Do Wet Wild Cards Change Vancouver Real Estate?

April Showers

An old rhyme talks about April showers. The statistical cards are face up on the table and based on Average prices recorded by the Vancouver Real estate board April’s market place has dampened.

Average Price 1977 – 2014

Vancouver Average Price April 2015

YatterMatters – Average Price April 2015

Vancouver Real Estate Average Numbers

Detached Attached Apartment
April 15 – $1,397,953 April 15 – $638,698 April 15 – $456,073
April 14 – $1,198,828 April 14 – $556,203 April 14 – $459,368
April 13 – $1,152,091 April 13 – $549,447 April 13 – $417,460

Vancouver Real Estate Inventory – Active Listings

Detached Attached Apartment
April 15 – 4,942
– 26%
April 15 – 1,714
– 21%
April 15 – 5,839
– 19%
April 14 – 6,720 April 14 – 2,175 April 14 – 6,620

Vancouver Real Estate – Units Sold

Detached Attached Apartment
April 15 – 1,730
+ 29%
April 15 – 740
+ 36%
April 15 – 1,478
+ 26%
April 14 – 1,341 April 14 – 542 April 14 – 1,172

Stop Lights and Umbrellas

Waiting for the Light

YatterMatters – Waiting for the light

In the early spring (mid January to mid March), Vancouver experiences a perennial rush to buy homes. Noticeable is that this rush has escalated in the recent years. Some attribute this to a coinciding Chinese holiday which provides an opportunity for off shore Chinese to join local hungry buyers in a frenzy to pay auction fever prices.

Then, in April, as if controlled by a walk signal, the frenzy subsides in the midst of another Vancouver tradition – the rain.

Almost heard is a momentary gasp as the envisioned mass of buyers hide under their umbrellas in the wet cold rain to take stock of their decision to buy during the seasonal high. Now in April, they catch their breath as they watch the market stutter with dampened prices.

Wild Card

House of Cards

YatterMatter – House of Card

This month, this market may be different and asks if a wild card is being played. As little as a month ago high year over year sales numbers combined with generally higher prices in a market where inventory is quite low. Now we have a month where sales have remained high, prices have taken a slight drop and inventory continues at a slow pace.

If low inventory, slowing prices and continued demand are the cards you hold how would you play your hand knowing there is still a wild card that could be played?

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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