July’s Hiccup

Hiccup

At some time you may have suffered the hiccup. If you did you would certainly remember that quick involuntary inhalation followed by a spasm of your diaphram that is suddenly checked to produce a sharp sound we call the “hiccup”!

It doesn’t much matter which method we use to stop the process – sometimes they just don’t work. One method often suggested is to hold your breath. For many, it never quite works out the way you are told it will. Often the only result is to see yourself turn blue as the oxygen in your body is depleted.

The totals for July’s average prices for Vancouver detached homes, attached homes and apartments have been tallied. Suspect is that Vancouver detached and attached home sellers may be turning blue as they contend with Vancouver Average price hiccups.

Average Price 1977 – 2010

Vancouver's Average Price for July 2010

Detached Hiccup

July’s average detached price is a catch-your-breath month. Starting with May’s $955,154 we moved along to June’s hiccup of $970,542. Take a deep breath – July’s detached average price is now $941,275.

Attached Hiccup

Attached average price is suffering equally. May’s prices exhaled at $541,507. June caught it’s breath at $569,037. Today, you may be turning blue as July’s average attached price logs in at $529,253.

Apartment Hiccups

Apartment average prices caught it’s breath in May at $444,055, after a blue spell in April at $427,847 and June at $428,924, apartment average price again has caught a breath in July at $443,100.

Vancouver Real Estate Average Price Numbers:

Detached Attached Apartment
July 10 – $941,275 July 10 – $529,253 July 10 – $443,100
July 09 – $824,437 July 09 – $486,564 July 09 – $400,823
July 08 – $828,780 July 08 – $493,434 June 08 – $389,204

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
July 10 – 7,075
+ 25%
July 10 – 2,443
+ 22%
July 10 – 6,913
+ 47%
July 09 – 5,659 July 09 – 1,996 July 09 – 4,675

Vancouver Real Estate – Units Sold

Detached Attached Apartment
July 10 – 911
– 43%
July 10 – 368
– 53%
July 10 – 979
– 42%
July 09 – 1,626 July 09 – 792 July 09 – 1,709

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:

"A-Sharp" Accountant Says:
August 1st, 2010 at 10:13 am

Hi Larry,

Thanks for the numbers. I appreciate the work you do.

Captain Jack Says:
August 1st, 2010 at 3:49 pm

Only a “hiccup”?! Interest rates going up, hst/taxes going up, high employment, concerns of a double dip recession, global debt skyrocketing, stagnant wages, boomers retiring with no rrsp’s so they will sell their homes to cash out increasing inventory even more, 5/35 year mortgage renewed at much higher interest rates for first time buyer. I can go on but you get my point. This is more than a hiccup. Prices have begun there 30pct slide (or even more).

Boombust Says:
August 1st, 2010 at 5:54 pm

Thanks, Larry.

I always KNEW that once the Olympic hype died down, things would begin to slow.

I have been in the bear camp for a LONG time, I have had those “funny looks” or have met outright hostility whenever the topic of a Vancouver RE bubble “popped up”.

Now, those very same people will have to “pipe down”.

paulb Says:
August 1st, 2010 at 7:27 pm

Thanks!! I Was watching for your update.

and the forecast calls for pain.

August 1st, 2010 at 8:06 pm

@Captain
what would you call it? Considering that everything you say is already known and oft repeated the market change witnessed doesn’t rate anything greater imo.

August 1st, 2010 at 8:08 pm

@Boombust
confirming your suspicions is what I live for 🙂

August 1st, 2010 at 8:10 pm

@paulb
methinks the pain you refer to isn’t as great if caused by paper gains

MH Says:
August 1st, 2010 at 10:45 pm

If you hadn’t looked at the actual numbers and just read the posts from the bears you would think we’re 20-30% off highs. We’re marginally off of highs after an enormous run-up and the bears are set to have a parade to rival the pride parade today… I don’t know what to make of it but it’s awfully odd.

Jim Says:
August 2nd, 2010 at 5:58 am

If we don’t see an upward hiccup in September then it will be time for a heimlich maneuver.

I realize that sounds a bit non sensical but I wanted to stick with the metaphor. Of course calling a market direction in Vancouver has always been nonsensical especially after only 1 or 3 months of stats.
Larry why are real esstate bears more agressive than bulls?

August 2nd, 2010 at 8:04 am

@jim
methaphors are a good thing 🙂
“why are real esstate bears more agressive than bulls”? Not sure if by using the word “aggressive” you mean “noisy”.

As to the why – I’m not a psychologist but, sticking with methaphors – a bear’s “roar” seems louder than a bull’s “grunt” or, maybe it is just easier to throw rocks rather than use them to build a house.

As you have noticed there are a number who visit here and as long as they are respectful I don’t mind – kind of spices the place up.

In terms of ‘balance’ – there is a silent majority who visit this blog.

Captain Jack Says:
August 2nd, 2010 at 11:36 am

I would call it “The Beginning”.

August 2nd, 2010 at 5:50 pm

@Captain
write a post and do so.

@boombust
what!!! are you becoming the king of sound bites? 🙂

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