Baker’s Dozen

Views

It takes a lot of bread to buy a home in the Pt.Grey neighbourhood. More to the point, it will take a bakers dozen to make that purchase as the Pt.Grey Snapshot of detached homes indicates a show of strength as median prices rise.

In the period covering March 25 to May 25, detached properties in the Pt. Grey neighbourhood experienced the following market activity.

Listings

Total Listings declined from March/April’s 86 to April/May’s 84.

Sales

Sales decreased from March/April’s 17 to 14 in April/May.

Expired, Reductions, Increases, Days on Market

  • March/April had 1 listing mandates expire increasing to 2 in the April/May period.
  • Price reductions in March/April were 26 decreasing to 22 in April/May.
  • There were 2 price increases in both periods.
  • It took an average of 26 days to sell a home in March/April and 22 in April/May.

Average and Median Prices

  • March/April’s Average Ask price of $1,985,058 decreased to April/May’s $1,960,785.
  • The Median Ask price in March/April was $1,798,000 increasing to $1,998,000 in April/May.
  • The Average Sold price in the April/May was $1,972,427. This was a step down from March/April’s average sold price of $1,992,022.

  • The Median Sold prices reacted differently with March/April’s price of $1,928,888 increasing to April/May’s $2,073,750.

Observation

Prices are all over the map. This mixture of ingredients usually indicates an unsettled market. These variations seem at a superficial glance, to be prevailing in many neighbourhoods.

What needs to be seen is if this flux is the first real statistical evidence that the Vancouver real estate market is changing one neighbourhood at a time.

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:

RavingBull Says:
May 25th, 2010 at 8:34 pm

Larry,

Thanks for the insights into Point Grey.

Listings will rise for the weeks forward, and prices (benchmark) will fall sharply.

You and I know this market has turned sharply for the worse – and the great unwashed will come to this same conclusion (late as always) in the months ahead and this market will crater in a way unlike any local RE crash before now – this is the BIG ONE.

May 25th, 2010 at 8:43 pm

@Ravingbull –
there is change for certain. how big – we’ll only know that when it turns back

RavingBull Says:
May 25th, 2010 at 9:23 pm

Larry,

This is true. But if we look at the overall level of overvaluation, all I can safely conclude is that it is a looong way down.

I truly (what are you hearing?) get the sense that any ‘pent up demand’ has been satiated (perhaps by one of the promiscuos realtors!:) and that this supply driven market, with more daily price reductions (way more) than sales is now in the process of chasing the bids down.

I think it gets ugly fast,and that by Sept/Oct this market is in full reargauard action.

This is getting interesting.

Bearknowitall Says:
May 25th, 2010 at 11:06 pm

Ho,ho..ho, Yattermatters, bears know it all. …but even the price crashs 50%, Pt. Grey is still unaffordable for Joe & Jans.

asalvari Says:
May 26th, 2010 at 12:04 am

All I can say is impressive number for neighborhood that average familly take home is approx 120K annual.

On first glance, the prices are rising… on second, hell I dont know the data is inconclusive, especially taken wrt the last month drop.

I guess its wait to see..

May 26th, 2010 at 8:47 am

@bearknowitall
– since the dawn of man there has always been those who have more of everything. This is a bit philisophical but the trick is to bathe in contentment with that which you have. After all, it’s just stuff.

Boombust Says:
May 26th, 2010 at 4:20 pm

“…since the dawn of man there has always been those who have more of everything.”

See the 20/80 Pareto Principle.

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