Vancouver Detached Home Prices Go Super Nova

Star Trek

Star Trek’s Captain James Tiberius Kirk would stand proud knowing that the average price of a Vancouver home has dared to go where prices have never gone before.

Average Price 1977 – 2013

2014 01 01 Average Price

Detached – Super Nova

Super Nova Remnant w49b Suzaku Credit Caltec_SSC_NASA NASA’s Chandra X-Ray Observatory. Credit: Caltech/SSC/NASA

Unprecedented!

Vancouver’s new Detached home average price is $1,276,073. This is the highest price ever recorded for a single family home in this city.

Compared to December of 2012:

  • Average Price is up 18%.
  • Active Listings are down 9% and
  • Unit Sales are up 80%

It is an explosive combination suggesting that detached real estate in Vancouver has gone Super Nova.

Attached

Attached average price increased to $558,290 – down from the September’s high of $608,825. Compared to December 2012 Active Listings are down 19% and Units Sold are up 60%.

Apartment

December 2013 Apartment average price hovered at $427,066 – down from 2013’s high point of $487,515 recorded in June. Stacked against last year’s numbers this December saw Unit Sales increase by 68% while the number of Active Listings dropped 8%.

Vancouver Real Estate Average Prices:

Detached Attached Apartment
December 13 – $1,276,073 December 13 – $558,209 December 13 – $427,066
December 12 – $1,078,495 December 12 – $557,966 December 12 – $415,991
December 11 – $1,064,249 December 11 – $511,948 December 11 – $443,562

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
December 13 – 5,031
– 09%
December 13 – 1,640
– 19%
December 13 – 4,890
– 08%
December 12 – 5,555 December 12 – 2,046 December 12 – 5,336

Vancouver Real Estate – Units Sold

Detached Attached Apartment
December 13 – 767
+ 80%
December 13 – 341
+ 60%
December 13 – 850
+ 68%
December 12 – 426 December 12 – 213 December 12 – 504

Commonality

The Hubble Telescope has delivered images of the universe never seen before. Studying those images, astronomical researchers struggle to understand how the universe evolved. Along the way they have encountered strange wonderful events – many of which are yet to be understood.

With a minimal degree of correlation it is also puzzling to put in place the elements that drive Vancouver’s evolving real estate market.

Star_Trek_Original_Series_Captain_James_T_Kirk_freecomputerdesktopwallpaper_1280

One commonality astronomical researchers and followers of the Vancouver real estate market face is that the images viewed – whether a Super Nova or a graphical representation of Vancouver’s market place, both present events that occurred in the past. It may be light years before either science develops in full measure an understanding of an outcome sufficient to accurately predict the future.

Going where no man had gone before never concerned James Tiberius Kirk – that was his and accordingly, would appear to be Vancouver Real Estate’s future!

*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:

Sam Says:
January 1st, 2014 at 2:50 pm

It sure seems like the detached prices are in a bubble, but the same can not be said for apartments and attached. Just by looking at the graph, condos are relatively stable. Thanks for the quick update & Happy New Year!

January 1st, 2014 at 3:05 pm

@sam
an alternate perspective might be to consider the bubble you speak of as the new price paradigm

Bo Xilai Says:
January 2nd, 2014 at 11:33 am

Yes, Nortel at $124 was a new price paradigm…

January 2nd, 2014 at 11:55 am

@Bo

From the file called Life is Like That:

somebody sold at $124 and were happy – we never hear from them

Alex Says:
January 2nd, 2014 at 2:17 pm

‘The new price paradigm?’ !!

Larry, frankly, I’m suprised at you.

You’ve injected the koolaid into your veins.

Freedom Says:
January 2nd, 2014 at 4:15 pm

But don’t forget, stocks are liquid, real estate is not. Many will not be able to unload their real estate at the top when it crashes.

January 2nd, 2014 at 5:09 pm

@Alex,
It’s real, it’s now, it’s what I see and it doesn’t taste like koolaid.

@Freedom
“Many will not be able to unload”
some Nortel owners said the same thing.

Beard of Bees Says:
January 2nd, 2014 at 6:16 pm

Supernovae are extremely luminous and cause a burst of radiation that often briefly outshines an entire galaxy, before fading from view over several weeks or months.

Supernova is an Interesting analogy. Perhaps we should expect an imminent fading of the local detached market?!?!?

Happy New Year Larry! Congrats on selling your Wilmar listing.

January 2nd, 2014 at 6:49 pm

@Beard of Bees

LOL – that could be. After all it is a big universe of which there is relatively little understanding and is one where you should expect the unexpected.

Thanks on the Wilmar. Dealing with Heritage homes is an art form that tries patience. For the most part I enjoyed the convoluted 18 month process at City hall. Unfortunately, the time only served to confirm (at least in my mind), that talk is cheap.

A reciprocal Health and Happiness to you as well.

KC Says:
January 3rd, 2014 at 1:12 pm

“super nova” sounds like an appropriate description. When I look at the price chart it certainly looks like the last burst of energy before the inevitable flame-out.

January 3rd, 2014 at 2:26 pm

@KC

Yup heard that before. 🙂

Johnny Says:
January 4th, 2014 at 8:02 am

Here’s hoping for a massive RE crash in 2014 and 2015! That should help reset expectations for the asset class know as RE and bring prices back in line with the fundamentals of the local economy! Endure a bit of pain for long term gain.

Happy New Year!

Cheers,
John

January 4th, 2014 at 9:57 am

@johnny

And if that doesn’t happen your solution would be what??

Johnny Says:
January 4th, 2014 at 12:44 pm

It’s a cleansing Larry – it needs to happen once in a while and always does sooner or later. The economy is broken at the moment. A “reset” will inflict short term pain for long term gain for our economy. Flipping houses and leveraging oneself to the gills is not the long term solution.

January 4th, 2014 at 10:05 pm

@johnny
good luck with your “reset” fix.

Comment On This Post

will not be published
http://www.yourwebsite.com