Salmon Creek Area, Houses in the $500,000 to $600,000 Price Range
I recently completed an appraisal of a house in the $550,000 neighborhood of value in the Salmon Creek area of north Vancouver (MLS area 44). As I looked at the recent sales data and the marketing time, and the concessions made, I noticed some interesting characteristics.
The house sold in the mid $500,000’s. It is a well constructed house with three bedrooms, three bathrooms, three car garage and lots of hardwood flooring and tile counter tops and wainscot. The house is in the 2,500 to 3,500 square foot range of finished living area.
The above graph shows the changes in time of the average Days On Market and the average Sales Price for houses described above.
The MLS uses the most recent Days On Market number SINCE THE LAST PRICE REDUCTION. That means that the days on market is reflective of a competitive listing price, and does not show the full length of the market exposure of the property. The last column of this graph shows the same “Recent Past Six Months” TOTAL DAYS ON MARKET.
The average Days On Market reported in the MLS statistics was 146.82 for houses like my subject, near my subject. The total average Days On Market without consideration of recent price reductions was 350.55. As can be seen, as the Days On Market rises, pirces soften and sales concessions appear.
As the market has slowed marketing time has risen. Prices have been reduced and concessions have arisen. In the case of my subject (which inspired this examination) the seller contributed to the buyers closing costs. The listing agent contributed to the buyers closing costs. The selling agent contributed to the buyers closing costs.
IT’S A BUYERS MARKET, at least in this category of house it its location.
Pacific West Appraisal Services, Inc.
pwas.net
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