Derailed

Market Deals

If you were to go the Farmers Market at Trout Lake this Saturday you might find some great buys on organic produce, original art, jewelry, bedding plants or baked goods. Failing that there is always great coffee and entertainment by some of the city’s most talented buskers.

Alternatively, if you went house hunting without me then you would have found that house prices were taking a slow ‘Drive’ down Commercial.

In the period between May 20, 2010 to July 20, 2010 detached properties in the Grandview neighbourhood showed the following results.

Listings

Total Listings increased by 5 units from May/June’s 54 to June/July’s 59.

Sales

Sales increased May/June’s 13 to 16 in June/July.

Expired, Reductions, Increases, Days on Market

  • May/June had 2 listing mandates expire that increased to 4 in June/July.
  • Price reductions were 21 in May/June and 19 in June/July.
  • There was 1 price increase in both periods.
  • It took an 24 days to sell a home in May/June. This shortened to 23 days in June/July.

Average and Median Prices

  • May/June’s Average Ask price was $851,738. This decreased in June/July to $772,787.
  • The Median Ask price in May/June was $819,900 and decreased to $714,450 in June/July.
  • The Average Sold price in the May/June was $843,653. In June/July this decreased to $772,508.
  • The Median Sold price in May/June was $811,000. In June/July this this decreased to $760,000.

Story

Perhaps the ‘Drive’ is the story of the current market. While prices are falling it is as some have envisioned, a declining market that will be slow and steady with a few bumps along the way such as those seen in the small increase in the number of listings, slowing of price reductions, and fewer days on market.

Then again, maybe the market has derailed like the pictured 1918 Grandview streetcar at 12th and Commercial. It was knocked off the rails by the Vancouver Fire Department’s Hose Wagon which presumably, was on it’s way to put out a fire.

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.

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