Say It Ain’t So – Vancouver Average Price

Told Yah So!

Vancouver real estate average prices remain ‘Bullish’ in two of three residential markets. As the continued increase in sales numbers coupled with declining inventory continue expected to be heard is the chanted refrain of “I Told Yah So!”

Average Price 1977 – 2013

2013 11 01 Average Price

Detached

Vancouver’s Detached homes average October price eclipsed February’s 2013 high of $1,221,037 as it registered $1,222,608.

Sales continued their accelerated pace seen in the past few months recording a 33% increase compared to the same month last year. In addition, during the same period detached inventory dropped 10%.

Measure Tape Ben Falcifer Flickr

Attached

Those opposite may say I Told Yah So in counterpoint when discussing Vancouver’s Attached average price as October’s average dropped to $561,448 – down from September’s $608,825. The voracity of the cheer may be mulled by the 47% increase in units sold up from last years 338 units to this year’s 497.

Apartment

October’s Apartment average price of $437,303 were upbeat compared to September’s $428,898. Sales rose 36% compared to October 2012 while inventory dropped 13%.

Vancouver Real Estate Average Prices:

Detached Attached Apartment
October 13 – $1,222,608 October 13 – $561,448 October 13 – $437,303
October 12 – $1,116,108 October 12 – $583,376 October 12 – $429,371
October 11 – $1,162,349 October 11 – $571,425 October 11 – $446,296

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
October 13 – 6,797
– 10%
October 13 – 2,328
– 13%
October 13 – 6,132
– 13%
October 12 – 7,619 October 12 – 2,689 October 12 – 7,062

Vancouver Real Estate – Units Sold

Detached Attached Apartment
October 13 – 1,657
+ 33%
October 13 – 497
+ 47%
October 13 – 1,098
+ 36%
October 12 – 798 October 12 – 338 October 12 – 803

Say It Ain’t So

Those who standing on a precarious precipice looking down hoping to find a Vancouver market collapse may find the phrase ‘Say It Ain’t So’ coming to mind.

Edition of 1000 Printed:

The vagaries of Vancouver’s Residential market at this time are a bright light.

Tempered average prices, increased sales and decreasing inventory add to the longer term Bank of Canada pronouncement of stable low interest rates.

A Bullish recipe when combined, that should produce a steady, well paced, market place in the months ahead.

*Percent = YOY

Photo Credit: Flickr zoetnet Flickr wildphotons

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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