Fairview Follies

The View is Fair

Absorbing the city, water, mountain view from the roof top deck of a 3 level 1300 square foot condo at 8th and Birch which you bought for just over $700,000 a couple of months ago your view of the world is just fine.

You are ambivalent about the market and are quite clear that this is ‘your dream home’. For you, it doesn’t matter what the attached market in the Fairview neighbourhood is doing. You are happy! This is the home we searched for during the past year and damn the torpedoes, you’ll complete the renovation. This is where you want to be. Those who aren’t as certain might have a different perspective.

From May 13, 2010 to July 13, 2010 the Fairview Attached market created this market path.

Listings

Total Listings declined from May/June’s 289 to June/July’s 272.

Sales

Sales volume slid downhill towards False Creek as May/June’s 58 sales slowed to June/July’s 35.

Expired, Reductions, Increases, Days on Market

  • May/June had 9 listing mandates expire. This almost doubled in June/July to 16.
  • Price reductions in May/June were 102 dropping by one to 101 in June/July.
  • There was 1 price increase in both periods.
  • It took an average of 34 days to sell a home in May/June and 35 in June/July.

Average and Median Prices

Fair View Up On The Roof

  • May/June’s Average Ask price $509,277 increased to June/July’s $545,078.
  • The Median Ask price in May/June was $466,950 and increased to $472,400 in June/July.
  • The Average Sold price in the May/June was $499,040. In June/July this increased to $533,338.
  • The Median Sold price took a different path as May/June’s price of $467,000 dropped to June/July’s $448,000.

Small Surprises

June/July has been a period of small surprises. With the high number of listings, slow sales and price reductions expected was that the market would take a beating. As noted in other sources the averages were up over all suggesting that the better, cleaner, more sparkly condo’s are still attracting buyers. Median prices though lower do not appear to be headed to the land fill quite yet. However, based on the number of sales, those buyers are becoming a scarce commodity and it may soon be a different story.

Suspect is that shortly a darker story will begin as the number of listings has not subsided in great number. That continues to prevail, future reports may show an substantially greater number of expired listing mandates and an an according increase in price reductions with higher discounts.

What remains, is finding that price point that will attract the majority of future buyers. That aside, a more important detail will be whether their state of mind will one that makes them ready willing and able to commit to purchasing a Fairview attached home.

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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