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.