August Real Estate Market Stats

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I hope everyone enjoyed the (finally) fabulous weather we saw in August. I was off on a little European adventure to end the summer, but am back in the swing of things now feeling fully re-charged!

Taking a peek back at the numbers from August, you will notice that we have added another statistic to our charts: Median Sale Price. This was done to help avoid the sometimes dramatic spikes and drops that we would see due to the odd ultra luxury property that would completely skew the numbers. This was especially evident in the detached market and you will see the median price gives a much more accurate reflection of where the true middle of a market is. You will also notice that the median attached price is substantially lower than the average, which again gives a clearer picture of where the heart of the market is. We will continue to show the average price as well as this is the number most often referred to in the media. If you have any questions on the differences, please don’t hesitate to ask.

On to the trends…

(1) Not at all surprisingly, sales numbers flattened in August as is typical at the end of the Summer.

(2) Active listings rose marginally in the detached market while slipping in the attached market. It will be interesting to see what happens with inventory over the next few weeks as September is typically a busy listing month.

(3) Using the ‘new’ Average Median Sale Price, we see minimal price gains in the attached market with a healthy spike in the detached market that effectively negates the dip we had seen since May.

Even with all the global economic stories of woe out there, the market here appears stable and healthy. September is historically a busier time in the Vancouver market and the general buzz around here suggests that this year will be no different.

Kitsilano – Attached

Kitsilano – Detached

Last modified: September 10, 2011

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