Vancouver Average Prices for March 2013

SeeSaw

It doesn’t seem to matter which segment of Vancouver market you are riding. The average price of detached, attached or apartments are a Seesaw ride where in a given period you may be riding high and the next find yourself at the low end of the board.

Going up and down can be viewed as the fun part of the Seesaw ride. A less comfortable element in Vancouver real estate’s Seesaw ride is one currently experienced by many home sellers. It’s that loud rusty bearing screech of fewer sales.

Average Price 1977 – 2012

2013 04 01 Average Price

Detached

SeeSaw-three-red-200px

Vancouver’s detached average home price of $1,176,642 was on the low side of the February 2013’s $1,221,037 – a price below the all time high of $1,235,244 set in Feb 2012.

Attached

Vancouver’s attached average price teetered below January’s rebound of $570,910 settling slightly higher than February 2013’s $549,793 coming to rest in March at $550,266.

Apartment

Apartment’s were at the top end of the plank in March recording an average price of $456,358 – up from February 2013’s $426,358.


Vancouver Real Estate Average Prices:

Detached Attached Apartment
March 13 – $1,176,642 March 13 – $550,266 March 13 – $456,358
March 12 – $1,155,521 March 12 – $593,139 March 12 – $444,993
March 11 – $1,155,007 March 11 – $593,139 March 11 – $465,997

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
March 13 – 6,878
+ 9%
March 13 – 2,403
+ 2%
March 13 – 6,179
– 6%
March 12 – 6,258 March 12 – 2,335 March 12 – 6,643

Vancouver Real Estate – Units Sold

Detached Attached Apartment
March 13 – 941
-20%
March 13 – 432
-13%
March 13 – 982
-17%
March 12 – 1,187 March 12 – 500 March 12 – 1,191

*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:

fish10 Says:
April 1st, 2013 at 2:37 pm

Larry

Any really big sales like last to skew things?

April 1st, 2013 at 3:31 pm

@fish10
Really BIG is I suppose, relative 🙂
According to MLXchange – within REBGV from Mar 01 to Mar 30 only 2 of the 597 Solds were above $9M. Next after that was $6.5M and lower.

赫罗 Says:
April 1st, 2013 at 4:15 pm

Could you post a list of sold for west side like you did before?

April 1st, 2013 at 4:51 pm

@hlshcd
might happen

Smoking Man Says:
April 1st, 2013 at 8:53 pm

Thank you Larry.

Any coffee talk update(s)?

April 1st, 2013 at 9:34 pm

Thanks Larry for the early scoop on March 2013 sales numbers.

I can only assume that you can put out the numbers a lot faster than the mighty REBGV, because you tell it like it is and the Board has to spend two to three days putting together the right “spin” to try to fool the public!

Thanks very much, Larry. At least there is one no-nonsense Realtor in Vancouver.

April 1st, 2013 at 10:29 pm

@Smoking Man

You are welcome.

Re: coffee talks – mixed bag of results based on neighbourhood and experience with some good and some bloody awful. Senior guys have been here before so they are prepared and know the drill. New kids on the block not so much but they keep signing up for their licence and the dream. As a senior rep said ‘Everybody is entitled to join Real Estate and go broke.” “It’s the simplest hardest job around.”

Roland Leung Says:
April 1st, 2013 at 10:54 pm

Market definitely picking up especially on the West side. Month of Inventory drops below 6 for the west side in March.

If you check out those bear sites, they are still relishing the real estate down turn. They may not realize that this March already a turnaround point. Soon, they will realize that they have missed the bottom again, just like they did in 2009.

April 1st, 2013 at 11:29 pm

@lookout
kind words – thanks

I can’t agree with your assumption. I don’t think the board is out to fool anybody. You must remember that the staff at the board are just normal people doing their job. If anything, the message of REBGV tends to not be overt when compared to many media or blogger types. At times I wish they would shout more but that is contrary to their mandate.

As to the graph:
Some background might help. Without wanting to appear ego-centric I can tell you that I started this average graph 23 or 24 years ago. At that time there were very few statistics available on anything including the average. I recall that I built the first graph using the first or second version of Excel and my dual 5.25in floppy 10mhz machine XT computer – a machine which if memory serves, cost me around $8000.00. I chuckle when I think of what we paid for computers 25 years ago. On those machines it would take days to get anything done because when it was time to save the data you had to exchange the data disk with the program disk to make the save command work. It was so tedious.

