Neighbourhood Numbers – Main Street

Main Neighbourhood

During the past 60 day period, the Main Street’s detached homes median sold prices increased at a more reasoned pace.

In the period covering February 13 to April 12, the Main Street neighbourhood experienced the following market activity.

Listings

Total Listings increased from February/March’s 40 to 44 in March/April.

Sales

Sales increased from 8 February/March and March/April’s 11.

Expired, Reductions, Increases, Days on Market

  • March/April saw 3 listing mandates expire, up from 1 in February/March.
  • Price reductions in March/April increased from 8 to 11. Of the Total Listing count 25% reduced their price.
  • 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 almost doubled in February/March from 13 compared to March/April’s 23.

Average and Median Prices

February/March’s Average Ask price recorded $888,625 increased to March/April’s $897,436. The Median Ask price in February/March was $818,500 and had a notable increase to $889,000 in March/April.

The Average Sold price recorded in February/March was $915,000 decreased to March/April’s Average Selling price of $898,580. The Median sold prices followed the average prices with February/March recording $902,500 rising to March/April’s $940,000.

50% Right Some of the Time

The Main street market may be stalling. At best it is fair to say that the detached homes in the Main neighbourhood seem at odds and uncertain of their market direction. Average sold prices steady in February/March faltered slightly in the March/April period yet the medians have climbed to exceed the traditionally higher average numbers.

While overall prices in this market area have seen a rise, they have not matched the drama seen in the Fraser area, Main’s neighbour to the east.

A 50% guess is that detached prices in the Main neighbourhood are very near or have reached their top level.

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:

Samsonite Says:
April 13th, 2010 at 12:56 pm

Great post Larry.

Larry just called the top.

Break out the champagne!:)

John1 Says:
April 13th, 2010 at 1:11 pm

http://www.vancouversun.com/hikes+mortgage+rates+second+time+weeks/2901973/story.html

RBC just raised its mortgage rates by another 25 basis pts today.

April 13th, 2010 at 2:56 pm

@samsonite
you sure it isn’t just standing still?

Samsonite Says:
April 13th, 2010 at 3:47 pm

things like this don’t stand still Larry

like a space shuttle launched into the sky, it needs ever increasing amounts of thrust to keep it going…reduce the thrust…and it stands still…but not for long:)

fish10 Says:
April 13th, 2010 at 5:33 pm

bubbles don’t stand still for long. They either keep inflating or deflate. Unless we are not in a bubble and 9 X average income is the new norm…and then it will be 10 X…12 X

RavingBull Says:
April 13th, 2010 at 10:37 pm

Larry

You have aluded to it, in a balanced sort of way.

But you are now out and out declaring the bull run over, I think – based upon my own interpretation.

Real estate will always have lots of buyers and sellers who have good personal and fundamental reasons to buy and sell.

But real estate as a ‘game’ for the masses is about to end in horrific style here.

Where are all the foreign buyers who would want to buy after seeing Vancouver on TV during the olympics?

What a frippin fallacy, eh!

April 13th, 2010 at 11:37 pm

@RavingB
Caution is advised in making the assumption that the Main neighbourhood represents the entire market. It doesn’t but it does offer a perception of neighbourhood benefits relative to cost. As noted the difference between the two – Fraser and Main is quite outstanding. I suspect that for now what is more probable is that the Main area has achieved a price plateau relative to its perceived benefit as a neighbourhood. Moving a few more blocks east for less money is a great driver.

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