Vancouver Real Estate – 7 Days on The East Side
Posted August 25th, 2008 in Real Estate, Statistics
Active Listings
- 1,015 Active Listings
- High $1,9880,000
- Low $335,900
- Average $776,042
Expired
- 8 Listings Expired
- High $830,000
- Low $510,000
- Average $692,250
Sold
- 1 Listing Sold
- High $1,018,000
- Low $1,018,000
- Average $1,018,000
*This weeks average is scewed due to one sale.
Price Reductions
340 Listings have reduced their price. This is approximately 33.5% of the Active listings and is about 3.5% higher than last weeks West Side numbers.
Thoughts
Vancouver East is in parallel with other areas of the general Vancouver market. With one third of the listings reducing their prices and only one sale resulting indicates that a continued price reduction strategy will be required in order to attract more buyers. Affordability continues as an issue.
Recommendation
The lack of sales should be a strong wake up call to sellers. Continue sharpening your pencil to reduce your asking price.
Got a Vancouver Real Estate question? Always happy to answer it. Call or send me an email or twitter me @yattermatters.
Larry
Larry, I just want to thank you for providing the great charts, data and opinions. You are definitely a realtor that I would consider hiring once this market returns from Oz
Like the new charts Larry. I think I know which one sold….
>>Affordability continues as an issue.
Who says? Rates are still 5.5% or less at coast. Are people really making 7%+ less than last year or is it just the talk scaring them off.
Other factors to consider besides rates:
- no more 0% down
- no more 40-year amortization
- tighter mortgage lending criteria
- speculators running for the hills
Dan – Take one big step back and look at the picture again.
Are people really making 50% more than they were three years ago? Are they making 100% more than they were 5 years ago?