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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