Grandview Beat

Grandview Detached

Commercial Drive’s citizenry is as diverse as any to be found in the city of Vancouver.

Grandview a Vancouver neighbourhood surrounds Commerical Drive and in this Neighbourhood Snapshot, it shows us just how interesting a place it can be.

For detached properties in the Grandview neighbourhood covering the period from July 24, 2010 to September 23, 2010.

Listings

Total Listings decreased from July/August’s 50 to August/September’s 42.

Sales

Following the same direction, sales in Granview decreased by over 50% from July/August’s 11 down to August/September’s 5.

Expired, Reductions, Increases, Days on Market

  • July/August had 5 listings expire whereas August/September had 3.
  • Price reductions in July/August totaled 12, dropping to 7 in August/September.
  • There were 1 price increase in both periods.
  • The number of days it took to sell a home in July/August was 55. This took a incredible drop down to 9 days in August/September.

Average and Median Prices

  • July/August’s Average Ask price of $805,981 increased in August/September as it climbed to an Average of $898,000.
  • The Median Ask price in July/August was $778,000 rising to $899,000 in August/September.
  • The Average Sold price in the July/August was $789,545. In the last throws of summer heat the average sold climbed by over 100,000 dollars to $894,200 in August/September.
  • The Median Sold price in July/August recorded $743,000. In the August/September sun, it scorched its way to $879,500.

Why?

Word on the street suggests a the change is taking place in the market. If this small and local data set relative to the overall market is an indication, this may be the first change in the market’s drum beat we hear.

SOLD July/August SOLD August/September

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:

vanpro Says:
September 24th, 2010 at 7:16 am

Isn’t the “change” that sales are plummetting? We are at or near 10 year lows in sales. Higher prices on far fewer sales is not a good sign in any kind of market. Also, new listings in the overall market are up (sell/list is down) and inventory has reversed downtrend of the last few months and is now climbing again. Price reductions are outnumbering sales by a huge margin on most days. All this indicates that more and more people are not “buying” into the unsustainable high prices. Also, the new home/condo market has collapsed to all time low sales – see Olympic Village and other developers beginning to offer “significant” incentives and price reductions.

Samsonite Says:
September 24th, 2010 at 8:05 am

Just sales mix Larry, look at median list price…strip that out and in my view we are in a downtrend.

Nice headline in today’s Vancouver Sun – check it out.

I don’t think that this will spur condo buying activity over the weekend – do you?

specialfx3000 Says:
September 24th, 2010 at 8:20 am

I really can’t understand how houses are going over listing in this market. (evident of bidding wars still happening)

Seriously look around, there’s lots of there. Are some houses really so special or are people still under a rock fearing the ‘priced out’ mentality? Some realtor influence?

I would love to understand the thought process of a bid ‘winner’. My congrats go out to the bid ‘losers’. 🙂

September 24th, 2010 at 8:45 am

@special
re: houses – clean, pretty, location = $$
re: special – see above
re: realtor influence = marginal
re: understanding = he who has the gold rules
re: congrats to losers – that’s silly. Have you been there? It’s not fun.

BBCoq Says:
September 24th, 2010 at 9:14 am

So what is in your crystal ball Larry? Define the change as I see in my area properly priced houses selling and crap (long term rentals) or mispriced stuff just sits and sits.
Sought after quality properties seem to still have a good market. Everything else has to be reasonable in price. No different than the butcher store or produce market.
What change is taking place?

fatjay Says:
September 24th, 2010 at 10:28 am

Hi Larry,

Similar to some of the past months comparisons, it’s hard to draw any conclusions because sales are so low right now. Would you consider adding some extra data to your posts? I have a suggestion:

I don’t think that anyone would rationally look at these numbers and say prices have gone up more than 13% in Grandview this month!

More likely, especially judging by the low DOM there were some new listings that came to market which were priced right.

Do you have easy access to either average assessment value of the sales, or average square footage, or some other indicator? It still wouldn’t be perfect, but it might shed some light on the massive average price increase.

i.e. Did prices really go up, or did people spend more, but get more for their money.

