Flags and Pencils In Point Grey

Pt Grey 30 Det 26-11-2009 10-57-57 PM

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

.

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.

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.

When Life Moves You - contact Larry:

*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:

fish10 Says:
November 27th, 2009 at 3:34 pm

Yeah Larry!

Keep ’em coming lack this one.

Just when I was about to give up on the bubble bursting graph, you give us hope!

November 27th, 2009 at 5:08 pm

Fish,

No bear suit here!
Just numbers changing.
As for bubbles – every cloud have a silver lining!
Supposed is that it depends on which cloud you choose to see.

Comment On This Post

will not be published
http://www.yourwebsite.com