Vancouver Average Price Hat Trick
Posted September 1st, 2012 in Real Estate, Statistics | 
Hat Trick
Short handed sales hasn’t stopped Vancouver Average Residential Real Estate prices from melting the ice. This August Average prices scored a ‘hat trick’.
Average Price 1977 – 2012
Detached
Vancouver’s detached average home prices ricocheted off the cross bar to score an average price goal of $1,142,237 – a price not seen since January and March of this year.
Attached
At an average price of $547,588 in August, Vancouver’s attached market segment bounced off the right post to redeem itself from July’s low of $538,297.
Apartment
August 2012′s average apartment price of $444,218 found its stride with a score that brings it back in line prices seen through most of the first half of this year.
Vancouver Real Estate Average Prices:
| Detached | Attached | Apartment |
| August 12 – $1,142,237 | August 12 – $547,588 | August 12 – $444,218 |
| August 11 – $1,162,242 | August 11 – $562,145 | August 11 – $463,204 |
| August 10 – $999,407 | August 10 – $551,035 | August 10 – $430,598 |
Vancouver Real Estate Inventory – Active Listings
| Detached | Attached | Apartment |
| August 12 – 7,875
+ 26%
|
August 12 – 2,622
+ 11%
|
August 12 – 7,070
+ 14%
|
| August 11 – 6,222 | August 11 – 2,347 | August 11 – 6,201 |
Vancouver Real Estate – Units Sold
| Detached | Attached | Apartment |
| August 12 – 624
-39%
|
August 12 – 300
-25%
|
August 12 – 725
-24%
|
| August 11 – 1,029 | August 11 – 403 | August 11 – 955 |
*Percent = YOY
Photo Courtesy NW Sports Beat.com
Photo Credit – Richard Hodges
Phew! With sales down so dramatically I was starting to worry that prices might drop.
Looks like they’ll just keep climbing upwards to the stars and beyond.
Thanks Larry for the stats!
WOW! Avg. SFH price up MoM, but down 7.5% from Feb/12 peak and down YoY. BUT, SFH sales plummet nearly 40% to only 624 – so VERY small sample size. SFH unsold inventory jumps 26% to 7,875, so MOI DOUBLES from 6.0 in Aug/11 to12.6 (7,875/624).
Overall sales down YoY 31% to 1,649 and inventory up 19% YoY to 17,567, so overall MOI jumps to 10.7 vs. 6.2 in Aug/11. SFH leads the market in declining sales, increased unsold inventory and jumps in MOI. 12.6 MOI is the best predictor of future price decline in SFHs.
I still am of the view that we see sub $1,000,000 average by year-end, this is just statistical noise.
A real estate investor acquaintance indicated that her view was that we’ll see a 30% decline…this is the talk of the town now…
Looking for listings to surge next week, and 20,000 by month end.
He he,
The image you used for “Detached” is something that reminds me of Maple Leafs. He have seen that gesture many times lateley yet the team is entertaining us with a prolongued mediocrity
Any possible analogy with the RE market was intended
The market looks rather ill — sales down substantially, prices down marginally, and listings up significantly. Watch for the average price to decline more as listings get stale and desperation/panic set in.
2005 prices, here we come.
Should have also thanked Larry for getting the stats to us so quickly, thank you Larry.
Vanpro, I agree (MOI), and I’m predicting an MOI into the mid-teens for this fall.
Interesting times. Let’s see how the MSM spins this, do they trot out the averages (vs. HPI) for the first time in months? I say they DO.
Typical, but you can’t stop fundamentals from coming home to roost, they are like salmon finding their home river, eventually it all comes back home.
Yes, of course, Larry’s speed w/ the stats is 2nd to none.
@smoking man
@vanpro
‘blushing’
The average price is such a volitile number. Sales and active listings are the numbers we should keep an eye on. Sales don’t look any better and will likely fall significantly in Nov and Dec. i don’t think we’ll see 2000+ sales per month for the remainder of the year.
@van guy blazin
“average price is such a volitile number”
It is but one number among many. Casual observation of late notes that some choose a ‘number’ that suits their agenda . For some the HPI has fallen into disgrace, median isn’t good enough, and averages are ‘volitile’. It would seem discussion now centers on sales and active listings as the ‘flavor of the day’.
Dispersion is not being cast other than to suggest a complete view is necessary to achieve a – dare I say it – a ‘balanced’ perspective. That is if one can arrive at such a point when the topic at hand is Vancouver real estate.
Average prices may not be accurate month-to-month, but long term they tell a very accurate story. This month was obviously skewed by several big sales over $10 million and low sales amounts, but who cares. This bubble didn’t happen overnight and it isn’t going to crash overnight either. Once average prices drop into the 6 digits again (Below $1 mil), things will be much clearer.
By the way Larry I like the title, “Hat Trick”. If by chance September is down arrows in all 3 categories, I petition your title to be “Flat Trick”. I am easily amused.
higher prices are normal in decelerating market. Nobody notices when the first time buyers, the lifeblood of real estate, have disappeared – no low end sales. It would be interesting to see percentage of property virgins vs trade ups. my guess is we’re out of virgins.
Is there anywhere to find more information on the sales data? Something that can show you the sale price of each home?
@Dan
Speaking officially it is the land title office. Buy your favorite REALTOR a lunch and they may choose to help you.
Thanks for the quick stats Larry!