Similar Pattern

It must be something in the Vancouver real estate air! Three neighbourhoods now reveal a similar pattern in the last 60 days. Starting slow during the Dec/Jan period we see East Mt. Pleasant’s total number of listings at a slightly lower level with Solds moving briskly at 15 days on market. The change – during the Jan/Feb period, sales while taking longer to occur, more than double.

Average Ask and Average Sold prices are eerily similar to other neighbourhoods. Dec/Jan’s period delivers a slight up-tick which is then followed by Jan/Feb’s step up to still higher levels.

Blooming

If you are a seller these periods suggest good news. Buyers in contrast will not be as happy as it is costing more to buy a home. The number of sales may be an indicator that recent mortgage changes and the ‘just around the corner’ HST is influencing those buyers to cause a neighbourhood market bloom.

East Mt. Pleasant 30 and 60 Days

Vancouver’s Mt. Pleasant, East Side Detached real estate during the current past 30 day period Oct. 25 – Nov. 23 2009 compared to the previous 30 days Sept. 24, – Oct. 23, 2009 period recorded Total Listings dropping from 43 to 36. Sales dropped from 9 to 5. Sold Average prices increased from $762,666 to $765,800 with Median Sold prices recording a drop from $780,000 to $724,500.

Encompassed within the 36 Active Listings 5 reduced their price.

Contrary

These numbers, the average solds, seem to support random REALTOR reports of multiple offers in specific neighbourhoods. The Median Sold price does however, suggest a different story that appears to be following the path of recent neighbourhood posts. Simply, median sales price and Total Listings are sluggish.

Seven days remain in this month of November. With caution in these words, if the conversations with both east and west side REALTORS bear fruit, (pun intended), we may be experiencing an overall slowing in the market.

Numbers

FOR SALE

EXPIRED

SOLD

HIGH/LOW

Wishes

Numbers are strange things. As a reflection of a market during a short period they can misdirect. In particular averages are easily skewed. Noticed in other neighbourhoods, the 30 and 60 day numbers, say there is a change afoot. Added is that in the past week some REALTORS have voiced opinion admitting a sense of a market slowing. Their optimism may be self serving. As we approach the holiday season, they may be hoping for a break in this market’s pace. However, if in fact the conversations do bear fruit, November may be the month in which they get their wish.

*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.

East Mt. Pleasant 30 and 60 Days

East Mt. Pleasant Detached came up with a strong parallel to the numbers for Fraser Neighbourhood. It required a double check to confirm that the past 30 day period Sept 24to Oct 24,2009 compared to the previous 30 day Aug 24 to Sept 24, 2009 were different from Fraser’s. The period saw Total Listings drop from to 41 to 36. There was an increase in expired listings from 1 to 2. Like Fraser, the sales dropped in the last period to 3 from the previous 11. Matching the loose interpretation made for the Fraser Neighbourhood the change from the Aug/Sept period to Sept/Oct emulates Bank of Canada’s governor Mark Carney in stating the obvious – prices are up with sales down.

Higher Levels

The East Mt. Pleasant’s Average SOLD prices witnessed a sharp increase running up from Aug/Sept’s $682,227 UP to Sept/Oct’s $841,666.

Averages are tricky, skewing easily. Medians are supposed to level the bumps, yet Aug/Sept Median Sold prices registered at $628,000 whereas Sept/Oct’s sky-rocketed to $905,000 – a hell of a level bump by any measure!

It’s not new news that the East Mt.Pleasant neighbourhood offers many great amenities on Main street. One I discovered this week is The Well in the 3000 block of Main. If a heaping plate of food from varied menu at a reasonable price is on your wish list you will get a lot of bang for your buck at The Well. Saboor Assadi is the chef. Congenial beyond reproach, the man serves it up hot and delicious. If you are lucky and Eliza is serving, you will find the total experience enjoyable. Try the chocolate moose. If you don’t mind some extra weight, it is decadent! You’ll come away with a full tummy and cash left in your pocket to make next month’s mortgage payment.

Venues like this and others are one of the driving factors for people buying in this area. Many of the brightly lit car lots of 20 years ago are gone, being replaced by niche restaurants and shops to service discerning tastes of the people in the area. Compared to former days of owning a home at 18th and Quebec this neighbourhood has evolved to become a pure delight.

Looking back the pressure on prices in the area has grown over the years. Will it continue? Considering the continual positive improvement in services and amenities developing the answer must be yes.

Proximity to the city and it’s core makes this area a natural choice when looking for a place to call home.

Numbers

FOR SALE

EXPIRED

SOLD

HIGH/LOW

Outlook

Sept/Oct, showed a definite slowing in sales and the increase in price. Like you, one wonders just how high prices will go. Knowing that in Vancouver real estate you can be right 50% of the time it is quite probable that the desirability of this neighbourhood will add more rungs to the price ladder.?

*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.