It takes a lot of bread to buy a home in the Pt.Grey neighbourhood. More to the point, it will take a bakers dozen to make that purchase as the Pt.Grey Snapshot of detached homes indicates a show of strength as median prices rise.

In the period covering March 25 to May 25, detached properties in the Pt. Grey neighbourhood experienced the following market activity.

Listings

Total Listings declined from March/April’s 86 to April/May’s 84.

Sales

Sales decreased from March/April’s 17 to 14 in April/May.

Expired, Reductions, Increases, Days on Market

• March/April had 1 listing mandates expire increasing to 2 in the April/May period.
• Price reductions in March/April were 26 decreasing to 22 in April/May.
• There were 2 price increases in both periods.
• It took an average of 26 days to sell a home in March/April and 22 in April/May.

Average and Median Prices

• March/April’s Average Ask price of $1,985,058 decreased to April/May’s $1,960,785.
• The Median Ask price in March/April was $1,798,000 increasing to $1,998,000 in April/May.

• The Average Sold price in the April/May was $1,972,427. This was a step down from March/April’s average sold price of $1,992,022.

• The Median Sold prices reacted differently with March/April’s price of $1,928,888 increasing to April/May’s $2,073,750.

Observation

Prices are all over the map. This mixture of ingredients usually indicates an unsettled market. These variations seem at a superficial glance, to be prevailing in many neighbourhoods.

What needs to be seen is if this flux is the first real statistical evidence that the Vancouver real estate market is changing one neighbourhood at a time.

During the past 30 and 60 day period, the detached market activity in Pt.Grey a Vancouver neighbourhood, has the appearance of a community struggling to maintain its market values.

In the period covering February 28 to April 28, Pt. Grey experienced the following market activity.

Listings

Total Listings declined from February/March’s 84 to March/April’s 74.

Sales

Sales decreased from February/March’s 19 to 11 in March/April.

Expired, Reductions, Increases, Days on Market

• March/April saw 1 listing mandate expire. There were 3 in February/March.
• Price reductions in February/March were 18 while in March/April there were 16.
• There were 3 price increases in February/March and only 1 in March/April.
• It took 11 days to sell a home in March/April compared to 21 February/March.

Average and Median Prices

February/March’s Average Ask price saw a slight drop from $2,046,684 to March/April’s $2,037,171. The Median Ask price in February/March was $1,699,000 then increased to $1,798,000 March/April.

The Average Sold price in the March/April was $2,069,808 – an upward tick from February/March’s price of $2,016,626. The Median Sold prices reacted similarly with February/March’s $1,699,000 climbing to March/April’s $1,928,888.

Reflections

An exception to other neighbourhoods on the west side, Pt.Grey has made a valiant effort to hold on to it’s real estate market values.

On April 27th The Province published a story about Mainland Chinese buyers being the driver in luxury home purchases. This may, as proclaimed, be the reason Pt. Grey has as a neighourhood market maintained its place as one of the most expensive neighbourhood in which to buy a home.

The past 30 and 60 days in Vancouver’s Point Grey neighbourhood has been kind to it’s home owner citizens.

The Average Sold price of $2,370,000 exceeded the Average Sold List price of $2,342,000. This is above the 60 day first steps into 2010 when the Average Sold Price was $2,195,000, a number almost $100,000 above the Average List price of $2,106,000.

Mandates

There were no expired properties in the last period, a number almost matched by the increased number of sales during the last 30 day period. Those sales happened more quickly as the number of days on market dropped.

Methinks

Point Grey seems to be the bastion of quick sales and higher prices. Will this good fortune be sustained? In upcoming posts we’ll have a look at other west side neighbourhoods to see if the pattern is more broadly based.

Pt. Grey 30 Days

Pt. Grey does not appear to have escaped the slide in sale prices and listings witnessed in other neighbourhoods in the past couple of weeks. If numbers don’t lie, this upscale neighbourhood has joined what may soon be a throng. If this continues in a little over 4 days, November’s month end numbers could be a shaker.

Is the market begining to tear away from the 2009 Vancouver real estate rush? This past 30 day period Oct 27 to Nov 26 2009 witnessed the number of homes selling in Point Grey drop from 21 in Sept/Oct to only 8 in the Oct/Nov period. The batteries in the calculator are new and it said that’s beyond a 50% drop in sales volume in this neighbourhood.

There were 8 price reductions in Oct/Nov with expired listings decreasing from 7 to 5.

Average active list prices held firm between the two periods at $3,678,617.

The rip! Of those homes that sold in the Oct/Nov period the Average Asking price was $1,690,100 which is quite a drop from $2,295,038. Averages always are weird so we must look to Median ask and solds prices for validation.

Not So Tasty

The pudding may not be as tasty as Point Grey sellers might like. Sept/Oct’s Average Sold price was $2,198,047 whereas Oct/Nov’s plunged to $1,704,062. Recognizing that averages can be skewed we look and find that the Median Sold price did follow the Average with a drop from Sept/Oct’s $1,738,000 to Oct/Nov’s $1,562,500

.

