1 East Van house sold last week
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?
flip this claims there were four sales in this time period. Paul B says in the last ten days there have been 34 sales, while tjwappraiser says MLXexchange shows 3 sales since August 21st.
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August 27th, 2008 at 2:06 pm
I like the pumpkinitis post, as well.
August 27th, 2008 at 2:07 pm
I even mentioned to her that the markets are changing and she said “I’ve let things go to cheaply before. I’m not making the same mistake again”.
August 27th, 2008 at 2:26 pm
Yeah, she’s making a completely different mistake this time.
August 27th, 2008 at 2:53 pm
In that case I guess it’s a keeper!
August 27th, 2008 at 3:23 pm
August 27th, 2008 at 3:33 pm
Correct me if I’m wrong but if you’ve got an accepted offer with conditions your house can still be on the market right?
August 27th, 2008 at 3:48 pm
August 27th, 2008 at 3:50 pm
August 27th, 2008 at 3:53 pm
August 27th, 2008 at 4:04 pm
August 27th, 2008 at 4:12 pm
Yet people still do. Are they idiots? I doubt it. Probably they have a different view of how likely the unconditional miracle just around the corner really is.
August 27th, 2008 at 4:13 pm
It could be possible that sales are just not being recorded.
August 27th, 2008 at 5:56 pm
I’m following a few houses in Kits and many haven’t reduced their price in the last month. Take the first 3 for example. I added them on July 22nd and they haven’t even budged.
August 27th, 2008 at 6:00 pm
August 27th, 2008 at 6:37 pm
If they are following the advice of a Realtor one of my family members is dealing with, the market will pick up again in September so just keep the price stiff and wait for the buyers.
There has only been one year of the past 10 when August sales have been lower than September. But what does the data have to do with it.
August 27th, 2008 at 6:46 pm
August 27th, 2008 at 6:49 pm
…Now, August’s sales are going to be worse than Dec/Jan’s sales were. It’s almost hard to imagine sales being worse next month than they have been this month… But oh boy, is it coming!
August 27th, 2008 at 7:02 pm
Another WTF moment. Fewer listings are a result of high sales, not the other way around.
August 27th, 2008 at 7:44 pm
August 27th, 2008 at 7:59 pm
August 27th, 2008 at 8:32 pm
And we all know it’s good to buy land, they don’t make anymore of it, and that is why there has never been a real estate crash in Vancouver, or Kelowna, or Victoria.
August 27th, 2008 at 8:47 pm
August 27th, 2008 at 9:13 pm
August 27th, 2008 at 9:15 pm
August 27th, 2008 at 9:25 pm
August 27th, 2008 at 10:09 pm
August 27th, 2008 at 10:15 pm
There is no freaking way that I would shell out near 1/2 million for a 2 br apartment. What the drugs are they on?
I think I rather invest in the pharmaceutical company.
August 27th, 2008 at 10:24 pm
August 27th, 2008 at 10:37 pm
August 27th, 2008 at 10:44 pm
August 27th, 2008 at 11:01 pm
August 27th, 2008 at 11:55 pm
August 28th, 2008 at 12:30 am
I’m learning to keep my opinions to myself. Down the road when they are slapping themselves for being so silly I don’t want them to feel angry at me for not being more convincing. It’s better to just shrug and play dumb. “Well I guess things might go down… after the Olympics, right?” is what I say.
August 28th, 2008 at 1:32 am
August 28th, 2008 at 2:05 am
Except for entry-level properties or purchasers with lots of cash, who know they are in the driver’s seat and are going to lowball hard, conditional offers are the only offers sellers are going to get in this market.
August 28th, 2008 at 2:10 am
August 28th, 2008 at 7:46 am
August 28th, 2008 at 1:32 am
“Not that I’m denying that it’s time for a drastic correction, but haven’t we reached the traditional point in the year at which real estate sales are slow anyway?”
Sure, but the numbers look drastic not just in absolute terms, but (especially) in comparison to previous years…
August 28th, 2008 at 8:42 am
August 28th, 2008 at 9:59 am
Thank God, it’s different in Vancouver.
August 28th, 2008 at 9:59 am
“Ritchie to handle auction of Pender Harbour lots”
http://tinyurl.com/6yqrqo
They’ve sold 10 of 28 lots.
