Neighbourhood Numbers – Cambie Attached

Cambie Attached

Condos apartments and town homes in the Cambie neighbourhood experienced a split personality between average and median prices.

In the period covering February 19 to April 18, Cambie attached units experienced the following market activity.

Listings

Total Listings increased from February/March’s 35 to March/April’s 38.

Sales

Sales increased from February/March’s 5 to March/April’s 8.

Expired, Reductions, Increases, Days on Market

  • February/March saw 1 listing mandate expire which prevailed into March/April.
  • Price reductions in February/March numbered 3 dropping to zero in March/April.
  • There was one Price increase in February/March as well as in March/April.
  • It took 13 days in March/April to sell a home. In February/March it took 19 days.

Average and Median Prices

February/March’s Average Ask price recorded $514,060 dropped to March/April’s $483,187. The Median Ask price in February/March was $425,900 and increased slightly to $426,500 in March/April.

The Average Sold price in March/April of $484,800 fell from February/March’s $523,500. The Median Sold prices followed the average downward slide with February/March’s $563,000 taking a substantial drop to March/April’s $426,500.

Thoughts

A popular neighbourhood with close proximity to the downtown core, Cambie townhomes, condo’s and apartments are in a confused state with average prices climbing while median prices have decreased. The skew in the average price is assumed to be the result of higher priced and possibly more attractive units selling.

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.

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*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 19th, 2010 at 9:00 am

its still early days Larry (great data though), the fun begins in a few weeks time

this blog/site is awesome

vomitingdog Says:
April 19th, 2010 at 10:32 am

I bet when you get around to checking out the other westside detached numbers, you’ll find the same thing. Waiting for Fairview/Kits…. detached… as always.

Ready when you are.

Samsonite Says:
April 19th, 2010 at 10:34 am

http://www.cbc.ca/thecurrent

he said Vancouver is irrationally exuberant…he said it…listen for yourself

ed note: the link is http://www.cbc.ca/thecurrent/2010/04/april-19-2010.html
PART 2 Housing Bubble

vomitingdog Says:
April 19th, 2010 at 10:34 am

Attached. I meant Fairview/Kits attached.

John1 Says:
April 19th, 2010 at 12:06 pm

I heard the Olympic village condos are starting to come up for sale. Starting at $400k for 500sqft condos, would be interesting to see how these fare in today’s market. Are these part of this area?

April 19th, 2010 at 1:11 pm

@John1
village is part of the False creek neighbourhood. See Map:

Samsonite Says:
April 19th, 2010 at 2:15 pm

john – i heard may 15th for them to come into the active listings…

RavingBull Says:
April 19th, 2010 at 9:12 pm

the only thing i can say is

holy crap (or holy moly)

incredible

best post i’ve seen in ages is the one of you and the fellow realtors coffee talk – pls keep us in the loop Larry – incredibly interesting times we live in

nodnub Says:
April 20th, 2010 at 1:04 am

Statistics can easily mislead. I am bearish, but I don’t think this proves anything yet. I think it is possible that more low-end properties are selling because of first time buyers that can barely afford to buy and are rushing to do so to avoid new mortgage rules. If there are fewer high end properties in the mix then this would skew the average sale price down this month. The number for month after April 19th might be more revealing.

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