That time was also before data security. Then nobody cared if you took the only copy of the what little data there was recorded on single sheets of paper. You packed it up took it home and tabulated the numbers. Few people if any, had any sense of the data’s value. You can’t even get close to that sort of activity today.

On a hand shake I promised to return the hard copies once I was done with them. As my gift to the board I gave them my initial tabulation on a floppy disk and the first graph. I thought it would be nice if they shared the information with other members. It was only available via printed versions and I think you had to individually make a request to get the printed graph. As you can imagine we as Realtors were a smaller, tighter group and doing these sorts things were somewhat common.

Today the data is generated from the MLS source automatically and stored on non board resources. I and any other Realtor have access those resources but to my surprise I find that few are willing to take advantage to tabulate the monthly updates and then share them as I do.

I’ve never considered the information a big secret so I’m glad that so many readers enjoy the monthly update. If that information helps buyers and sellers in their real estate deliberations then the graph survives to serve another purpose and that too is a good thing. If it gives some media types something to crow about well they can have at it. As for my efforts I must add that I am altruistic. I would hope that if those ‘happy’ now knowledgeable readers are in need of a very experienced Realtor they will remember who helped them and feel inclined to give me a call.

fish10 Says:
April 2nd, 2013 at 7:13 am

thanks Larry. I believe one of those two sales over $9 M was for over $12M if my source is correct.

In that case, these two sales pushed up the SFH about 9-10K each. Without them, the average would have been nearer $1,156,000, or the same as last year’s level.

This shows the big effect a few big sales can have on the average when over-all sales numbers are so low.

April 2nd, 2013 at 7:58 am

@fish
in search of the Holy Average Price Grail are we? 🙂

According to MLXchange there were 599 sales system wide between Mar 01 and Mar 31. The highest price was $11,650,000. The runner up was $9,880,000. From those high points everything else was $6,550,000 and below with the lowest being a mobile home at $75,000.

March 2012’s average was $1,155,521 based on 1,194 sales. The highest sold price then was $6,580,000.
March 2010’s average was $1,002,020 based on 1,649 sales. The highest sold price then was $16,800,000. The next highest was $7,160,000.

April 2nd, 2013 at 9:02 am

@larry

Thanks Larry.

Here is what I meant by “fool” the public. Following is the text of an e-mail that I sent to Craig Munn, Asst Mgr of Communications at the REBGV asking for clarification on the price decline from the peak for a Detached Single Family Home:

“Craig, I have reviewed the REBGV press releases for the previous year, in great detail. I need you to confirm which of the following is accurate:

In the REBGV February 2013 press release, you state that, “Since reaching a peak in May 2012, the Benchmark price of a detached property has declined 6.8%.” Benchmark Prices: May 2012 $967,500, February 2013 $901,500. That’s 6.8%
alright.

However, in reviewing 2012 REBGV press releases, it seems that the peak was in April 2012 and NOT May 2012.

The reported Benchmark Price for a detached house was $1,064,800 in April 2012. February 2013 Benchmark Price $901,500.

That would make the decline 15.3% from the peak. A significant difference!

All data that I have quoted is from REBGV press releases. I have also included an attachment from Brian Ripley who graphs REBGV
reported Benchmak Prices for the three housing types which confirm my findings.

Could you clarify which one is accurate.

PS…Thanks to Brian Ripley. By the way Brian’s Website is CHPC.BIZ. ”

Larry, I didn’t want to use the words “fool” the public, but I have yet to receive a response from the Board. The e-mail was sent March 13, 2013 and a reminder sent on Monday April 1. Still waiting for a response.

You, being a numbers man, I would love to get your thoughts on the % Benchmark price decline from the peak for a detached Single Family Home in REBGV.

April 2nd, 2013 at 9:44 am

@lookout

First, I can’t and won’t answer for Craig’s ‘non-response’.
Second, you probably have noticed that I rarely if ever refer to the HPI. While I accept that for some it is another tool to validate analysis of the real estate market place the premise of the HPI is predicated on a set of arbitrary variables with math I find incomprehensible.
Third, as to the April/May difference – I haven’t checked on the cut over date from the old methodology to the new version although I’m uncertain if that is the problem.
Fourth, This is not intended to be a cop out to answering your question the best I can do for you at this time is to make a point of giving Craig a call to see if this can be resolved. Unlike me, he is on salary so the hours spent to confirm or deny your findings will be his.

To that end it will help if you send me by private email, your real contact information. Of one thing I am certain the board does not respond to anonymous requests. Please don’t post that info in a comment.

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