Numbers

FOR SALE

EXPIRED

SOLD

HIGH/LOW

Notable

The interesting aspect is that in tracking various neighbourhoods during the past few days, both of Vancouver’s east and west markets showed a similar pattern developing. Remaining reserved about making market calls based on 60 day periods, the change is evident and pervasive. Combined with Vancouver REALTOR® street talk these numbers do cause flags to be raised and a potential need to sharpen the pencil.

*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.

Point Grey 30 Days

Point Grey Detached real estate during the posted 30 days July 16 to Aug 15, 2009 shared the explosive sales jump noted by many sources.

A Good Month

• Solds nearly doubled from the June/July period.
• The total number of listings increased.
• Average sold prices climbed.
• Median sold prices climbed.

Numbers

FOR SALE

EXPIRED

SOLD

HIGH/LOW

What’s Ahead

The obvious is that more Pt. Grey homes sold, at higher prices. What is not so obvious is, how long will this last? Are the increases a price bubble? According to Doug Porter Chief Economist of BMO’s Capital Markets, “we can’t rule it out”. Will this increase entice more sellers to enter the market? Assuming Dale Ripplinger, CREA’s president is right, expect the current rush of sales to be a result of buyers taking the advantage of “excellent affordability before price and interest rates move higher”.

Pascal Gauthier, an economist with TD Bank Financial Group chimes in by saying that “after improving markedly, affordability will deteriorate in coming quarters, and unemployment will continue to rise.” “New listings might well start rising again too. Combined, a larger supply and a softening in demand should cool prices in a delayed fashion.”

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.

**Numbers may vary as they are dynamically posted by the REBGV.

***Quotes => Financial Post

Point Grey 30 Days

Point Grey Detached real estate during the posted 30 day period May 27 to June 27 2009 had 10 sales, down 12 from 04/28/09 – 05/27/09. The number of active listings remained steady at 45. Average and median Sold prices are down respectively for the same periods from the Average of $1,526,636 to $1,511,500 and Median Solds dropping from $1,345,000 to $1,220,000.

Balance

The struggle to find balance found 11 properties reducing their price. The most notable, a price adjustment of $475,000.
Not the highest priced property in Point Grey, it’s was reduced from $5,950,000 to $5,475,000. With tongue in cheek, if you hurry, there is still time to make your bid. The listing mandate ends July lst.

Gritting Teeth

More importantly, even at this price range the price reduction of approximately 12% represents a serious adjustment. This may be the watershed listing. It could be the lithmus for more and bigger reductions in the weeks ahead. The west side market may be a cresting wave that travels across the broader Vancouver market.

Numbers

FOR SALE

EXPIRED

SOLD

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.

**Numbers may vary as they are dynamically posted by the REBGV.

Point Grey 30 Days

Point Grey Detached real estate during the posted 30 day period March 21 to April 20 2009 had 11 sales. The number of active listings remained somewhat steady showing a decrease of 10 units. Average and median active list prices are down. The spread between the average Sold and Ask price is about 9%. Struggling to find the floor, there were 27 price reductions or about 52% of the active listings that adjusted their price.

Sellers appear prepared to accept a lower selling price as both median and average sold prices have dropped making some buyers happy.

Numbers

FOR SALE

EXPIRED

SOLD

HIGH/LOW

Outlook

Buyers have found new confidence in lower interest rates offered by the banks. While they are realizing interest savings they continue to seek sellers who are prepared to negotiate prices lower than asking however, within the last few days there have been a number of multiple offers that have resulted in sales over asking. While it is expected that this level of activity will continue there is also recent speculation that world financial markets may again play havoc on our local markets.

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.

**Numbers may vary as they are dynamically posted by the REBGV.

Point Grey 30 Days

Point Grey Detached real estate during the past 30 day period of February 23, 2009 to March 25,2009 experienced a increase in the number of sales up at 16 – up 2. The number of active listings remained steady. Average and median active list prices held also held steady. The spread between the average Sold and Ask price took about an 8% drop during this period. Struggling to find the floor, there were 28 price reductions, down from 30 in the last period.

Sellers appear prepared to accept a lower selling price as both median and average sold prices have dropped MOM giving way to serious savings for buyers.

Numbers

FOR SALE

EXPIRED

SOLD

HIGH/LOW

Outlook

Buyers have found new confidence in lower interest rates offered by the banks. While they are realizing interest savings they continue to seek sellers who are prepared to negotiate prices lower than asking. Looking forward it is expected that this type of activity will continue.

I’m always happy to answer your Vancouver Real Estate question. Call or send me an email Twitter or Skype me at YatterMatters.

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.

30 Days

Point Grey real estate during 30 day period of December 20, 2008 to January 20,2009 experienced the continuing decline in sales activity.

Numbers

FOR SALE

EXPIRED

SOLD LISTINGS

HIGH/LOW

Outlook

Buyers are waiting on the sidelines in anticipation of a further price reductions. 35 of the 67 or 51% of the active listings, had price reductions.

According to statisticians in and outside of the industry, expectations are that the market will continue down 08′s path during 2009.

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I’m always happy to answer your Vancouver Real Estate question. Call or send me an email Twitter or Skype me at YatterMatters.

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.