Fairview Attached

Neigbourhood Numbers

Fairview compared to the 60 day period recorded a month appears to be living up to the common neighbourhood name known as ‘Fairview Slopes’.

Fairview Attached


View Fairview Neighborhood in a larger map

Fairview Neighbourhood

In the period covering February 21 to April 20, Fairview attached units experienced the following market activity.

Listings

Total Listings increased by four from February/March’s 253 to March/April’s 259.

Sales

Sales decreased from February/March’s forty nine to March/April’s forty seven.

Expired, Reductions, Increases, Days on Market

  • February/March saw 4 listing mandates expire increasing to 12 in March/April.
  • Price reductions in February/March numbered 57 decreasing to 52 in March/April.
  • There were two Price increases in both February/March and March/April.
  • It took 20 days in March/April to sell a home. In February/March it took 29 days.

Average and Median List Price/Sold Price

February/March’s Average Ask price was $608,922 then dropped to March/April’s $541,529. The Median Ask price in February/March was $595,000 with a substantial drop to $459,000 in March/April.

The Average Sold price in March/April of $532,334 down from February/March’s $596,395. The Median Sold prices followed the average dropping from February/March’s $578,000 to March/April’s $455,000.

Thoughts

Fairview’s central location offers easy city access. It’s topography offers incredible city, water and mountain views that combine to make it a perennial favorite neighbourhood in lifestyle choice.

However, as of this report, Fairview condos, townhomes and apartments have in the past 60 days seen both median and average prices exhibit a continued slide down those Fairview Slopes.

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:

paulb Says:
April 21st, 2010 at 6:56 am

Hi Larry, are you intentionally seeking out areas in which prices are falling for your blog posts? I enjoy reading this blog very much and am curious if these areas are a fair representation of the overall Van West market.

What are you and your buddies seeing in the office these days?

Thanks

Samsonite Says:
April 21st, 2010 at 6:58 am

Hi Larry,

Based on some of your recent posts (average/median price drops – although I’m sure much of this can be attributed to sales mix (still, its pretty shocking), do you expect REBGV prices to drop again for April as they did (just marginally) for March?

vomitingdog Says:
April 21st, 2010 at 8:53 am

Thanks Larry.

A bit of background as I’ve been watching this market for a while. Lots of inventory has sat on the market for at least a year. Camera, Musee, Lumen and soon two or three other new builds plus a new project where the IGA is add to the inventory in the area (not all are technically *Fairview, I know). This is what I think is making the market move slowly.

vomitingdog Says:
April 21st, 2010 at 9:03 am

Question:

I went back to your previous post on Fairview attached and noticed a discrepancy on your Feb/March numbers. They were all quite a bit lower when you posted them then… and now when you recap them they are higher. Do you recalculate them? Does the data change?

April 21st, 2010 at 9:16 am

@paulb
“intentionally seeking out areas” – not at all. simply east side/west side areas where i’m most active.
are they a fair representation? You know that answer to that. A neighbourhood in isolation is not a representation of the entire area or put another way you may have a broken finger but you can still dance. There are almost 40 distinct neighbourhoods on the east/west side and only 30 days in the month. What is a guy to do?

re buddies – see
http://www.yattermatters.com/real-estate/double-hot-no-foam/

April 21st, 2010 at 10:14 am

@Vomitingdog

The issue that you touch on re “calculation” is problematic as they do vary and has been a source of discussion here a number of times. In the example you refer to there is an overlap in the 60 day period during which the snapshots were taken. As they were taken a month or more apart during mid month periods I’m not at all surprised that there would be a variance as they are not ‘locked down’ numbers. Rather, they are a snap shot of that neighbourhood’s activity at that time which I might add makes it very difficult to then derive an all encompassing prediction, one constantly sought by readers herein, as to market state at some point in the future. Simply it is what it is at that moment and as such, is subject to change resulting from the flux of market activity.

re: calculation: the only calculation I do is to total the price increase/decrease within that snap shot. All else is generated and manually transferred to graphical format at my end.

I add to this that you have seen me constantly refer to the market numbers as being dynamic and of course carry the needed disclaimer or time stamp as in the case of the dailies which is a more active example of this dyanamism. You no doubt have seen “Daily” numbers appear on various blogs that vary substantially. With broker load where individuals are entering data at any point in the day – those specific numbers are particularly volatile and certainly fall under the definition for dynamic. What you need to keep in mind is that from that daily kernal the house of numbers is built and by extension creates the issue we are talking about.

A visual upon which to reflect is to look at the real estate market as a bucket that is being filled and emptied at the same time. On any given moment any number change has a ripple effect which starts with dailies, then neighbourhoods and ends up as a system wide total reflective of that point in time. The flow in and out is constantly changing meaning that the variance is of course, a result of market activity.

To my knowledge the non arbitrary “locked down” numbers are compiled at 12:01 am on the first day of each month.

hope that helps

April 21st, 2010 at 10:18 am

@samsonite
perhaps the explanation given to Vomitingdog will help you make your April determination.

macchiato Says:
April 21st, 2010 at 1:05 pm

Could it just be that maybe since prices are insane only product at the lower end is moving, maybe the latest sales were to bottom scrappers trying to beat April 19th.

vomitingdog Says:
April 21st, 2010 at 5:01 pm

Great explanation. Thanks. I think this is probably true of the REBGV numbers as well. It’s almost impossible to quantify a market when the units vary so drastically.

April 21st, 2010 at 5:20 pm

@Vomitingdog
Glad it helped.
All these numbers are a constant source of consternation for the uninitated.
If you allow for the analogy of a tidal action with its accorded ebb and flow, then the “snapshot” I refer to is the closest thing to measuring the tide level. While not a perfect comparison, hopefully it gives you a sense of the market’s movement (ebb and flow).

The unfortunate part is that assumptions can be made that approach scandalous misrepresentation. As tempting as scandal might be for the sake of irreverent gossip, to the chagrin of a few, YatterMatters trys to keep it real.

fish10 Says:
April 21st, 2010 at 9:39 pm

Larry- did you forget to up-date the numbers tonight, or just playing with our emotions..:)

April 21st, 2010 at 10:00 pm

@fish10
sorry Fish blame it on the hockey game 🙂

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