Fraser Snapshot
Posted May 26th, 2010 in Fraser, Neighbourhood SnapShot | 
Fraser
A Snapshot of the local Fraser detached home market has had a revival with average and median prices showing small gains in the prior 60 days.
In the period covering March 25 to May 25, detached properties in the Fraser neighbourhood experienced the following market activity.
Listings
Total Listings declined from March/April’s 82 to April/May’s 70.
Sales
Sales decreased by half from March/April’s 20 to 10 in April/May.
Expired, Reductions, Increases, Days on Market
- March/April had 7 listing mandates expire dropping to 5 in the April/May period.
- Price reductions in March/April were 13 remaining the same in April/May.
- There were 0 price increases in both periods.
- It took an average of 11 days to sell a home in March/April and 13 in April/May.
Average and Median Prices
- March/April’s Average Ask price increased from $742,635 to April/May’s $756,679.
- The Median Ask price in March/April was $718,500 increasing to $734,000 in April/May.
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The Average Sold price in the April/May was $776,165. This was a bump up from March/April’s average sold price of $764,742.
- The Median Sold prices reacted similarly with March/April’s price of $754,500 increasing to April/May’s $760,500.
Observation
Contrary to predictions, Vancouver’s Fraser is on a positive note. The number of listings appear to have settled from previous highs. The dramatic drop in sales is of concern should this drop continue into the next 60 days. What remains to be seen is if this is the classic case of the summer doldrums beginning early or worse, is this market drying up?
no surprise, the folk still out looking/buying have no idea – they get their market intel from their real estate expert (who has a lot at stake in the txn).
larry, this is not pointed at you.
that said, the masses will awake to a new reality in the weeks/months ahead – its there, but it will take time for their vision to focus, they won’t believe their eyes -they’ve been trained by a mantra that does not incorporate valuation and crashes – but this will come in time.