May’s Wilting Flower

April’s Showers…..

The showers of April were not enough to stop Vancouver’s real estate market flower from wilting. For the two months prior, records were broken as the highest average detached prices were recorded in the Real Estate Board of Greater Vancouver’s history. In May 2010, those records are now a thing of the past as the average detached price heads back to familiar territory.

Average Price 1977 – 2010

Detached

March’s average price of $1,002,020, for a detached home in Vancouver was eclipsed by April’s $1,003,884. May saw a few petals fall off the bloom as the detached average price dropped to $955,154. Another price drop of this magnitude and Vancouver detached will be approaching 2008 prices – see numbers below.

Attached

Attached properties took a slide from April’s average of $551,385 down to $541,507.

Apartments

April’s apartment average price took a hit at $427,847 but has bounced back up to $442,835.

Vancouver Real Estate Average Price Numbers:

Detached Attached Apartment
May 10 – $955,154 May 10 – $541,507 May 10 – $444,835
May 09 – $831,171 May 09 – $479,580 May 09 – $394,133
May 08 – $887,503 May 08 – $507,192 May 08 – $419,794

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
May 10 – 7,359
+ 21%
May 10 – 2,602
+ 10%
May 10 – 7,541
+ 44%
May 09 – 6,060 May 09 – 2,361 May 09 – 5,220

Vancouver Real Estate – Units Sold

Detached Attached Apartment
May 10 – 1,262
– 41%
May 10 – 546
– 20%
May 10 – 1,354
– 09%
May 09 – 1,964 May 09 – 664 May 09 – 1,458

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:

fish10 Says:
June 1st, 2010 at 6:44 am

First one out with the numbers again!

Kudos and thanks

MH Says:
June 1st, 2010 at 6:49 am

Interesting to see detached barely fall, apartments rise and attached take it on the chin… it seems like it’s a bit of reversion to the mean because detached was really starting to runaway from the other two

Samsonite Says:
June 1st, 2010 at 7:51 am

Incredible.

Larry, I’m hearing from bankers that many realtors are commenting on how things have slowed dramatically in terms of their overall activity in the past two weeks – given your coffee talk, can you provide any thoughts/views on this?

thx.

interesting times.

June 1st, 2010 at 8:09 am

@Samsonite,
lol, you are right. I’m due for coffee. the sales numbers say it all.

vreaa Says:
June 1st, 2010 at 9:17 am

Thanks for the numbers, Larry.

paulb Says:
June 1st, 2010 at 9:29 am

Wow, thats a huge drop in sales volume and prices for houses.

Are these official, or verified numbers Larry?

Great work.

specialfx3000 Says:
June 1st, 2010 at 9:39 am

Not surprising the stuff in the 400K to 600K range would do ok (for now) as the last group of FTB (lemmings) makes the plunge over the cliff. Many sure can’t afford the stuff in the 1M range and thus softening in detach numbers.

This is only the beginning. 2008 and then some is around the corner.

First time poster here… by the way, Larry, you rock for providing info in practically real time 🙂 Much appreciated.

June 1st, 2010 at 10:14 am

@paulb
“Are these official or verified?”
Paul with due respect, your question has tone that is a bit self righteous?

June 1st, 2010 at 10:15 am

@vreaa
no worries 🙂

June 1st, 2010 at 10:17 am

@specialfx
welcome aboard

Bob Lucas Says:
June 1st, 2010 at 10:33 am

These numbers are looking good for soft landing. The big question is whether sellers will compete against one another and lower prices or will they take the inventory off. This kind of reminds of me of my kid who will try to sell his Eric Lindros rookie card for $100 to see if anyone will take. Of course, his true reservation price is likely far higher than what a lot of other buyers (i.e. bears) would like to pay.

Samsonite Says:
June 1st, 2010 at 11:20 am

Larry, I don’t think Paul sounded that way – guess he was just wondering as official stats yet to be released.

Amazing numbers.

MH, your wrong, detached took it hardest – and look at the decline in sales for that category!

great stats Larry, thanks much.

paulb Says:
June 1st, 2010 at 11:29 am

Larry, my tone is one of cautious jubilation.

Relax

Absinthe Says:
June 1st, 2010 at 12:27 pm

Awwww. We no longer have a million dollar average? I don’t feel so special anymore! 😉

vangrl Says:
June 1st, 2010 at 12:46 pm

saw this one coming a Point Grey mile away…

thanks for the numbers

MH Says:
June 1st, 2010 at 2:41 pm

Yes I meant attached…..

June 1st, 2010 at 2:59 pm

@paulb
Once more with due respect, I appreciate that having viewed the numbers you might be jubilant however, further to your response I am not prepared to ‘relax’ on what I perceive as a public relations issue.

So that you are clear on this matter – I don’t conjure these numbers. That you call into question whether they are “verified” is unacceptable. They are to my knowledge, accurate as they are derived from REB data. I suggest that you read the disclaimer on the graph confirming this.

Presuming your meaning of the words “are they official”. Simply stated, I am not the board and therefore do not have the authority to claim that status.

In that you feel compelled to publically call into question my professional intergrity vis a vis such statements, whether innocently or otherwise, is what I find unacceptable. Memory serves that this is not the first time you have cast such dispersions my way and so to be clear, it is not appreciated nor will it be tolerated on Yattermatters or elsewhere.

anon Says:
June 1st, 2010 at 3:37 pm

Larry, as always, thanks for the numbers. My observation, based on this thread, Paul B has not meant to be disrespectful.

raj Says:
June 1st, 2010 at 3:56 pm

Thanks for the numbers, Larry.

Sandy Says:
June 1st, 2010 at 4:27 pm

Is this the same @PaulB that was a realtor in North Van and then moved to PEI to be a realtor and said in parting that PEI was so much better than Vancouver?

Did he move back to Vancouver all of a sudden? If so, I would not worry too much about his opinion Larry. I think he might have some other issues he is trying to work out in his life.

I think it is pretty clear based on your following that you are well respected realtor in this town and the readers know you do not just make up numbers.

Not much of a name... Says:
June 1st, 2010 at 4:32 pm

Larry,

Wow…is it that slow out there? Chill dude. It was a simple question.

ManfredSteyn Says:
June 1st, 2010 at 4:57 pm

Great numbers, Larry. Keep up the great work; its much appreciated.

Nero Says:
June 1st, 2010 at 5:18 pm

Thanks for putting together these numbers – greatly appreciated.

jesse Says:
June 1st, 2010 at 6:22 pm

The numbers both Larry and Paul produce seem to line up with the Board’s monthly reports. Looking at data on a daily basis is too noisy but makes for good blogging! Monthly is better but we can see that, even then, there are sometimes anomalies that don’t align with the general trend.

Larry, out of curiosity, what value do you think looking at monthly numbers has and for whom? Would you use them to help determine list pricing of a client’s listing, for example?

RavingBull Says:
June 1st, 2010 at 8:23 pm

Larry,

PaulB’s question was simple and sincere, and not at all inflammatory.

Relax.

That said, great post.

June 1st, 2010 at 9:16 pm

@jesse-

most people pay for my advice but because you are special and I’m feeling magnanimous –

“Value”
It would be fool hardy to use these numbers in isolation. Consider if you will, that a well made cake contains many of ingredients.

“For Whom”
Both buyers and sellers require the same information. The decisions each make though separate, are not exclusive of each other. Think Buyer’s Market Evaluation!

June 1st, 2010 at 9:19 pm

@Raving
Privately Paul and I have come to an understanding. All is good in Whoville and thanks to all for your concern.

Comment On This Post

will not be published
http://www.yourwebsite.com