Detached Home S.L.A.P.

Old Sailors

Old sailor’s will tell you that in order to know where you’re going you need to know where you’ve been.

REBGV SLAP Det 2013 09 03

Detached Differences

In the year 2012 Vancouver real estate experienced a market flooded with an extraordinary number of active listings, low to dismal sales volumes and fluctuating prices. The unsettled nature some claim, was the result of Federal government changes to mortgage lending practices.

The year 2013 began with patterns that emulated most of 2012. Sales volume started low but as the year progressed it became cautiously alive to crest in July and August. The crest, a 69% increase in sales compared to the same period in 2012, is substantial and most likely temporary. Regardless, this aberration will undoubtedly give optimistic real estate types an opportunity to shout “the market is back”.

At the beginning of 2013 active listings mimicked the previous year as the numbers began to accumulate. However, in 2013 the active listings climb tempered mid year never attaining the unprecedented levels of 2012.

Comparatively, to date, 2013 has had it’s differences!

Detached Price

Time to Change

Early in 2012 Vancouver’s detached average price reached the all time high of $1,235,244. In subsequent months the market advanced in an unsettled retreat to November’s low of $1,053,902.

Two short months later, in February of 2013, the detached average price once again achieved a high of $1,221,037 – just short of 2012’s all time high.

Then as seen in the market of 2012, the detached average price withered. Similar to 2012, average prices remained unsettled with August 2013 recording the highest price since February 2013.

Where Yah Goin?

Looking back at Vancouver’s detached market place renders a tenuous outlook.

Conditional anticipation suggests a market place where total active listings continue a decline to previous historical levels. Assuming little or no further government interventions, a pattern for average prices in the near future could emulate those recently experienced.

Knowing the market from which he has come some old sailor may interpret this to mean calm waters and stable winds lie ahead – the future market for detached homes in Vancouver.

Image Credit: Flickr Marsmetn Tallahassee

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.

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*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.

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