Fairview Follies

Fairview Apartment/Condo/Townhome

Things have changed that will make sellers of attached properties happy in Vancouver’s Fairview neighbourhood. During the past 60 day period, this snapshot shows prices have clawed their way above the previous period’s level.

In the period covering March 16 to May 16, Vancouver’s attached properties in the Fairview neighbourhood experienced the following market activity.

Listings

Total Listings declined from March/April’s 323 to April/May’s 281.

Sales

Sales decreased from March/April’s 78 to 43 in April/May.

Expired, Reductions, Increases, Days on Market

• March/April had 12 listing mandates expire dropping to 5 in the April/May period.
• Price reductions in March/April were 68 reducing to April/May’s 60.
• There were 5 price increases in both periods.
• It took an average of 24 days to sell during both periods.

Average and Median Prices

• March/April’s Average Ask price increased from $558,418 to April/May’s $608,781.
• The Median Ask price in March/April was $479,450 increasing to $599,000 in April/May.
• The Average Sold price in the April/May was $604,932. This was a bump up from March/April’s average price of $550,697.
• The Median Sold prices reacted similarly with March/April’s price of $470,750 increasing to April/May’s $595,000.

Reflections

Contrary to many predictions including my own, Vancouver’s Fairview apartment, townhomes and condos have bounced back – at least for now. On the positive side this was a good thing for sellers as in the past while they have been taking a beating on prices. On the negative side what is not known is if this is the final gasp of mortgage interest rates that were secured (pegged) prior to the changes in mortgage rules.