Not a Good View

This or That!

It is a hard call to judge the Fairview Attached market when you have specific properties getting over ask multiple offers and yet, viewing the numbers, it is slipping.

Listing Count

Total listings have dropped from 242 in Jan/Feb period down to Feb/Mar’s 198.

Solds

The number of units selling has dropped substantially from 74 to 28 during these same periods.

Price

Average ASKING price has taken a big hit dropping from $684,112 to $590,581 while there were only 29 price reductions. The average SOLD price also suffered, sliding down from Jan/Feb’s $681,155 to Feb/Mar’s $579,748.

Jan/Feb’s median ASK tumbled from $499,900 to Feb/Mar/s $469,000. Median SOLDS, in harmony, dropped from Januarary/February’s $509,750 down to February/March’s $471,000.

Thoughts

Looking across False Creek, many Fairview properties may have had a good view of some Olympic venues. Today however, the view of Vancouver’s Fairview real estate market probably would not score a bronze medal.

Every part of this market has got ‘down’ stamped on it.

Questions abound! Will this same stamp appear in other neighbourhood markets?

Prudence precludes hasty declarations based on this one neighbourhood. Standing alone, it does not after all, represent a ‘fair view’ of the overall market.

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:

PostOBlues Says:
March 15th, 2010 at 9:47 pm

I am happy to address your question Larry, and provide you with the answers that you seek.

YES, other markets will have this stamped (or, rather, hammered) into them soon as well.

Lovely graphs, they continue to get better and better looking with time.

vomitingdog Says:
March 15th, 2010 at 9:49 pm

Thanks Larry for posting an analysis of this market… just for me!! It’s funny how impressions can be different than data.

From my casual following of this area, my impression was that inventory was more or less stable–stuck–with some properties going for more than ask and others going for less or not going at all.

vomitingdog Says:
March 15th, 2010 at 9:52 pm

WoW,

No doubt you will love these numbers. Perhaps you’ve been walking along Fairview streets all along!!

I believe you post here under a different name but I can tell when it’s you anyway–so let’s hear it…

March 15th, 2010 at 10:03 pm

@ Vomitingdog

– you asked I delivered surely, that can’t be bad! The numbers are a bit surprising in that there are exception with multiple offers and over ask bids. Go figure!
– not sure what you mean with you last sentence??

PostOBlues Says:
March 15th, 2010 at 10:13 pm

VD, are you following me around?

No, its not me! Promise (fingers crossed).

I love the numbers.

Larry, great last comment on the prior blog.

Larry, the dummies come to their senses in fits and spurts. I’m not surprised that some spots have high foot traffic and multiple bids. But your buddies sensing blood in the streets are right on the mark. The ones doing booming business are lucky/good, and they are making hay while the sun shines. It is late in the day, so who can blame them, with the air cooling down and winter on the way.

John Says:
March 15th, 2010 at 10:27 pm

Simple conclusion might be that the good properties are still moving and fetching above asking prices whereas the rest of the properties sit around? The number of price reductions do seem to suggest an urgency to sell.

March 15th, 2010 at 10:35 pm

@PostOBlues
– Luck had nothing to do with knocking on doors for 20 years and pressing flesh – sorry I’m not buying in.

vomitingdog Says:
March 15th, 2010 at 10:40 pm

Sorry Larry that’s me talking to someone I half know in a language all of our own. It seems he’s gotten the message as you can see.

Beardo, this does seem like what happened in Sept 08 when we sold our 1/2 house in the last outpost of dwindling multiple offers. Many areas were slow but not all of them. Many open houses were dead but not ours.

Rizo Says:
March 15th, 2010 at 11:09 pm

Stop feeding the bears Larry…they can smell the numbers from half a blog away and they’re all hoarding over here with their tired bull/bear arguments. 🙂

I’ve practically stopped going to all the other blogs because of the low signal-to-noise ratio of the discussions. I sure hope this site remains high quality.

Btw, thanks so much for the consistent and awesome updates.

/bear in hibernation

March 16th, 2010 at 8:32 am

@Rizo

re: stop feeding the bears LOL! – hadn’t thought of it that way but I understand your point of view.
– from my perspective, the numbers posts are a by-product that helps me in my day job to stay on top of market changes.
– good or bad, numbers are what they are, attempts at understanding what makes them what they are, is the fun challenge.
– signal to noise – yup, from time to time it is like watching the same commercial on television
– my remote has a mute button, I sense yours does too 🙂

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