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

Commercial Drive is Vancouver’s last bastion of a Bohemian lifestyle. It’s citizenry is as diverse as any to be found in the city.

Grandview, in which Commerical Drive is recognized as the main business area offers housing as varied as the people who live within.

The following market snapshot of this neighbourhood experienced a interesting reaction that may in part explain today’s place.

For detached properties in the Grandview community covering the period from June 20, 2010 to August 18, 2010.

Listings

Total Listings decreased from June/July’s 54 to July/Aug’s 43.

Sales

Similarly, sales in Granview decreased by over 50% from June/July’s 17 to July/Aug’s 5.

Expired, Reductions, Increases, Days on Market

• June/July had 4 listing mandates expire whereas July/Aug had 5.
• Price reductions in June/July were 15, cooling to 14 in July/Aug.
• There were 1 price increase in both periods.
• The number of days it took to sell a home more than doubled. It took an average of 22days to sell a home in June/July which stretched to 49 in July/Aug.

Average and Median Prices

• June/July’s Average Ask price of $760,152 felt the heat in July/Aug as it climbed to an Average of $89,180.
• The Median Ask price in June/July was $699,900 but it too felt the heat climbing to $899,000 in July/Aug.
• The Average Sold price in the June/July was $762,419. Without the benefit of sun screen, it rose to $905,695 in July/Aug.
• The Median Sold price in June/July recorded $720,000. In the July/Aug sun, it scorched its way to $880,000.

Why?

Supposition based on a comparison of what has and what has not sold, the time it takes to sell and the price at which it is selling suggests what myself and a few other Realtors® have thought for some time.

Simply, pretty houses that have been properly tarted up with new kitchens, floors, appliances, mechanical updates, and paint give value to their street appeal which quickly attracts buyers who in some cases will pay more than asking – even in this market.

Comparing

Sold:

1842 East 7th, 24 X 127 foot lot, 2,171 square feet. Asking $999,999 — Sold $1,082,500 in 6 days.

The Realtors® description says it’s where “Classic Sophistication Meets Contemporary Style” is the best way to describe this Breathtaking Character Home a 1/2 block off The Drive. Attention to Detail in every corner grabs your attention & makes you fall in love with this 4bed/3bath home with legal 1Bd in-law suite. Recent renos was designed to maintain the integrity of the home while bringing today’s favourites in. The KITCHEN is an Entertaining Chef’s Dream. Huge open concept w/ large island, granite, gas stove, ss app & it opens onto a 400sf sunny South facing private back patio. Orig. Fir floors, over height ceilings, huge bedrooms, front porch, NS mountain view upstairs, pillars, the list goes on and on.”

Hasn’t Sold

1462 East 1st, 33 X 122 lot, 3,600 square feet. Asking $1,088,000 hasn’t sold in 195 days.

The Realtors® description says “all sizes & ages are approx, buyer to verify if important to buyer. Great character home, 4 levels – almost 3,600 sq ft could be easily converted to 4 separate units with different addresses. Plans ready. Huge potential, great investment and/or development property.”

I don’t mean to be nasty but, when ending his description the Realtor® adds what many would consider the all time stupid comment – it “won’t last!”

Perspective

East 7th is a nicer area, the 1400 block of East 1st, not so much. The pictures say it all. The only comparison is price.

So ask yourself, which one would you buy?

It is the same question every buyer out there is facing right now. An educated guess to explain the dilemma is that this market has a lot of crappy houses that are clearly priced far beyond reasonable value.

Aside from the many other global, national and local financial issues that bombard us daily, it is proposed that until these property types drastically adjust their asking price or the sellers and their listing Realtors® face reality and stop this silliness, the market in Grandview and other communities will continue to be bogged down with nonsense listings that waste a serious buyer’s time and add further confusion to an already cluttered table.

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

CVA Photo Credit

• 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.

This snapshot of our local Grandview neighbourhood’s detached home market should make sellers happy as prices have held steady.

If you were without any other influence you might just think this looks like a normal market.

In the period April 23, 2010 to June 22, 2010 detached properties in the Grandview neighbourhood showed the following results.

Listings

Total Listings declined by one from April/May’s 68 to May/June’s 67.

Sales

Sales saw a decline of 4 sales dropping to 9 in May/June which as a percentile of April/May’s 13 is significant.

Expired, Reductions, Increases, Days on Market

• April/May had no listing mandates expire but that jumped to 2 in May/June.
• Price reductions in April/May were 13 increasing to 17 in May/June.
• There was 1 price increase registered in both periods.
• Worth noting is that it only took 9 days to sell a house in April/May which increased to 22 days in May/June. Are buyers taking longer to make up their mind?

