Average Price Snake Bite
Posted March 1st, 2013 in Real Estate, Statistics | 
Snake Bite
A possible result of a Chinese New Year Snake Bite might find some people gasping in pain as the average price for a detached house in Vancouver swelled to a level approaching the record high seen in February of 2012.
Average Price 1977 – 2012
Detached
Vancouver’s detached average home price of $1,221,037 eclipsed January’s high of $1,152,851. Parallel to February of 2012, February 2013 has recorded an exceptional average price.
Note: Average prices are prone to being skewed. Evidence points to this month’s swollen number being the result of a bite from three Vancouver West Side sales that clocked in at $18, $14, and $11 million dollars.
Attached
Vancouver’s attached average price dropped from January’s rebound of $570,910 to settle at $549,793, down from February 2012′s $557,134.
Apartment
Apartment’s hope seen in January’s average price of $441,667 dissipated in February as the average price dropped to $426,276 below February 2012′s $455,689.
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 |
| February 13 – $1,221,037 | February 13 – $549,793 | February 13 – $426,276 |
| February 12 – $1,235,244 | February 12 – $557,134 | February 12 – $455,689 |
| February 11 – $1,173,395 | February 11 – $573,534 | February 11 – $444,862 |
Vancouver Real Estate Inventory – Active Listings
| Detached | Attached | Apartment |
| February 13 – 6,544
+ 15%
|
February 13 – 2,282
+ 9%
|
February 13 – 5,963
– 1%
|
| February 12 – 5,665 | February 12 – 2,092 | February 12 – 6,029 |
Vancouver Real Estate – Units Sold
| Detached | Attached | Apartment |
| February 13 – 707
-35%
|
February 13 – 333
-21%
|
February 13 – 760
-25%
|
| February 12 – 1,103 | February 12 – 424 | February 12 – 1,020 |
*Percent = YOY
Thanks Larry,
Looks like the 3 big $ sales tell me this… for every smart rich person there are 3 not so smart!
As expected – - there were about 5-6 homes sold close to or over 10M. This combined with low sales numbers has moved the average price up approximately $120,000 for the month compared to what it would have been without. No surprises – - expect a flat HPI however as it appears that at the bottom end of each market, there is much more action now.
Can you make a graph overlaying average prices with units sold?
hey larry, thanks for the quick month end data.
with the 3 pricey sales, are they well above the norm?
Just curious what the average would be if you removed them. And would that avg number be more realistic to what you are seeing.
thanks…Dave
2013 = 1,790 sales
2012 = 2,568 sales
2011 = 3,097 sales
@dave#1
LOL I thought only realtors used #1
Re: not sure that Vancouver real estate has ever been classified as normal.
check previous post to see the west side numbers. Compared to many places on this earth there is little that is realistic about our prices.
@scuba steve
would help if you qualified the source of the numbers.
Thanks, Larry.
I’m not too sure how common sales of 18, 14, and 11 million dollars are in that area in a typical month. Answers to a couple of questions may enlighten the situation:
1) Were any of the top 3 sales sold under list? If yes, by how much?
2) If you subtracted those top three sales from the equation, what would the average have been?
Thanks so much!
@Told you
Re: how common?? See previous post which will also give you the answer to your next question
Re: subtraction – I saw someone in another blog take a stab at it and came up with an number around 1.16M