Neighbourhood Numbers – ‘the drive’

Commercial Drive

During the past 30 day period, the Granview neighbourhood’s detached home ask/sold prices dropped below the previous period.

In the period covering February 15 to April 14, the Grandview neighbourhood experienced the following market activity.

Listings

Total Listings increased from February/March’s 31 to March/April’s 37remained steady during both periods at 44.

Sales

Sales also increased from February/March’s 7 to March/April’s 12.

Expired, Reductions, Increases, Days on Market

  • March/April saw 1 listing mandates expire as did February/March.
  • Price reductions in February/March numbered 7 whereas March/April settled at 9.
  • Price increases in both periods also remained the same at 0.
  • It took 5 days less to sell a home in March/April compared to February/March.

Average and Median Prices

February/March’s Average Ask price recorded $947,414 decreased to March/April’s $825,325. The Median Ask price in February/March was $849,000 then dropped to $782,450 March/April.

The Average Sold price in the March/April of $844,875 dropped from the February/March recorded $930,642. The Median Sold prices followed with February/March’s $865,500 dropping to March/April’s $796,000.

Thoughts

A long time popular area in which to live with ‘The Drive’ suffers a similar fate to Cambie on the west – it’s is stumbling as well. In a similar pattern to Cambie, from one month to the following the overall average and median ask and sold prices has declined yet, within each period both the Average and Median Sold price remained higher than the Average and Median Ask. Final thought – the Grandview neighbourhood, experienced a decrease in its detached market value during the past 60 day period.

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 15th, 2010 at 11:35 am

Larry:

I will try to wean myself off your site for about 45 days.

Why you ask? When I love this information/site as much as I do? OK, well I’ll tell you.

I’m hearing that buyers are in a mad rush panic to buy before April 19th and before their pre-approved rates move up. I think its more the latter than the former, but I don’t have too much granular data on this (I still get the impression that most folk are not really all that aware of how april 19th changes the game for many (and on a macro basis for everyone)).

So, I see very strong sales for April, tailing off a bit as we go forward, and slumping as we round the first half of the year. I see listings cimbing to new records, lower sales and MOI shooting way through the double digits by Fall. And everyone (by that I mean the great (un)washed/unaware) wondering what the heck happened.

JHMO, and thanks for all you do Larrybear.

April 15th, 2010 at 1:17 pm

@samsonite
sounds like a nice break. keep us posted.

Hermitian Matrix Says:
April 15th, 2010 at 4:22 pm

Larry,

Great blogs, lots of comments trying to influence expectations. Anyways, from your experience, are there people in this market taking their time and evaluating properties and making informed decisions on a purchase. The blogosphere would have you believe that people are staking their entire financial future on a mere hunch. Is this really the case? How about at the upper end of the market where people are buying in the $2Mm+ range? How exactly does the ‘creme de la creme’ square their purchasing behaviour with those at the bottom? (note: sarcasm)

April 15th, 2010 at 5:15 pm

@HERMITIAN
-Taking Time

I cannot speak to the general buyer population and the degree to which they perform their due diligence. I can however, address how I work with my clients.

Most buyers are referred to me by referrers who believe I bring added value to the real estate relationship because of my knowledge of home contruction, the financial and emotional implications to them and if prickly issues exist, the willingness to do some research at city hall should they decide to take on a ‘house project’.

For the uninitiated, the process of learning the difference between good and bad takes time. Therefore, it is not unusual to consider a minimum of 10 preselected homes over a period of weeks or months. During that time I share my knowledge and the buyers learn what to look for and how to determine what is reasonable relative to the age of the home and the building standards of the day. The fundamental premise is that no house is perfect and that everyone should expect surprises! The challenge is to mitigate the number of surprises.

In some situations, I as their humble peddler, have instructed buyers to walk away from certain homes. The decision to do so is based on the consideration of their skill sets, willingness to commit to the work needed, time available and financial capability to see the work completed. Should they choose not to accept that recomendation, then, I am unfortunately, bound to include all sorts of disclaimers that keep me out of jail which in itself, should be a heads up.

In some cases home issues are overt. I have, contrary to some rule that must exist in the annals of real estate practice, gone as far as calling out to other Realtors and their buyers who may be within arms reach and point those issues out to them. In their case I can only presume, that they simply don’t get it or don’t know the difference when something is a patently obvious defect to me. I can only take comfort knowing that beauty is after all, in the eyes of the beholder.

I recognize that this sounds and probably is self righteous but, really, does anyone need to buy a crappy house for a high price and then pay huge sums to repair it just because they don’t understand. I’ve always thought that helping them understand was part of my job.

As to the buying a $1,000,000 property on a hunch – nothing more than ‘I wish them well’ can be said. However, I am quite certain that those who play in that league didn’t accumulate their money because they were stupid but, there are always exceptions.

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