Fraser’s April Flowers

Fraser Neighbourhood

During the past 60 day period, detached homes in the east side’s Fraser community had a 16.3% increase in median sold prices.

In the period covering February 10 to April 9, the Fraser neighbourhood experienced the following market activity.

Listings

Total Listings increased from February/March’s 54 to 60 in March/April.

Sales

There were 14 sales in both the February/March and March/April periods.

Expired, Reductions, Increases, Days on Market

  • March/April saw 6 listing mandates expire, up from 2 in February/March.
  • Price reductions increased to 6 from February/March’s 4.
  • Price increases dropped to zero in March/April from February/March’s single price increase.
  • It took longer to sell a home in March/April. Days on Market in February/March were 15 compared to March/April’s 21.

Average and Median Prices

February/March’s Average Ask price recorded $705,564 increasing to March/April’s $782,457. The Median Ask price in February/March was $689,000 and increased to $794,000 in March/April.

The Average Sold price recorded in February/March was $708,500 increasing to March/April’s Average Selling price of $799,800. The Median sold prices followed the average prices with February/March recording $698,000 rising to March/April’s $812,000.

50% Right Some of the Time

The detached homes in the Fraser neighbourhood have experienced a sizeable increase in prices in the last 60 days. The price increase relative to the number of homes sold suggests something akin to ‘too fast too soon’ or a market that is somewhat irrational.

The weeks ahead will determine if the irrationality evolves into chaos or as anticipated in January a new level of market value has been reached for this neighbourhood.

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:

RavingBull Says:
April 11th, 2010 at 8:04 am

Hi Larry,

Its my view that its all part of a blow-off top.

I look for sales levels to decline starting in 2 weeks, listings for this area (and all others) to ratchet up noticably (expecially if we use a timeframe longer than 30 days), and prices to stall and start to drop in a few weeks.

In a month this area will still look strong. But by summer it will be clear.

Just my opinion, but come on let’s be real – this is silly now. Reminds me of Nortel at $120 or the Nasdaq when it breached 5,000.

Boombust Says:
April 11th, 2010 at 8:12 am

“…or a market that is somewhat irrational.”

I’ll buy that.

April 11th, 2010 at 10:32 am

BoomBust
“I’ll buy that” – LOL! line up there are multiple offers.

RavingBull Says:
April 11th, 2010 at 10:46 am

multiple offers….

lots of sold signs in my westside area

lots of for sale signs too

looks balanced, a month ago it was hot

in a month or so it will look cool

in 4-5 months it will look like the beginnings of a nuclear winter

JMHO!

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