Vancouver’s Fraser Neighbourhood
Posted October 23rd, 2009 in Fraser, Neighbourhood SnapShot | 
Fraser 30 and 60 Days
Fraser Detached real estate during the current past 30 day period Sept 22 to Oct 22,2009 compared to the previous 30 day Aug 22 to Sept 22, 2009 period saw Total Listings drop from to 43 to 38. Part of that drop was the increase in expired listing rising from 0 to 3 and 2 Canceled listings. A loose interpretation is that from Aug/Sept period to Sept/Oct not everything is rosy in the Fraser neighbourhood as sales dipped from 11 to 2.
Higher Levels
The neighbourhood Average SOLD prices ripped their way to higher levels. From Aug/Sept’s $935,000 they shot UP to Sept/Oct’s $1,075,000. Why?
There appears to be some pressure building from the buyers wanting to be near the action of Main street. The Fraser neighbourhood may be the ‘next big thing’ as it is beginning to offer more amenities. With the new complex at 28th and Fraser, a great French restaurant (Le Faux Bourgeous), and one of the better bakeries in the city where you can get a great bowl of borsch, things in this neighbourhood are starting to look up. Much like the sleepy and tired Main street strip of 20 years ago, the Fraser strip may I suspect, be at the earliest stages of a revival. Commuting is drop dead simple. Hop on the King Edward and you connect to Skytrain at Cambie. From there city or airport are minutes away.
Hold On
A note of caution. If you think you want to buy in the neighbourhood you would be wise to visit city hall and pick up a map called Peat, Assorted Soils and Historical Waterways. Failing that, give me a call for further information. Some of spots in the area have bogs. An obvious section is between Main and Fraser around 16th to 28th. It is quite nasty. A drive down 16th and 17th will tell you all you need to know about the effect a bog will have on a house.
Balance
Normally some reason to the Average is achieved by looking at the Median, however, Median SOLD prices in Aug/Sept showed up at $716,500 whereas Sept/Oct’s came in at $990,000 – quite a jump!
Will this settle down? Smarter people are trying to figure it out. Rest assured they will let us know.
Numbers
FOR SALE
| FOR SALE |
This Month 30 Days |
Last Month 60 Days |
| Total Listings |
38 |
43 |
| Total Listing Average Price |
$765,507 |
$722,234/p> |
| Total Listing Median Price |
$749,000 |
$724,500 |
EXPIRED
| Expired Listings |
3 |
2 |
| Average Expired Price |
$822,333 |
N/A |
| Median Expired Price |
688,000 |
N/A |
SOLD
| SOLD |
2 |
11 |
| Average Sold ASKING Price |
$948,500 |
$705,436 |
| Average Sold Price |
$990,000 |
$701,181 |
| Median Sold ASK Price |
$948,500 |
$688,000 |
| Median Sold Price |
$990,000 |
$716,500 |
HIGH/LOW
| Active Listings – Highest List Price |
$1,180,000 |
$1,180,000 |
| Lowest List Price |
$455,000 |
$455,000
|
Outlook
For some the winds of fortune and higher prices blew in Aug/Sept. Noticed in Sept/Oct, is the slowing in sales and the increase in the Expired and Canceled listings. Has the edge of a flat earth come into site or will the continued low interest rates ramp up the Fraser sales yet again?
*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.
Larry
Not meaning to criticise – but nothing can really be said about price, when the sample is down to two!
However what you can say is:
1) Sales have dried up completely.
2) The MOI is up to 19 Months based on the last 30 days!!
Thanks for the numbers, keep them coming.
Fish,
No worries, criticism makes us strong
Re price. Don’t disagree that these numbers do not a market make but, just in case, please don’t overlook the fact that we are dealing with a defined neighbourhood. As such, within that neighbourhood some meaning can be derived.
If this is a sample of what I sense is happening then your comment that ‘sales have dried up completely’ may soon be printed on T shirts and sold on Howe street.
Larry, I kinda borrowed your lovely chart for a post here:
http://www.realestatetalks.com/viewtopic.php?f=8&t=38976
Hope it is ok.