Average Price Snake Bite

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

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:

Wow Says:
March 1st, 2013 at 8:25 am

Thanks Larry,

Looks like the 3 big $ sales tell me this… for every smart rich person there are 3 not so smart!

yvr2zrh Says:
March 1st, 2013 at 10:31 am

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.

eastv Says:
March 1st, 2013 at 10:54 am

Can you make a graph overlaying average prices with units sold?

Dave#1 Says:
March 1st, 2013 at 11:46 am

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

ScubaSteve Says:
March 1st, 2013 at 12:17 pm

2013 = 1,790 sales
2012 = 2,568 sales
2011 = 3,097 sales

March 1st, 2013 at 1:28 pm

@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.

March 1st, 2013 at 1:29 pm

@scuba steve

would help if you qualified the source of the numbers.

Told-you-so Says:
March 1st, 2013 at 6:58 pm

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!

March 2nd, 2013 at 12:04 am

@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

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