Average and Median Prices

Res. of Dr. Agnew, 1020 Victoria Drive, Grandview. – 1932 – CVA 99-4162

• Total Listings Average Ask price in April/May was $743,500. In May/June it increased to $794,413.
• Total Listings Median Ask price in April/May was $743,500 then decreased to $739,000 in May/June.
• April/May’s Average Ask price of Sold Listings was $800,492 increasing to May/June’s $816,300.
• The Median Ask price of Sold Listings in April/May was $769,000 only to increase to $799,000 in May/June.
• The Average Sold price in the April/May was $826,000. In May/June this decreased to $811,611.
• The Median Sold price in April/May was $800,000. In May/June this increased to $810,000.

Thoughts

The ever popular Grandview neighbourhood in this 60 day snapshot, appears to be holding ground against the market tide. A quick scan of the homes that sold showed 4 and 5 bedroom homes with two baths with an average of 2200 sq. ft size selling. Of note, in the May/June period three homes sold over ask.

During the past 30 day period, a snapshot of the Grandview’s detached market activity saw a market struggling to climb back up.

Local Markets

Every neighbourhood is different!

The amenities, culture, and diversity of it’s inhabitants offer unique perspectives that come together to define each neighbourhood’s distinct character.

Each month YatterMatters selects any number of neighbourhoods to explore through SnapShots of their local real estate market.

In the period covering March 07 to May 07, Grandview, also known as The Drive, recorded the following market activity.

Listings

Total Listings declined from March/April’s 59 to April/May’s 55.

Sales

Sales decreased from March/April’s 15 to 9 in April/May.

Expired, Reductions, Increases, Days on Market

• The March/April period had no listing mandates expire but there was one in April/May.
• Price reductions in March/April were 8 while in April/May it was 9.
• There were no price increases in either period.
• It took 18 days to sell a home in March/April dropping to 15 April/May.

Average and Median Prices

• March/April’s Average Ask price decreased from $809,513 to April/May’s $725,766.
• The Median Ask price in March/April of $775,000 dropped slightly to $769,000 in April/May.

• The Average Sold price in the April/May was $748,222. This was a drop from March/April’s average sale price of $819,833.

• The Median Sold prices climbed from March/April’s price of $790,000 increasing to April/May’s $800,000.

Local Thoughts

Many predictions of doom and gloom exist. Contradicting these predictions, Vancouver’s Grandview neighbourhood is currently seeing a climb back to a positive upward market.

During the past 30 day period, the Granview neighbourhood’s detached home ask/sold prices dropped below the previous period.

In the period covering February 15 to April 14, the Grandview neighbourhood experienced the following market activity.

Listings

Total Listings increased from February/March’s 31 to March/April’s 37remained steady during both periods at 44.

Sales

Sales also increased from February/March’s 7 to March/April’s 12.

Expired, Reductions, Increases, Days on Market

• March/April saw 1 listing mandates expire as did February/March.
• Price reductions in February/March numbered 7 whereas March/April settled at 9.
• Price increases in both periods also remained the same at 0.
• It took 5 days less to sell a home in March/April compared to February/March.

Average and Median Prices

February/March’s Average Ask price recorded $947,414 decreased to March/April’s $825,325. The Median Ask price in February/March was $849,000 then dropped to $782,450 March/April.

The Average Sold price in the March/April of $844,875 dropped from the February/March recorded $930,642. The Median Sold prices followed with February/March’s $865,500 dropping to March/April’s $796,000.

Thoughts

A long time popular area in which to live with ‘The Drive’ suffers a similar fate to Cambie on the west – it’s is stumbling as well. In a similar pattern to Cambie, from one month to the following the overall average and median ask and sold prices has declined yet, within each period both the Average and Median Sold price remained higher than the Average and Median Ask. Final thought – the Grandview neighbourhood, experienced a decrease in its detached market value during the past 60 day period.

Action on the ‘Drive’

Grandview the wonderful neighbourhood most famous for Commercial drive commonly called the “Drive”, saw a nice little bump in average prices since Christmas of ’09. The was a very slight decrease in the number of sales and it is taking a almost five times longer to sell them but, as sellers, they are probably figuring it’s worth the wait.

Know When to Fold Them

There were no expired mandates during this past 30 day period suggesting that everybody might be holding their cards close to their chests hoping for more gold than the medals Canada has collected to date.