Fraser’s April Flowers
Posted April 11th, 2010 in Fraser, Neighbourhood SnapShot | 
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.
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.
“…or a market that is somewhat irrational.”
I’ll buy that.
BoomBust
“I’ll buy that” – LOL! line up there are multiple offers.
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!