Largest Price Declines for Homes For Sale in Vancouver


Blog by Arnold Shuchat | June 22nd, 2013


The information contained herein has been derived from reported listings in the Vancouver West and East selling areas.

The bracketed numbers represent last week's stats from this same report.

Below is this week's chart of the largest price declines (those over 5%) for Vancouver homes for sale. In the last week ending Saturday morning at 7:49 am, there were 177 (149) price changes of which 168 (144) were price declines. The average price decline from among the 168 declines was $48,556 ($32,983) or 3% (3%).

94 (87) of the 168 properties or 56% (67%)were apartments the average price decline for which was $17,704 ($20,160) or 3%(3%). 

5 (6) out of the 168(144) or 3% (4%) of the declines were duplexes averaging a decline of $54,000($21,426) or 3%(4%).

48 (34) or 28.6% (24%) of the declines were attributable to houses averaging a price decline of $118,819 ($72,568) or 4% (4%).

20 (16) or 11.9%(11%) of the price declines were attributable to townhouses averaging a price decline of $23,575 ($15,963) or 3% (2%). 

After tracking these price changes for months now the relative changes week over week are not what is most interesting from these numbers.  The takeaway of relative changes week to week is not really the fruit from this exercise.  The data represents more of a possible shopping list of seller motivation than market trends.  In other words, if one were to change prices, we can conclude from these numbers on a consistent basis that an average price change will be 3-4%.

With the mortgage rates just upticking as of two weeks ago from around 2.89% to around 3.1%, I opined last week that we could begin to see buyers with rate holds getting into position to activate their now preferred loan rates which will be held from a maximum of 120 days from 2 weeks ago as of this coming Monday. Well this last week saw 437 new listings and 307 sales for a total absorption rate of 70% on all property. Check the next blogpost for the weekly quick stats on Vancouver's activity.

A word of caution is necessary.  I don't always publish these numbers at the same time such that a tally 7 days back taken in the morning as opposed to late in the day may indicate a reduced count of something that might otherwise be reported later in the day.  In addition, while there is a bias in favour of "getting a listing up and running", the compliance with the reporting of sales may be a little more lax such that a report 3 weeks later would likely show more accurate numbers.  It follows then that "Sales to Active listing" numbers can be reasonably taken to be understated in these type of real time up to the minute reports as the sales are likely lagging as opposed to the listing numbers.

Happy Hunting!

 
Address LP Prev LP Change % Change Tot BR Dwell Yr Built
118 W 11TH AV 988,000 1,099,900 111,900 10 3 HOUSE 9999
2307 W 45TH AV 3,980,000 4,380,000 400,000 9 6 HOUSE 2013
256 W 41ST AV 2,088,000 2,288,000 200,000 9 3 HOUSE 1949
3977 W 38TH AV 2,998,000 3,280,000 282,000 9 5 HOUSE 1985
4434 W 12TH AV 2,450,000 2,680,000 230,000 9 5 HOUSE 2002
# 5 788 W 15TH AV 549,000 599,000 50,000 8 3 TWNHS 1995
# 9 2652 MORNINGSTAR CR 649,000 708,000 59,000 8 3 TWNHS 1991
# 502 1483 HOMER ST 1,099,000 1,188,000 89,000 7 2 APTU 2003
246 W 45TH AV 1,788,000 1,928,000 140,000 7 3 HOUSE 1951
5612 CHANCELLOR BV 12,888,000 13,888,000 1,000,000 7 4 HOUSE 2011
# 114 2200 HIGHBURY ST 324,900 349,900 25,000 7 1 APTU 1990
3533 ETON ST 1,300,000 1,398,888 98,888 7 3 HOUSE 2009
5025 CYPRESS ST 2,790,000 2,998,000 208,000 7 5 HOUSE 1927
2208 W 15TH AV 1,988,000 2,133,000 145,000 7 3 DUPXH 2013
1117 KEEFER ST 699,000 748,000 49,000 7 6 HOUSE 9999
5655 SENLAC ST 449,000 479,000 30,000 6 3 TWNHS 1999
# 105 865 W 15TH AV 309,000 329,000 20,000 6 1 APTU 1989
356 W 62ND AV 1,550,000 1,650,000 100,000 6 4 HOUSE 1957
8141 LAUREL ST 1,720,000 1,830,000 110,000 6 7 HOUSE 1951
1280 W 57TH AV 3,480,900 3,699,000 218,100 6 4 HOUSE 1957
4078 W 30TH AV 4,980,000 5,288,000 308,000 6 5 HOUSE 2012
# 222 6279 EAGLES DR 470,000 498,800 28,800 6 1 APTU 2005
788 W 52ND AV 3,280,000 3,480,000 200,000 6 7 HOUSE 2008
3981 W 36TH AV 3,290,000 3,490,000 200,000 6 5 HOUSE 1937
# 301 1239 KINGSWAY BB 283,000 299,999 16,999 6 1 APTU 2011
332 W 62ND AV 1,699,999 1,799,000 99,001 6 3 HOUSE 9999
# 2F 1067 MARINASIDE CR 689,900 729,900 40,000 5 2 TWNHS 2001
# 202 5625 SENLAC ST 549,000 579,000 30,000 5 3 TWNHS 1999
# 301 2588 ALDER ST 463,000 488,000 25,000 5 2 APTU 1996
# 406 5788 BIRNEY AV 749,000 789,000 40,000 5 3 APTU 2008
# 1902 1331 ALBERNI ST 398,000 419,000 21,000 5 1 APTU 1999
7963 BIRCH ST 948,000 998,000 50,000 5 4 HOUSE 1948
# 504 821 CAMBIE ST 749,000 788,000 39,000 5 2 APTU 2008
# 3408 833 SEYMOUR ST 998,000 1,049,000 51,000 5 2 APTU 2011
5722 KILLARNEY ST 988,888 1,038,888 50,000 5 4 HOUSE 1979
3528 W 39TH AV 3,130,000 3,288,000 158,000 5 6 HOUSE 2013
4434 W 9TH AV 1,988,000 2,088,000 100,000 5 3 HOUSE 1926
# 3 1350 W 14TH AV 1,998,000 2,098,000 100,000 5 2 APTU 1998
# 3002 1199 MARINASIDE CR 1,189,000 1,248,000 59,000 5 2 APTU 1999
# 214 5788 BIRNEY AV 799,000 838,000 39,000 5 2 APTU 2008
# 102 1241 HOMER ST 829,000 869,000 40,000 5 1 APTU 2009
2772 ALMA ST 599,900 628,800 28,900 5 2 TWNHS 2004
# 2001 1616 BAYSHORE DR 2,080,000 2,180,000 100,000 5 2 APTU 2006
6918 DUMFRIES ST 1,048,000 1,098,000 50,000 5 4 HOUSE 1992
# 1103 1680 BAYSHORE DR 953,000 998,000 45,000 5 2 APTU 2002

If you or any of your friends are thinking of buying or selling a property, please
email me at: ashuchat@shuchatgroup.com or call me at: 778-227-7325 to discuss
a detailed purchasing or marketing plan which could help save thousands of dollars.