Neighbourhood Numbers – Pt. Grey

pt-grey-30-det-8-15-2009-4-26-29-pm©YatterMatters

Point Grey 30 Days

Point Grey Detached real estate during the posted 30 days July 16 to Aug 15, 2009 shared the explosive sales jump noted by many sources.

A Good Month

  • Solds nearly doubled from the June/July period.
  • The total number of listings increased.
  • Average sold prices climbed.
  • Median sold prices climbed.

Numbers

FOR SALE

FOR SALE

This Month 07/16/09 => 08/15/09

Last Month 06/16/09 => 07/15/09

Total Listings

51

46

Average Active Listing Price

$4,689,485

$4,689,485

Median Active Listing Price

$2,897,000

$2,897,000

EXPIRED

Expired Listings

1

3

Average Expired Price

$2,858,000

$4,270,000

Median Expired Price

$2,858,000

$3,480,000

SOLD

SOLD

15

08

Average Sold ASKING Price

$2,298,200

$1,888,000

Average Sold Price

$2,162,566

$1,871,875

Median Sold ASK Price

$2,388,000

$1,799,000

Median Sold Price

$2,162,566

$1,755,500

HIGH/LOW

Highest Sold Price

Lowest Sold Price

$4,050,000

$1,275,000

What’s Ahead

The obvious is that more Pt. Grey homes sold, at higher prices. What is not so obvious is, how long will this last? Are the increases a price bubble? According to Doug Porter Chief Economist of BMO’s Capital Markets, “we can’t rule it out”. Will this increase entice more sellers to enter the market? Assuming Dale Ripplinger, CREA’s president is right, expect the current rush of sales to be a result of buyers taking the advantage of “excellent affordability before price and interest rates move higher”.

Pascal Gauthier, an economist with TD Bank Financial Group chimes in by saying that “after improving markedly, affordability will deteriorate in coming quarters, and unemployment will continue to rise.” “New listings might well start rising again too. Combined, a larger supply and a softening in demand should cool prices in a delayed fashion.”

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.

**Numbers may vary as they are dynamically posted by the REBGV.

***Quotes => Financial Post

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*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.

Reader Comments:

Frank Says:
August 16th, 2009 at 6:32 am

Larry – who on earth can afford to buy at these prices. Two palstic surgeons married to each other?

Really, what sort of people can plunk down several Million on a house, old money, business owners, Chinese Billionaires?

August 16th, 2009 at 11:14 pm

Frank,

the best I could come up with in a short time is this bit of data which I sense is terribly inaccurate: http://www.brocku.ca/maplibrary/Atlas2001/Vancouver/avgincome.pdf. If you wish Canada Census might provide some dated numbers.

As to the how they do it: my response as a courtesy to you –

– a long time ago Grandpa taught me that it was impolite to ask another man or woman how much they earn.

Nuff said!

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