Flags and Pencils In Point Grey

Pt. Grey 30 Days

Pt. Grey does not appear to have escaped the slide in sale prices and listings witnessed in other neighbourhoods in the past couple of weeks. If numbers don’t lie, this upscale neighbourhood has joined what may soon be a throng. If this continues in a little over 4 days, November’s month end numbers could be a shaker.

Is the market begining to tear away from the 2009 Vancouver real estate rush? This past 30 day period Oct 27 to Nov 26 2009 witnessed the number of homes selling in Point Grey drop from 21 in Sept/Oct to only 8 in the Oct/Nov period. The batteries in the calculator are new and it said that’s beyond a 50% drop in sales volume in this neighbourhood.

There were 8 price reductions in Oct/Nov with expired listings decreasing from 7 to 5.

Average active list prices held firm between the two periods at $3,678,617.

The rip! Of those homes that sold in the Oct/Nov period the Average Asking price was $1,690,100 which is quite a drop from $2,295,038. Averages always are weird so we must look to Median ask and solds prices for validation.

Not So Tasty

The pudding may not be as tasty as Point Grey sellers might like. Sept/Oct’s Average Sold price was $2,198,047 whereas Oct/Nov’s plunged to $1,704,062. Recognizing that averages can be skewed we look and find that the Median Sold price did follow the Average with a drop from Sept/Oct’s $1,738,000 to Oct/Nov’s $1,562,500

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Numbers

FOR SALE

FOR SALE	This Month	Last Month
Active Listings	34	34
Active Listings – Average Price	$3,678,617	$3,678,617
Active Listings – Median Price	$2,262,500	2,262,500

EXPIRED

Expired Listings	5	8
Average Expired Price	$2,683,580	$3,450,285
Median Expired Price	$2,580,000	$2,988,000

SOLD

SOLD	8	21
Average Sold ASKING Price	$1,690,100	$2,295,038
Average Sold Price	$1,704,062	$2,198,047
Median Sold ASK Price	$1,579,000	$1,799,000
Median Sold Price	$1,562,500	$1,738,000

HIGH/LOW

Highest List Price	$18,000,000
Lowest List Price	$988,000

Notable

The interesting aspect is that in tracking various neighbourhoods during the past few days, both of Vancouver’s east and west markets showed a similar pattern developing. Remaining reserved about making market calls based on 60 day periods, the change is evident and pervasive. Combined with Vancouver REALTOR® street talk these numbers do cause flags to be raised and a potential need to sharpen the pencil.

*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.