Largest Price Declines for Homes For Sale in Vancouver


Blog by Arnold Shuchat | July 21st, 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 from July 14-21 (Morning). In the last 7 days ending saturday evening, there were 135 (130) price changes of which 129 (120) were price declines.  The average price decline from among the 129 declines was $37.380 or 3%.  This represents a significant decline after months of remaining at the 4% level and a steady decline in the absolute average price decline int he Vancouver market. 

73 (72) of the 129 properties or 60.8% (60%)(55%) were apartments the average price decline for which was $23,535 ($18,241) or 3%(3%). 

6 (4) out of the 129 or 4.6% (3%) of the declines were duplexes averaging a decline of $30,500 ($29,228) or 3%(3%).

31(30) or 24% (25%) of the declines were attributable to houses averaging a price decline of $78,773 ($104,827)  or 4% (5%). There numbers include the skewed results of having a single house have a whoppping 36% price decline as can be seen below!

18 (11) or 13.9% (9%) of the price declines were attributable to townhouses averaging a price decline of $24,533($29,909)  or 3% (4%).  

Well this last week saw 312 (384) new listings and 215 (201) sales for a total absorption rate of 68.9% (52%) (42.2%), a huge increase and an indicator that although one might pontificate that a correction is not over, buyers are still behaving otherwise!

Apartments registered  114 (114) sales against new listings of 154 (191) for an Absorption ratio of:75% (59%) (47.5%)
Townhouses registered 22 (18) sales against new listings of 20 (35) for an Absorption ratio of: 110% (51%)(37.1%)
Houses registered 75 (63) sales against new listings of 122 (142) for an Absorption ratio of: 61.4% (44%)(36%).
Duplexes registered 4(5) sales out of 13 (16) new listings for an absorption ratio of 30.7% (31%)

The above numbers are striking when examined against the same numbers reported week in and week out on this blog. Firstly, I have mentioned that the townhouse market is gaining steam for weeks now.  This week saw a huge demonstration of this in the townhouse market with the absorbption rate for townhouses of 110%.  

Also, check out the next blog post which will highlight the 36% price reduction on the top house on theis week's price reduction list.  Do you think it is now fairly priced?

From a common sense point of view, townhouses are supposed to be less expensive than houses.  That usually being so would make it the more affordable alternative for home buyers reaching to be able to move out of their condos to larger living space.  On the other hand, there is a major market force of older homeowners who missed the 2011 high and who wish to make the move to downsize to more manageable living space that a townhouse affords and which would also enable them to travel more etc...  This is what I believe is causing the pressure on towhouses right now. All of the absorption rates for the different products points to a strong market, although the total numbers might not be what they once were.

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 Year Built
2820 E 21ST AV 700,000 1,100,000 400,000 36 6 HOUSE 1910
1491 NANTON AV 2,250,000 2,498,000 248,000 10 4 HOUSE 9999
# PH2 1600 HORNBY ST 4,289,000 4,689,000 400,000 9 2 APTU 1995
# 506 188 KEEFER PL 549,000 599,000 50,000 8 2 APTU 2009
# 521 4818 ELDORADO ME 239,000 259,900 20,900 8 0 APTU 2013
2439 W 1ST AV 599,000 650,000 51,000 8 2 TWNHS 1986
# 2301 4815 ELDORADO ME 339,900 368,800 28,900 8 1 APTU 2013
# 3702 1009 EXPO BV 490,000 529,000 39,000 7 1 APTU 1998
# 1304 1616 BAYSHORE DR 1,050,000 1,120,000 70,000 6 2 APTU 2006
# 309 774 GREAT NORTHERN WY 229,900 244,900 15,000 6 1 APTU 1975
8141 LAUREL ST 1,620,000 1,720,000 100,000 6 7 HOUSE 1951
2415 ANCASTER CR 1,688,000 1,788,000 100,000 6 8 HOUSE 2005
2523 WALL ST 1,795,000 1,895,000 100,000 5 3 HOUSE 2002
# 302 2015 HARO ST 748,000 788,000 40,000 5 3 APTU 1952
# 3703 193 AQUARIUS MEWS BB 1,880,000 1,980,000 100,000 5 3 APTU 2001
3108 W 35TH AV 3,599,000 3,788,000 189,000 5 6 HOUSE 2005
# 3 5783 BALSAM ST 788,000 828,000 40,000 5 2 APTU 1993
# 304 2424 CYPRESS ST 379,000 398,000 19,000 5 1 APTU 1975
8074 HAIG ST 1,428,000 1,498,000 70,000 5 2 HOUSE 1951
# 405 2216 W 3RD AV 369,900 387,500 17,600 5 1 APTU 1988




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email me at: ashuchat@shuchatgroup.com or call me at: 778-227-7325 to discuss
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