I can’t take credit for the idea. I saw something similar on a Victoria housing blog which gave this stat:

“In the urban core the median over the last 60 days has gone from $564,500 to $585,000. An increase of 3.6 percent. But the size of the typical home being bought has increased from 1,992 to 2,100 square feet. The price per square foot has therefore dropped from $283 to $279”

Maybe square footage isn’t the best measure for your focus areas, but BC assessment values would be interesting.

Thanks for all the numbers, and sorry for suggesting more work for you – it’s just hard to get the raw data (unless you’re a realtor I guess).

L8erdude Says:
September 24th, 2010 at 10:32 am

good point Larry. If you’ve ever been on the losing side of a bidding war you know how disappointing it is. specialfx3000 bids on GI Joes on e-bay, not on homes.

About the data. It follows what I’ve always suspected about Vancouver SFH. Demand for land is ever increasing and prices reflect this.

specialfx3000 Says:
September 24th, 2010 at 10:40 am

“re: congrats to losers – that’s silly. Have you been there? It’s not fun.”

Fast forward a few months and say the market drops 10%, if the buyer that ‘lost’ is still in the market, he/she could buy an equivalent house for about 100K less. Can I congratulation them then?

Or do you think he/she missed the boat and it will cost 10% more in a few months? (Don’t talk about the last few years. I’m talking about today and a few months from today)

specialfx3000 Says:
September 24th, 2010 at 10:42 am

Another thing, why are people so down when they lose out on a bidding war.

Are they that attached after 1 or a few showings?

Don’t be so blue. Cross the street, there’s another house for sale.

September 24th, 2010 at 12:30 pm

@L8R
“GI Joes on e-bay” sorry @special that tickled my funny bone 🙂

specialfx3000 Says:
September 24th, 2010 at 12:55 pm

Why L8erdude, your bank did not give you more to increase your bid? Wanna sell me your GI Joes?

September 24th, 2010 at 1:48 pm

@special
there yah go being brutal again 🙂

specialfx3000 Says:
September 24th, 2010 at 2:56 pm

I wasn’t gonna lowball on the GI Joes… wait, I probably would 🙂

Enjoy your weekend Larry!

mlaw Says:
September 24th, 2010 at 3:42 pm

Jul/Aug = 4.5 months of inventory
Aug/Sep = 8.4

September 24th, 2010 at 3:52 pm

@mlaw
careful with the numbers – remember the snapshot is only a momentary ‘slice’ of data

Reasonfirst Says:
September 24th, 2010 at 3:53 pm

…losing end of a bidding war?

I think I would get over it.

September 24th, 2010 at 3:56 pm

@reason
easier said than done

mlaw Says:
September 24th, 2010 at 4:13 pm

Momentary slice of data? Does total listings mean total active listings on a specific date?

September 24th, 2010 at 4:20 pm

@mlaw
No. Active listings are a subset of the total listings

mlaw Says:
September 24th, 2010 at 4:23 pm

What were the active listings at the end of each period?

September 24th, 2010 at 4:26 pm

@mlaw
no time to do that now sorry.

Best place on meth Says:
September 24th, 2010 at 5:58 pm

5 sales is pathetic, there is absolutely nothing to be learned from this other than that sales are nearly non-existent.

It’s been another week of brutally low sales and high listings. I really think realtors are getting antsy and panic stricken, judging by their comments.

A couple of houses going 1% over asking is supposed to make people sit up and take notice?

I hope there is some “real” data coming up with the other neighborhoods.

September 24th, 2010 at 6:18 pm

@meth
you ‘crack’ me up – it’s always the Realtors® fault. 🙂
using the same stats machine consider this:
last year total sales in this neighbourhood – 145
year to date total sales in this neighbourhood – 99
might even pass last years numbers – there is time

Best place on meth Says:
September 24th, 2010 at 7:07 pm

“might even pass last years numbers – there is time”

Not at 5 sales a month – you do the math.

So many insinuations from your industry these days, like you telling us there are big sales days coming soon and Comedian Muir proclaiming the buyers market is about to end.

I hope you people aren’t just BSing us in an attempt to try and influence people to buy, that wouldn’t be very nice.

September 24th, 2010 at 7:11 pm

@meth
50% of the time we are right
hmmm was last year a banner year? So even close is still good IMO.

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