Vancouver Average Price Dance

New Year Dance

For the majority of 2012 Vancouver’s home buyers and sellers shuffled in a ‘who will blink first’ dance.

The market began to stagnate as sales and prices slowly stalled. However, in Vancouver things change quickly! Now in this the first month the new year’s dance, the Vancouver 2013 real estate market’s buyers and sellers are shuffling their feet to a new beat.

Average Price 1977 – 2012

Detached

Vancouver’s detached average home price of $1,152,851 is the highest price seen in the last 12 months with the exception of February 2012′s $1,235,244 and March 2012′s $1,155,521.

Attached

Vancouver’s attached average price of $570,910 mimicked the detached sector with only March 2012′s $593,139 and April 2012′s $580,733 average price being higher.

Apartment

Apartments rebound!

At $441,667 apartment average prices start the year matching an average price seen through almost half of 2012.

Vancouver Real Estate Average Prices:

Detached Attached Apartment
January 13 – $1,152,851 January 13 – $570,910 January 13 – $441,667
January 12 – $1,145,956 January 12 – $552,696 January 12 – $439,566
January 11 – $1,144,537 January 11 – $552,550 January 11 – $441,491

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
January 13 – 5,723
+ 07%

January 13 – 2,096
+ 07%

January 13 – 5,427
+ 02%

January 12 – 5,329 January 12 – 1,943 January 12 – 5,272

Vancouver Real Estate – Units Sold

Detached Attached Apartment
January 13 – 546
-17%

January 13 – 233
-10%

January 13 – 576
-12%

January 12 – 664 January 12 – 261 January 12 – 657

*Percent = YOY

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:

Fallen 20% more Says:
February 3rd, 2013 at 1:59 pm

Dont’ understand Larry…. sales are still way down things not so rosy out there… on another note any chance of a price reduction on the estate sale? Seems its been on the market for about 2 years?

George Says:
February 3rd, 2013 at 2:00 pm

5 very high priced homes sold at the beginning of the year in Vancouver. All of them were large discounts off the original asking price. In one case a Point Grey house sold for $6M less than the asking price. This came after the home had been on the market for quite a while.

Take away those top 5 transactions, and the detached average price would seen another drop this month.http://whispersfromtheedgeoftherainforest.blogspot.ca/

February 3rd, 2013 at 5:11 pm

@George,

and your explanation for the other segments is what?

February 3rd, 2013 at 5:15 pm

@fallen

Regarding Wilmar: A property of this size and scope takes a minimum of 18 to 28 months to sell.

MiniMe Says:
February 3rd, 2013 at 8:57 pm

Well, if you want to be objective you should first address George’s comment and acknowledge that the numbers you published are not reflecting the reality. That would be honest and unbiased. Counter attacking with another question is not a exceptionally smart reaction.
Probably whoever wants to spend the time will find the same situation for the other segments as well.

February 3rd, 2013 at 9:42 pm

@mini

The numbers reflect the reality of the numbers recorded.
They are presented honestly and are considered information without bias.
While you may not like it – it is from my perspective an objectively smart reaction.

How you or anyone chooses to interpret those numbers is your sole discretion.

bust-a-nut Says:
February 3rd, 2013 at 9:53 pm

This could be the year that we will see prices soften through the spring. If sales dont pick up soon, the fear could kick in and the market could flood fairly quickly. What do you think Larry? Pretty scary stuff eh?

George Says:
February 3rd, 2013 at 9:55 pm

Larry,
“Low sales mean if a few high prices properties sell, the average price is sure to rise and it appears this has happened in January .Only one day last month saw over 100 sales and most were below 60 per day. That’s abysmal.”Its all in the link above.
There is lots of inventory coming up and the next few months will tell.

February 3rd, 2013 at 10:03 pm

@george

Yes for some sellers and a lot of Realtors it may be as you say, abysmal. What we don’t know is whether some sellers ‘really’ have to sell. If that is true it is a game changer leading to market stagnation.

Ming Says:
February 3rd, 2013 at 10:05 pm

Average price alone does not speak too much. We must count in median price as well.

In down market, two types of homes get sold first

1) Good property with small discount
2) Less than perfect property with deep discount

Motivated seller not included (those who have to sell due to divorce, heritage, moving, lose of job, etc)

In other words, reading sold price alone won’t let you know if a sold price is comparable to or below than what it was worth last year or even 3 months ago.

February 3rd, 2013 at 10:06 pm

@bust a nut
possibly but nobody knows until it happens. If there is any fear it would be in massive job losses, interest hikes etc. There really needs something dramatic to trigger what you suggest. Nothing appears to be on the horizon that is scary enough to meet that ‘trigger’ qualification.

MiniMe Says:
February 3rd, 2013 at 10:18 pm

The numbers reflect the reality of the numbers recorded.
They are presented honestly and are considered information without bias.
While you may not like it – it is from my perspective an objectively smart reaction.

How you or anyone chooses to interpret those numbers is your sole discretion.
——————————————
The maths involved in calculating the average and the median price are no subject to negotiations nor the object to “my interpretation” or “your interpretation”
Hiding the maths and exposing just half of the argument is not fair. Either one did not know that the stats are skewed or he knew but preferred not to comment looks bad no yattermatter how you look at it :-)

Fallen 20% more Says:
February 3rd, 2013 at 10:55 pm

The “trigger” is around the corner…. maxed out CC’s and LOC’s falling RE prices and easy credit is fading, i know many in the local construction-reno business and 2012 was the worst year in the last 10, 2013 not looking any brighter SGHTF this yr

bbcoq Says:
February 4th, 2013 at 9:53 am

2 Factors I have heard little about are:
1. Interest Rates have been at historic lows for a while now and are probably losing their effect.
2. Provincial Election in Spring and many sitting on their hands seeing what happens

Reasonfirst Says:
February 4th, 2013 at 11:39 am

“What we don’t know is whether some sellers ‘really’ have to sell.”

I can definitively state that some sellers “really” don’t have to sell…

…and that some do.

February 4th, 2013 at 4:28 pm

@mini

Information free. Analysis billable. A fair exchange.

February 4th, 2013 at 4:28 pm

@Fallen
Often heard doom and gloom prophecy

February 4th, 2013 at 4:29 pm

@reason
balance and harmony :)

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