This info courtesy of Larry Yatkowsky of Yattermatters.com – Out of the 1015 listings for detached single family homes for sale in East Vancouver for the week of August 18th – 25th only one sold. 340 (one third) of those listings had their asking price reduced. Things just aren’t moving like they used to.
Larry has all the info and a graph of the weekly data on his website along with these thoughts on the current market:
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.
The lack of sales should be a strong wake up call to sellers. Continue sharpening your pencil to reduce your asking price.
UPDATE: Larry’s numbers are being disputed by a number of people, but there’s not a consistent number of sales reported. Is this due to different methods of filtering results for SFH sales in the MLS?