Why would they hold an unreserved auction (of 5 lots) when they’re still marketing 13 other lots?
August 28th, 2008 at 10:19 am
196 New listings
75 sales (34 SFH)
126 Price changes
I have no idea what 1 sale stuff is about.
August 28th, 2008 at 10:27 am
August 28th, 2008 at 10:52 am
August 28th, 2008 at 11:16 am
I actually believed the Westside post, but had doubts about the his next post on East Van. There is still some life there.
August 28th, 2008 at 11:25 am
What about paul b?
Aren’t these most of losers on the forum called bears and realtors?
Well slow sales are good for the BULLS on the board and huge dissappointment for realtors and bears so keep on chirping while rob a will be,Lhao?
What might scare the bears?
I believe this is what a great concern for bears $5800 / 2br - Furnished 2 bedroom + Den PostingID: 816692859.
and what might scare the realtors?
slow sales require realtors job.
Anyway smart buyers and fool sellers will be countinue to save some of realtors what but about bears?
Buy now before?????
August 28th, 2008 at 11:28 am
As at 11:20AM on August 28, 2008, the results from MLXchange are as follows:
Since August 21, 2008 there have been THREE sales of detached residential property in the entire East Vancouver area.
V719451 sold for $522k after being listed for 569k
V709711 sold for 600k after being listed for 679.9k
V728884 sold for 708k after being listed for 735k
There are currently 1,022 ACTIVE listings of detached residential property in the East Vancouver area and believe me, there have been more price reductions then increases in these active listings.
For what it’s worth, I am an industrial and commercial real estate appraiser and pulled the above numbers via the “pro” interface for MLX.
Cheers
August 28th, 2008 at 11:38 am
August 28th, 2008 at 11:58 am
August 28th, 2008 at 12:26 pm
I am a Realtor with access to the MLX. If I look back over the last 7 days including the weekend (hotsheets) I get 40 sales reported from the board. 18 of which are SFH. I also get 1023 detached homes currently active.
August 28th, 2008 at 12:32 pm
August 28th, 2008 at 12:46 pm
No point arguing. Conclusion is that Vancouver R/E market is in the shithole. Anyone who is considering buying must be crazy. And I mean considering!!!! For those that actually bought, you must be totally nuts!!!!
August 28th, 2008 at 12:59 pm
If you look at the transaction dates for the 18 detached sales in East Van via the “hotsheets”, you will see that all but 3 occurred prior to August 21, 2008. The 3 that did not were the ones that I listed in my previous post.
In fairness, there are surely sales that have occurred in the last 7 days that have not yet been reported.
The most accurate way to determine market activity is to look backwards several weeks so as to minimize discrepancies resulting from issues of timing / reporting.
As it stands, MLX currently shows 3 sales having *occurred in the last 7 days in East Van, not 18.
The “3″ number will, in all probability, increase as more information continues to flow through the MLX system.
August 28th, 2008 at 1:01 pm
you beat me to the post.
Cheers
August 28th, 2008 at 1:33 pm
v730383 49% over original pre-sale
v730297 44% over original pre-sale
v730288 41% over original pre-sale
v730281 41% over original pre-sale
Good luck Concord, they weren’t a value at the pre-sale price!!!
August 28th, 2008 at 2:05 pm
August 28th, 2008 at 3:40 pm
(i’m biased)
August 28th, 2008 at 4:47 pm
August 28th, 2008 at 4:52 pm
Thumbs buddy, I know trying to get into your head is like trying to understand why a monkey flings its own dung but here goes:
How, exactly is a slow market good for bulls?
And why, exactly, are sellers stupid? I mean let’s get down to basic commerce. In order for a sale to occur, you need a buyer and a seller. Without someone to sell properties buyers couldn’t purchase.
So why are sellers stupid?
August 28th, 2008 at 4:58 pm
August 28th, 2008 at 5:15 pm
Is Larry Yatkowsky a realtor?Yeah?Nope?
What about paul b?
Aren’t these most of losers on the forum called bears and realtors?”
Rob, you should be ashamed of yourself. Posting such acrimonious nonsense, on this blog, I have posted much less offensive observation and you banned me from your blog.