price was $2,910,607. The Average Ask price took a hit in Feb/Mar as the Average Ask price dropped to $2,392,788.
  • The Median Ask price in Jan/Feb was $2,374,000. The Median Ask price also suffered as Feb/Mar recorded a price of $2,088,000 – approximately a 12% decline.
  • The Average Sold price recorded in the Jan/Feb was $2,814,854. Feb/Mar witnessed a 17% stabbing dropping the Average Sold price to $2,326,174.
  • The Median Sold price in Jan/Feb was $2,316,832. The Median Sold ‘took one on the chin’ as it dropped to $1,998,000.

Somewhere

Loaded with listings, lacking sales and falling prices, this West Side story will make market bears applaud. However, the story has not ended.

Future Vancouver real estate stories will unfold with differing outcomes. This certainty resides in the diversity of Vancouver’s communities as they continue to provide never ending drama rooted in statistics that forge future plot revisions of home buy and sell decisions.

In those decisions is the resilient belief that while ‘Somewhere’ may not be the West Side, there is a ‘place’ for us all.

Image Credit Rumble

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:
March 31st, 2012 at 4:16 pm

Wow! Crazy drop in sales and prices! Given your “West Side Story” headline, maybe its Sharks vs. Jets rather than Bulls vs. Bears?

vangrl Says:
March 31st, 2012 at 7:06 pm

definitely noticing A LOT of price reductions on stale Kitsilano condo listings. Reductions ranging from $1200-$20,000 in the $200,000-$900,000 price range.
And some very, very quiet open houses.

Great series Larry, this should be a monthly feature in the Real Estate weekly!

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