Fraser – a Snapshot

Fraser Single Family Homes

Vancouver’s Fraser neighbourhood between 25th and 33rd is in a state of change. I know I have talked about this before. If you are looking for an up and coming neighbourhood that is still a relatively good buy you need to go for a walk and check the area out. In relative terms, it is at its early stages of becoming a cool neighbourhood but I’m pretty certain that 10 or fewer years from now you will be glad you took that walk.

South of 33rd above Glen Park and just up the hill you will find some of the better views of the city and mountains. The homes here are in various states of repair – some good, some just awful. Life however, is like that so don’t be surprised to find that everybody ties up their shoes differently. With a bit of searching you will probably find something that suits you.

Another bit of excitement in the Fraser community is that this neighbourhood is running hot and cold as it tries to find it’s market.

In the period covering July 15, 2010 to September 14, 2010, single family homes in the Fraser neighbourhood have taken a bit of a bump.

Listings

Total Listings decreased from July/August’s 60 to August/September’s 59.

Sales

In contrast, the number of sales increased from July/August’s 10 to August/September’s 11.

Expired, Reductions, Increases, Days on Market

  • July/August had 8 listing mandates expire matching August/September’s 8.
  • Price reductions in July/August were 19, this cooled in August/September to 16.
  • There were 0 price increase in both periods.
  • It took an average of 35 days to sell a home in July/August. That stretched to 45 in August/September.

Average and Median Prices

  • July/August’s Average Ask price of $853,390 dropped to August/September’s $712,072.
  • The Median Ask price in July/August was $884,000 but it too fell to $669,900 in August/September.
  • The Average Sold price in the July/August was $866,100. A substantial drop too place as August/September recorded $706,363.
  • The Median Sold price in July/August registered $881,000. In the August/September that dropped to $645,000.

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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:

fish10 Says:
September 15th, 2010 at 7:52 am

These are big drops. Particularly in the Median ASK price.

Not sure what to make of that.

is everyone reducing their prices so much? Is it lower priced houses suddenly being listed.

I thought maybe Kits was an aberration, but now it starting to look like a trend. Any thoughts Larry?

Many Thanks for the numbers.

September 15th, 2010 at 8:48 am

@fish
– if you have been following the ‘Dailies’ you will have noticed that price reductions have been happening for a month or more. I suspect this may be a reflection of that on going event.

Samsonite Says:
September 15th, 2010 at 10:24 am

Thanks Larry, I really enjoyed the last two items, seems to support my views…

So…given that, how do you think Sept will shape up stats wise? Will the chatter from the BC real estate association on the MSM yesterday be hard to repeat in October (ie. will listings be moving higher and sales lower, therefore hard to repeat the same mantra, at least based on the same data comparative)?

Many thanks, super site. Hope you are doing well (sincerely).

bearknowitall Says:
September 15th, 2010 at 10:38 am

Wait until next month after another 10 units sold, I predict Larry will say ” wow, when I’m just going to quit, market drags me in again”.

I also predict Larry’s tea leaf will turn to green (from yellow) … again. LOL

September 15th, 2010 at 11:12 am

@bear

🙂

L8erdude Says:
September 15th, 2010 at 11:48 am

these price changes are likely not “reductions” – rather, higher priced expiries and lower priced new listings. Don’t assume the price of a home in this area has dropped by 200K by reading these stats.

September 15th, 2010 at 12:07 pm

@l8rdude
“likely not” leaves the door open to a conclusion the to a degree they probably are.
“as to higher priced expiries and lower priced new listings” – agree on the exprieds.
Explain to me the current market difference between a home that has reduced it’s price to $700k and a new listing at $700k. What if the new listing is over priced? Where’s the value then?

Crash Says:
September 15th, 2010 at 4:10 pm

“I’m pretty certain that 10 or fewer years from now you will be glad you took that walk.”

What will happen then?

September 15th, 2010 at 4:44 pm

@crash
maybe a seagull will find it’s target 🙁

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