Two days remain in July. This is the fourth installment of six posts where we continue to seek a sense of the market segments in Vancouver’s real estate prior to month end accounting.

Each day the series has traveled around Vancouver to explore the major areas including West Vancouver, Burnaby combined with its North,South,and East subareas, North Vancouver, Vancouver East and Vancouver West. Our exploration centers on detached homes and their market performance during the following 30 day periods – May 25 to June 25 and June 25 to July 25.

Today we visit West Vancouver.

In the two periods May 25, 2010 to June 25, 2010 and June 25, 2010 to July 25, 2010, detached properties in the West Vancouver neighbourhoods had the following results.

Listings

Total Listings decreased units from May/June’s 627 to June/July’s 600.

Sales

Sales decreased from May/June’s 63 to 33 in June/July.

Expired, Reductions, Increases, Days on Market

• May/June had 29 listing mandates expired increasing to 32 in June/July.
• Price reductions in May/June were 190 increasing to 201 in June/July.
• There were 6 price increases in May/June and 6 in June/July.
• It took an average of 53 days to sell a home in May/June. This dropped to 40 in June/July.

Average and Median Prices

• May/June’s Average Ask price was $2,102,439 decreasing to $1,623,478 in June/July.
• The Median Ask price in May/June was $1,499,000 decreased to $1,349,050 in June/July.
• The Average Sold price in the May/June was $1,954,587. In June/July this dropped to $1,532,848.
• The Median Sold price in May/June was $1,500,000. In June/July this dropped to $1,275,000.

Looking Ahead

Day 5 we will make our way across the Lions Gate Bridge as we travel over to the East side of Vancouver. A community that is chock full of multi-cultural diversity!

Photo Credit

In a couple of days we will be celebrating Canada Day. It’s uncertain that a lot of West Vancouver sellers who have been forced to reduce their asking prices will be jumping for joy.

We began this market snapshot journey looking at the Vancouver West, Vancouver East and North Vancouver market performance over a 60 day period. Today is West Vancouver Day!

West Vancouver Detached

For the period covering April 29,2010 to June 28, 2010 West Vancouver Detached detached homes experienced the following market activity.

Listings

Total Listings dipped slightly from 653 in April/May to 627 in May/June.

Sales

Sales dropped more aggressively from 70 in April/May to 39 in May/June.

Expired, Reductions, Increases, Days on Market

• April/May saw 21 listing mandates expire which then increased to 26 in May/June.
• Price reductions in April/May were 214. That number decreased to 203 in May/June.
• There were 7 price increases in April/May. This slowed to 5 in the May/June period.

It took 42 days in April/May to sell a home and 48 days in May/June.

Average and Median List Price/Sold Price

Average List price

• March/April – $2,022,453
• May/June – $2,194,946

Photo Credit

Median List price

• April/May – $1,596,500
• May/June – $1,499,000

Average Sold price

• April/May – $1,924,995
• May/June – $2,015,974

Median Sold price

• April/May – $1,555,000
• May/June – $1,500,000

Thoughts

A quick scan of the last 30 days revealed that 11 of the 39 solds had a price reduction prior to selling. The remainder, appear to have actively negotiated their sale. The number variance between ask and sell did not appear to be overtly dramatic.

As with other areas the drop in the number of sales is perhaps more telling of the current market state. Bothersome is that the number of Total listings has remained strong. Like other market areas there is confusion as to what buyers are prepared to pay.

Seemingly it is a fishing expedition where if that price doesn’t catch anything then as evidenced by the great number of price reductions, sellers are adjusting their cast with renewed hope that we’ll get a bite.

It’s four days till the end of the month. In the next four days the overall market in West Vancouver, North Vancouver, Vancouver East and Vancouver West will be reviewed.

Starting with West Vancouver. It’s neighbourhood Snapshot of the last 60 days resembles a landslide. The view from the top of the hill is one of a steep decline.

West Vancouver Detached

For the period covering March 27 to May 27, West Vancouver Detached detached homes experienced the following market activity.

Listings

Listings dipped from 708 in March/April to 631 in April/May.

Sales

Sales dropped by more than half from 100 in March/April to 42 in April/May.

Expired, Reductions, Increases, Days on Market

• March/April saw 39 listing mandates expire slowing to 20 in April/May.
• Price reductions in March/April were 6 and were the same in April/May.
• There were 7 price increases in February/March and 6 during the March/April period.
• It took 42 days in March/April to sell a home, slowing to April/May’s 41.

Average and Median List Price/Sold Price

Average List price

• March/April – $2,078,587
• April/May – $2,014,520

Median List price

• March/April – $1,598,500
• April/May – $1,518,000

Average Sold price

• March/April – $1,963,640
• April/May – $1,926,920

Median Sold price

• March/April – $1,547,500
• April/May – $1,487,500

Thoughts

Notable is the substantial drop in sales. Should this level of sales continue in the weeks ahead while the number of listings hold, then expect to see the average and median prices begin a dramatic downward fall.

