Friday, March 1, 2013

Average Detached Price soars to over $1.2 million



It's the start of a new month and, as always, Larry Yatkowsky is out with his month-end stats.  As faithful readers know, we are always impressed with Mr. Yatkowsky's regular statistical updates.
Vancouver’s detached average home price of $1,221,037 eclipsed January’s high of $1,152,851. Parallel to February of 2012, February 2013 has recorded an exceptional average price.

Note: Average prices are prone to being skewed. Evidence points to this month’s swollen number being the result of a bite from three Vancouver West Side sales that clocked in at $18, $14, and $11 million dollars.
Larry's last comment is significant. In a posting he made yesterday, Yatkowsky notes there were only 71 sales on the west side of Vancouver in February 2013.  And most were below their asking prices with some selling significantly lower what they were listed for. 

In a market with few sales, the presence of those three hight end sales (despite being as much as $3.7 and $3.2 million below their original asking price) will skew the average price significantly upwards.

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29 comments:

  1. Statistically speaking, the average Canadian has one tit and one testicle.

    No point in looking average sales price.

    ReplyDelete
    Replies
    1. That's funny...and it's pretty accurate to boot.
      I think a slightly better metrics is the median price. That will take away the skewing effect of those multi-million mansions.

      Delete
    2. so true. Way back during my college days we were taught to look at averages three ways, Mean, Median, and Mode.

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    3. I look at Vancouver prices in three ways, too;
      Mean, Meaner, and Mad.

      Delete
  2. What are the odds that the BCREA start talking about average prices again and forget to mention the HPI?

    ReplyDelete
  3. FYI PaulB inventory was 15678 on Feb 27.

    New list - 221
    Sales - 102

    ReplyDelete
  4. Prices are up significantly, the bait is on the hook. Let the spring spin begin Muir, Good, McSleeze, Rennie et al.

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  5. Anyone know what the average price would be if those three pricey homes were taken out of the mix? I'm just curious to see how much impact they had. Thx

    ReplyDelete
    Replies
    1. Well, there are 707 sales for detached.
      Without this 3 big sales, average would be down $61,079, e.g. $1,160,000?

      Delete
    2. Thanks! It really does make a difference doesn't it?

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    3. If you take out the top 20% of homes, all Vancouver real estate is affordable!

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    4. ....and what would happen if we took you out of the equation?

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    5. Bob, you are slipping... your quote was that if you take out the top 20% of homes then half of the properties are affordable for half of the people.

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    6. Watch it!

      Or I'll market your ass as a condo!

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    7. Bob, did you TOFTT and bought those 3 properties to skew the averages?

      Transportation! Transportation! Transportation!

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    8. Bob's your uncle!!!

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    9. Bob, don't you mean............
      Commission?Commission?Commission?

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    10. What???!!!!

      You want to do what with someone's ass?

      Delete
    11. I've already pre-sold yours!

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    12. Yeah, rumor has it you aren't picky when it comes to asses or ethics.

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    13. I'll sell yours... and throw in a kayak, a bike and a free bus pass.

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    14. The market really must be slow for Bob Rennie to be marketing asses these days. What kind of commission are you offering the realtors for this? And are you also going to put in some ads on Craigslist to hire asians to camp out on lawnchairs in lineups overnight for these asses? A word of advice....don't charge the developers for the kayak, bike and bus pass. When the buyers start asking for their deposits back on these so called pre-sold condos you have scamanda'd, they are going to be really pissed at you. Last thing they want to see is an invoice for kayak. Just saying...

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  6. ((707*1221037)-18000000-14000000-11000000)/704=1165161

    ReplyDelete
  7. Average means a lot to realtors, obviously, as that is what their commissions are based on.

    ReplyDelete
    Replies
    1. Their commissions are front loaded - they want sales. 3 x $100K sales give more commission than 1 x $600K sale.

      Delete
  8. Anyone know the story regarding the following property?
    7940 Gabriola Crescent, Richmond:
    Sold Feb 21, 2013 $898,000
    Sold April 26, 2011 $1,130,000
    Sold January 19, 2011 $990,000

    ReplyDelete
  9. So what would be the average without those 3 expensive homes in the average?

    ReplyDelete
  10. 7940 Gabriola Crescent, Richmond
    this address does not exist the only address that exist is 7940 Gabriola GATE not crescent and that house does not show up that it has sold

    ReplyDelete