Marpole Tilts

Frenzy

A Snapshot of the local Marpole detached home market is a picture of frenzied confusion relative to other segments of the market place.

In the period covering April 24, 2010 to June 10, 2010 detached properties in the Marpole neighbourhood experienced the following market activity.

Listings

Total Listings declined from April/May’s 68 to May/June’s 61.

Sales

Sales decreased by half from April/May’s 12 to 16 in May/June.

Expired, Reductions, Increases, Days on Market

• April/May had 5 listing mandates expire reducing to 4 in the May/June.
• Price reductions in April/May were 16 increasing to 17 in May/June.
• There were 1 price increase in both periods.
• It took an average of 29 days to sell a home in April/May and 19 in May/June.

Average and Median Prices

• Total Listings Average Ask price in April/May was $1,241,776. In May/June it was $1,274,157.
• Total Listings Median Ask price in April/May was $1,196,500 increasing to $1,198,000 in May/June.
• April/May’s Average Ask price of Sold Listings was $1,087,490 increasing to May/June’s $1,283,833.
• The Median Ask price of Sold Listings in April/May was $998,500 which then increased to $1,264,000 May/June.
• The Average Sold price in the April/May was $1,083,500. In May/June this increased to $1,246,000.
• The Median Sold price in April/May was $1,028,000. In May/June this increased to $1,220,000.

Observation

Stone Carving From Marpole Midden – 1929, Courtesy City of Vancouver Archives

Marpole has recorded an interesting market anomaly in this sixty day snapshot.

It needs to be noted that of the 6 sales recorded in the last 30 day period, 4 of those sales were in excess of $1,160,000. Of the six, the lowest asking price was $898,000 and the highest was $1,780,000. Noteworthy is that no sale exceeded the asking price.

Four of the six listings had asking prices that were $300K above the lowest priced listing ($898K). The four listings accordingly sold for higher prices. The resulting calculation of average and median prices of the six listings of which 4 recorded substantially higher prices tilted the average and median to the upper end. The result is that the limited number of sales at a higher price has generated a view that might leave a mistaken impression that the Marpole market has gone wild.