Vancouver’s Real Estate Flat Earth Style

Flat Earth LAPS

People of the Flat Earth ask: “is the Vancouver detached real estate market dropping off the edge?”

Vancouver Detached Units Listed

The 2,410 detached units Listed in September did climb a few steps from August’s 2,032. However, in comparison to April 2010’s 3,183 listed units the edge seems far away.

Vancouver Detached Units Sold

Sales are the life blood of a market. With only 966 sales in September you could get excited thinking you are near the precipice until you realize that September 2010 only recorded 870 sales.

Vancouver’s Detached Active Listings

The number of Active Listings might raise the hair on the back of your neck in fear knowing that September 2011 recorded 6,885 listings but in the greater scheme of things it is only a few hundred higher than September 2010 which had 6,489 active listings. Retrospectively, a few months earlier, June 2010 recorded 7,529 active listings. In that month as recalled, no one sensed that the end was in sight which was verified later by the lack of orders for Valium.

Average Price

Most of this year Average Prices continued to climb to record levels which on a flat earth is a tough thing to do. Starting in January 2010, prices like a tsunami rose above the 1.14 million mark. Each successive month was another wave of higher pricing. We held our breath as it continued to rise to May’s high of 1.22 million.

June in the Vancouver detached market saw the beginning of those wave’s retreat. In a somewhat orderly fashion they calmed to September’s current 1.10 million number – one that is not far off the September 2010’s mark of 1.01 million.

Fat 50/50

Following my 50/50 rule on a flat earth there is a chance that Average Prices might follow last year’s pattern. The fat to which some refer, may already have come off the Vancouver’s single family home prices. While we have more to worry about globally, all things being level, we may be in or currently are headed for flat or nearly flat market prices similar to the period between September and December 2010.

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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.

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*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:

Reggie Says:
October 3rd, 2011 at 8:10 pm

Good/fair/objective comments/thoughts Larry, thanks!

Hmm, I’ll still hold 26,000 listings (per your monthly chart) as a harbinger, only time will tell!

Have a great evening.

Boombust Says:
October 4th, 2011 at 6:28 am

There is a lot of “shadow inventory” out there too, Larry. The number of new developments that have completed this past year are serious competition for the MLS inventory.

October 4th, 2011 at 6:57 am

@boombust
that is quite true

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