Pt.Grey in a Fight
Posted April 30th, 2010 in Neighbourhood SnapShot, Point Grey | 
Out West
During the past 30 and 60 day period, the detached market activity in Pt.Grey a Vancouver neighbourhood, has the appearance of a community struggling to maintain its market values.
In the period covering February 28 to April 28, Pt. Grey experienced the following market activity.
Listings
Total Listings declined from February/March’s 84 to March/April’s 74.
Sales
Sales decreased from February/March’s 19 to 11 in March/April.
Expired, Reductions, Increases, Days on Market
- March/April saw 1 listing mandate expire. There were 3 in February/March.
- Price reductions in February/March were 18 while in March/April there were 16.
- There were 3 price increases in February/March and only 1 in March/April.
- It took 11 days to sell a home in March/April compared to 21 February/March.
Average and Median Prices
February/March’s Average Ask price saw a slight drop from $2,046,684 to March/April’s $2,037,171. The Median Ask price in February/March was $1,699,000 then increased to $1,798,000 March/April.
The Average Sold price in the March/April was $2,069,808 – an upward tick from February/March’s price of $2,016,626. The Median Sold prices reacted similarly with February/March’s $1,699,000 climbing to March/April’s $1,928,888.
Reflections
An exception to other neighbourhoods on the west side, Pt.Grey has made a valiant effort to hold on to it’s real estate market values.
On April 27th The Province published a story about Mainland Chinese buyers being the driver in luxury home purchases. This may, as proclaimed, be the reason Pt. Grey has as a neighourhood market maintained its place as one of the most expensive neighbourhood in which to buy a home.
Does it really matter who is buying the houses? Purchases from international buyers would add more speculation to the market I would think. Any sign of weakness and they head for the exits.
What is your take?
@cdg
“Does it really matter who is buying the houses?” – not from my perspective however, it raises speculation of another sort. Are they buying as speculators in RE or is it a matter of securitizing their monies. It is complete supposition that the only people who can buy them out are others who have as much or more money then them. My take from the Province report was that it’s a different price level in which few locals can play. Further, from what has been reported they are not heading for the exits but, that too can change.