Bounce or Bump?

Fair View

The attached real estate view of Fairview slopes in this snap-shot matches the steep incline at the north end of Oak Street.

In the period covering April 09,2010 to June 08, 2010 Attached properties in the Fairview neighbourhood experienced the following market activity.

Listings

Total Listings declined from April/May’s 313 to May/June’s 283.

Sales

Sales decreased by almost half from April/May’s 69 to 36 in May/June.

Expired, Reductions, Increases, Days on Market

  • April/May had 6 listing mandates expire increasing to 9 in the May/June period.
  • Price reductions in April/May were 88 slowing slightly to May/June’s 82.
  • There were 4 price increases April/May and 3 in May/June.
  • It took an average of 29 days to sell a home in April/May. It took 32 days in May/June.

Average and Median Prices of Sold Properties

  • May/June’s Average Ask price decreased to $472,743 from April/May’s $613,082.
  • The Median Ask price in April/May was $599,900 but decreased to $451,850 in May/June.
  • The Average Sold price in the April/May was $606,469. This dropped to May/June’s average sold price of $466,493.

  • The Median Sold prices reacted similarly with April/May’s price of $595,000 sliding to May/June’s $439,500.

A Smokey View

City Archives, Vancouver, Fairview, Foreground – Cambie Street, 1939

Is the market confused? Consider May 16th’s Fairview SnapShot observation –

“Contrary to many predictions including my own, Vancouver’s Fairview apartment, townhomes and condos have bounced back – at least for now. “

Looking at this current SnapShot you may ask – is this a bounce, a bump or is this just a clean sweep of attached homes at the lower end of the market?

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.

When Life Moves You - contact Larry:

*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:
June 10th, 2010 at 7:10 am

June looks to be flatish for the market thus far, sales higher than I expected and new listings lower…

we’ll, still 2/3rds to go.

that said, I skipped forward and read the final chapter, I know how the story ends – same as always – in tears.

specialfx3000 Says:
June 10th, 2010 at 7:17 am

Quite the swing. I’m interested in the Avg Sold asking price. Are these huge price reductions or simply lower-end stuff getting sold?

Larry, can you share a few examples of sales showing their original asking and what reduction it took to get them sold.

Are low-ball sales happening or sellers just pricing better?

specialfx3000 Says:
June 10th, 2010 at 8:22 am

Though I posted the question, I’m pretty sure it’s lower-end garbage being sold. Most sellers are likely still enjoying the kool-aid and getting their news, I meant pumping from places like Global, 1130, and the big ‘NW.

June 10th, 2010 at 8:31 am

@special
prior snapshot was opposite. so your suggestion is correct that it is the lower part of the price scale product that sold.

@samsonite
if you are correct then with so many tears we’ll need life jackets. don’t think that will be the case.

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