Fraser Frolicks

Fraser Detached

Not so many years ago Main street was still a comparative bargain. That has changed along with former landmarks like Palm Dairy at 18th and Main which subsequently became a Ford dealership and at this time is a hole in the ground to become something more than an empty shell.

Continually evolving, the Main street area North of 33rd is a vibrant community that has also become from a relative perspective, an expensive neighbourhood.

Where next? Keep your eyes on Fraser between 33 and Kingsway. Things are starting to slowly unfold. From Kingsway and Fraser where you will find an incredibly busy restaurant called Le Faux Bourgois offering sumptuous French dining up to 27th and Fraser where you will find simply the best Beef Jerky in the city. The Fraser neighbourhood is beginning its evolution.

You can watch another evolution in the Fraser community. In turmoil, this neighbourhood is running hot and cold as it tries to find it’s market.

In the period covering June 18, 2010 to August 17, 2010, detached properties in the Fraser neighbourhood could have used an extra dollop of sun screen.

Listings

Total Listings increased from June/July’s 60 to July/Aug’s 62.

Sales

In contrast, the sun may have on Fraser leaving the sales volume cold as it decreased by over 50% from June/July’s 15 to July/Aug’s 7.

Expired, Reductions, Increases, Days on Market

  • June/July had 1 listing mandates expire whereas July/Aug had 8.
  • Price reductions in June/July were 18, cooling to 13 in July/Aug.
  • There were 1 price increase in both periods.
  • It took an average of 25 days to sell a home in June/July. This stretched to 29 in July/Aug.

Hot Average and Median Prices

  • June/July’s Average Ask price of $749,393 felt the heat in July/Aug as it climbed to an Average of $871,128.
  • The Median Ask price in June/July was $788,000 but it too felt the heat climbing to $929,000 in July/Aug.
  • The Average Sold price in the June/July was $741,159. Daring to not use sun screen, it climbed to $895,714 in July/Aug.
  • The Median Sold price in June/July recorded $770,000. In the July/Aug sun, it scorched its way to $917,000.

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:

MH Says:
August 18th, 2010 at 5:13 pm

I always find it curious that when the numbers show downwards movement in prices there are a significant number of posts, yet when the numbers show upwards movement like these do, there is nothing. I’m not trying to paint every bear with the same brush but every time I read a post from Junius I laugh. He’s already been banned from one prominent real estate forum I lurk around on… I guess he’ll never learn.

August 18th, 2010 at 5:37 pm

@MH
I think you meant to say comments and I will respond on that understanding.
As you are aware the intent here is not to assume negative/positive or “bear/bull” positions but rather to provide information as I have it that will help readers forumulate their own real estate decisions.
With respect to vocalizing their position it strikes as human nature that we are most vocal about a bad experience. As to Junius, I’m sure he is aware this blog is closely moderated and will conduct himself accordingly.

MH Says:
August 19th, 2010 at 8:09 am

Yes I apologize I meant posts in the comments section I wasn’t very clear there.

August 19th, 2010 at 9:01 am

@mh,
no worries. About your concern: it occurred to me that it only requires one stroke to draw a ‘ – ‘ and two strokes to draw a ‘ + ‘ . There must be some great philosophical meaning within! 🙂

Tao Says:
August 19th, 2010 at 3:53 pm

Interesting numbers. Do you know if price decreases of 13 – 18 are normal? Ditto on the price changes – do you have numbers for more than a few months? With so few sales, the mean / median numbers might just be bouncing around due to the mix of housing sold. That’s why it’d be nice to have a few more months to compare.

August 19th, 2010 at 4:58 pm

@Tao,
more than a few months – yes but you’ll have to look back through the posts. Snapshots are a 60/30 period – all have small sample sizes. Longer periods for specific areas such as all Attached on the west side are in the LAPS series. Those reflect two years.
“Are they normal” interesting question considering this is a very abnormal market.
“so few sales” – well… you could go back to the 80’s but would it have any relevance to today’s market?’
Hope that helps. If you have specifics – email me.

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