A Snapshot of the local Marpole detached home market is a picture of frenzied confusion relative to other segments of the market place.

In the period covering April 24, 2010 to June 10, 2010 detached properties in the Marpole neighbourhood experienced the following market activity.

Listings

Total Listings declined from April/May’s 68 to May/June’s 61.

Sales

Sales decreased by half from April/May’s 12 to 16 in May/June.

Expired, Reductions, Increases, Days on Market

• April/May had 5 listing mandates expire reducing to 4 in the May/June.
• Price reductions in April/May were 16 increasing to 17 in May/June.
• There were 1 price increase in both periods.
• It took an average of 29 days to sell a home in April/May and 19 in May/June.

Average and Median Prices

• Total Listings Average Ask price in April/May was $1,241,776. In May/June it was $1,274,157.
• Total Listings Median Ask price in April/May was $1,196,500 increasing to $1,198,000 in May/June.
• April/May’s Average Ask price of Sold Listings was $1,087,490 increasing to May/June’s $1,283,833.
• The Median Ask price of Sold Listings in April/May was $998,500 which then increased to $1,264,000 May/June.
• The Average Sold price in the April/May was $1,083,500. In May/June this increased to $1,246,000.
• The Median Sold price in April/May was $1,028,000. In May/June this increased to $1,220,000.

Observation

Stone Carving From Marpole Midden – 1929, Courtesy City of Vancouver Archives

Marpole has recorded an interesting market anomaly in this sixty day snapshot.

It needs to be noted that of the 6 sales recorded in the last 30 day period, 4 of those sales were in excess of $1,160,000. Of the six, the lowest asking price was $898,000 and the highest was $1,780,000. Noteworthy is that no sale exceeded the asking price.

Four of the six listings had asking prices that were $300K above the lowest priced listing ($898K). The four listings accordingly sold for higher prices. The resulting calculation of average and median prices of the six listings of which 4 recorded substantially higher prices tilted the average and median to the upper end. The result is that the limited number of sales at a higher price has generated a view that might leave a mistaken impression that the Marpole market has gone wild.

Marpole 30 and 60 Days

Marpole Detached real estate during the current past 30 day period July 21 to Aug 20,2009 compared to the previous 30 day June 21 to July 20, 2009 period witnessed Total Listings recead from 52 to 49. As with other areas of the city Marpole had a decrease in sales from 12 to 8.

In concert with the record sales Average Sale prices increased from $926,700 to $1,111,083.

Accordingly Median Sold Price, a more of a reasoned view of the Marpole detached market also experienced and increase from $9111,550 as the neighbourhood caught a summer market’s updraft reaching $1,029,500.

Numbers

FOR SALE

EXPIRED Listing Mandates

SOLD

HIGH/LOW

Outlook

Repeating what many economists and Realtor types are suggesting is that confidence with lower interest rates has been the driver for the market place in general and Marpole detached market in particular. Coinciding with numbers and ratified in a number of public reports, June/July’s sales exceeded all expectations. Marpole, was not an exception!

Courtesy Zedomax

Will it Last?

Interpreting the words of CREA’s president – continue to expect that the lowest priced homes or those homes presenting the best value relative to others, will fly off the shelf. Realtor street reports are saying that a great number of multiple offers are occurring, indicating fierce competition for these homes. As a current market climate, a reasonable expectation for the near future is that the Marpole neighbourhood prices will probably escalate.

In Marpole, it’s common to see and hear planes arriving and departing from Vancouver’s International Airport. From time to time, strange and unigue planes can be seen there. For some, the Vancouver Real estate market might bare a resemblance to this plane. It is suffers from similar unexplainable oddities yet has comparative characteristics. Like planes, the Vancouver market takes off but, eventually, it runs out of fuel and must come down. It’s only a matter of time.

*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.