A snapshot of West Vancouver’s quiet neighbourhoods offered up another chapter of detached monthly real estate numbers that are surprising and yet, from a global perspective still remain ‘No Longer Pretty.’

West Vancouver Detached

For the period covering February 23 to April 22, West Vancouver Detached detached homes experienced the following market activity.

Listings

In keeping with the overall market increase in listing inventory the total Detached Listings in West Vancouver increased by forty from February/March’s 521 to March/April’s 561.

Sales

Sales also increased from February/March’s sixty-two to March/April’s seventy eight.

Expired, Reductions, Increases, Days on Market

• February/March saw 22 listing mandates expire which increased to 38 in March/April.
• Price reductions in February/March numbered 102 and increased to 113 in the March/April period.
• There were 7 price increases in February/March and 6 during the March/April period.
• It took 47 days in March/April to sell a home, down from February/March’s 51 days.

Average and Median List Price/Sold Price

February/March’s Average Ask price was $1,749,504 then increased to March/April’s $2,028,333. The Median Ask price in February/March was $1,495,000 which also increased to $1,598,500 in March/April.

The Average Sold price in March/April of $1,921,819 up from February/March’s $1,674,401. The Median Sold price in February/March $1,470,000 increased to March/April’s $1,542,500.

Thoughts

At first site the West Vancouver market seems to be on a rush of higher average and median sold prices. Compared to the last snap shot this seems quite cheery except for the overall downward pattern seen and one that is emulating other areas and neighbourhoods. Notable is that it is not often that you will see Median prices stand above averages. It is perhaps a reflection that of the 561 listings, only 45 are under the $1,000,000 mark with the highest priced home ringing the bell at a cool thirty million dollars.

So that there are no misconceptions about what $30 million gets you, “this amazing opportunity rarely becomes available for you to build your very own ‘Seaside Mansion’ on the Pointe” – agents remarks! The existing 4700 square foot home is considered a tear down.

West Vancouver, B.C. as you know it is located on the side of Cypress Mountain, one of the venues for the 2010 Olympics. A mountain which now, in relation to Vancouver real estate, could be viewed as a slippery slope.

Listings

March’s listing count of 502 did not change much from February’s count of 500.

Sales

59 homes sold in the February period with only a slight drop to 55 in March.

Expired, Reductions, Increases, Days on Market

• February saw 19 listing mandates expire while March had 17.
• Price reductions were at 102 in February and settled in at 93 for March.
• Price increases climbed by 6% from February’s 5 to March’s 8.
• Days on Market shortened from 54 days in February to 47 days in March.

Average and Median Prices

February’s Average Ask price was recorded at $1,811,387 dropping to March’s $1,731,078. The Median Ask price in February was $1,499,000 resting at March’s $1,449,000.

Average Sold price recorded in February registered at $1,713,532 while March’s Average Selling price was $1,663,598. The Median sold prices followed suit with February recording $1,475,000 and March $1,450,000.

Thoughts

With the visual of the graph in mind, West Vancouver residents who cross the Lions Gate bridge must from time to time, cast a glance at their beautiful homes perched on that western slope of Vancouver. No longer financially pretty, one might suppose that the ride up Taylor Way, has lost it vigor as they are greeted with real estate market prices in decline.

West Vancouver Detached 30 Days

On course, this cruise ship quietly passed through the channel north of Keats, a popular island a few miles west of Vancouver. It’s course – it’s change in direction, subtle to all on board.

Neighbourhood market nuance, strikes similar to watching Keats pass by. From the ship’s deck you might view Keats and other islands as just another piece of rock with trees. It is the nature of islands. It is the nature of neighbourhoods! Alone neighbourhood statistics lack drama and yet, they have elements such as sale prices, list prices and volume numbers that like those islands – slip quietly into the horizon. Yet, in aggregate, our neighbourhoods contain pieces that complete a picture of the Vancouver Real Estate Market.

In recent past days some neighbourhoods started exhibiting numbers that appear contrary to continuing real estate hype hear, hear and hear.

Consider the West Vancouver Detached real estate market during the past 30 day period of October 29,2009 to November 28,2009. By all appearance, West Vancouver is on the same cruise along with North Vancouver and other areas of the city.

In this 30 day period West Vancouver experienced sales dropping from Sept/Oct’s 78, to Oct/Nov’s 47. Median Sold prices were down from Oct/Nov’s $1,426,500 to Sept/Oct’s $1,345,000. There were 115 price reductions out of a Total Listing count of 472. Added is that during this Oct/Nov period, nineteen listings were canceled compared to Sept/Oct’s five.

Numbers

FOR SALE

EXPIRED

SOLD

HIGH/LOW

Coming and Going

Tides control the comings and goings of almost every ship. Low tides carry the risk of these ships scraping bottom or worse being wrecked on rocks. Tides differ for different areas and as such it is critical to know when and where the high and low tide will occur.

Viewing the statistical results of different neighbourhoods is not dissimilar. You might presume, based on the recent flow of numbers coming from various neighbourhoods, that the Vancouver real estate cruise ship has made a change in course. What remains to be seen is if this ship will attempt to berth on the ebb.

*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.