Wednesday Numbers – Big Listing Day!

There were 315 new listings today and 193 sales, for a sell/list of 61.27%. Of the sales 31, or 16.06%, went over list. 13 of those were on the Westside. 4 were in East Van, 1 was in Richmond,  1 in Pitt Meadows, 5 in North Van, 1 in Coquitlam, 3 in Burnaby, and 3 in the Fraser Valley.

Average list price of the sales was $526,028; average sales price was $512,835, a difference of $13,193, meaning the average sale went for 1.79% under list price. 10 properties went for list price. One property went for 27%($290,000) under list while the highest over list was 16% ($126,000) over.

There were 11 million dollar plus properties sold, with 4 over $2 million. Average days on market to sale was 36.

There were 59 price changes, of which 9, or 15.25%, were increases. The average original list price of price changes was $520,764; the average new price was $516,496, a difference of $4,267, meaning the average price change was -1.01%.

Inventory in my target area rose again today to 10,410, while over 90s also rose slightly, to 1,768, an in percentage to 16.98%.

There were 34 expiries today.

.48% of all active listings in my target area had their prices reduced today.  The 14 day rolling sell/list was 64.17%

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14 Comments

Filed under Daily Numbers

14 responses to “Wednesday Numbers – Big Listing Day!

  1. first_time_buyer

    Rob, by mistake you posted monday numbers unless its too much of a coincidence.

  2. first_time_buyer

    oh yeah! i hate this mail required feature too.

  3. e

    these look to be the identical numbers as Monday. is this deja vu? manipulation? or oversight? 😉

  4. robchipman

    Oops!

    Problem posting! Thanks for catching that!

  5. robchipman

    Also, hopefully comment moderation is now turned off so that anyone can comment.

  6. whybuywhenucanrent

    Rob–

    With the 500+ expirys of last week, we can expect many of these to be relisted.

    Is there any way you can adjust your search so it automatically tells you how many new listings are relists?

    Also, I note that you list the number of price decreases and increases, and I assume that the sales price vs. list price calculations are done on the most recent list price, not the original list price.

    It would be interesting to know how the sales price compares to the original list price as well–I assume MLS can give you summaries like that, if so, could you pass them on to us?

    If and then the Bulls run ends, these figures will provide us with lively entertainment, and could be of use to investment advisors as well.

    Thanks,
    Whybuywhenucanrent

  7. Jim

    Had you said ttfn, my world would have come crashing down.

  8. Jaymo

    You’re not keeping that title for your Blog are you? That seems kind of desperate and self conscious…akin too people that use ‘World Class’ whenever they talk about Vancouver.

    Otherwise, the new look is good.

  9. Jim

    “The best Real Estate Anywhere”, works. It shows you are enthusiastic ,and dont take yourself toooo seriously.

  10. joy

    Rob,

    A question for you..

    Do you think there more over million $$$$ house sale lately then last year?

    And is that the reason we see higher average house prices year/year ?

    I see your report everyday and prices reduced % is way higher than the price increase %.So it doesn’t make sense that prices went up year over year or month over month.

  11. robchipman

    Jaymo:

    If you’ve confused me with a self-concious person desperate for the validation inherent in “world class” recognition, um….that’s not me 😉

    I really do like Lower Mainland real estate. Is it the best real estate anywhere? If I have to choose, I’m going to say “Yeah!”. Go buy some. You won’t regret it.

    Will the name stay? O.K., I’ll confess, it wasn’t the product of extensive focus groups, but it seemed a little better than the last title, so its probably here for a while. The picture at the top will change, however.

    Whybuywhenyoucanrent:

    When I look at individual listings it will tell me original price and subsequent reductions, but when I look at daily summaries of price changes I only get past and current list prices. However, looking at individual listings indicates to me that the majority of listings that reduce price do it once, not repeatedly.

    Re-lists are a similar thing. With an individual listing I can track history easily, and I always take a look. It is by far more common to extend a listing than to let it expire and then re-list within a short time. The concern that many listings are expiring and then being re-listed with new Realtors at new, lower prices, is, in my opinion, unfounded. That is not to say that the traditional process (one Realtor lists too high, property doesn’t sell, 2nd Realtor who specializes on expirires re-lists and drops price and sells property) isn’t happening, but it always does, regardless of what the market is doing. That’s a function of Realtor-seller relations, not the market.

    I don’t think MLS can give easy summaries of sale price compared to original list price. I have a higher level of trust in both the Board and the market than many readers here, of course, but I clearly don’t share your concern about original lp, subsequent lp, and final sale price; I think that’s because on a daily basis I don’t see many multiple price reductions. If I did see them I’d probably share your concern/interest.

    I don’t see the value of the figures to investment advisors, but again, that’s strictly because I don’t see them happening much. More noteworthy, I think, is the recent example of the North Van property that did have multiple price reductions, expired, was relisted at a lower price by a different Realtor and sold over original list price. I think that sums up the difference between the current market and last fall’s market.

    The current run up will end. There is no question about “if”; its all “when” and “by how much”. I think an investment advisor has to ask: can we play in this market or should we go elsewhere, and if we do choose to play in RE, how do we maximize the potential positive outcomes? You can’t do the latter by sitting on the sidelines. If you’re going to do that you should go elsewhere while you wait.

    Joy:

    With all the talk about high prices, I’m actually surprised that we see so few $million dollar + sales. Factor in that many properties on the North Shore and Westside are worth well in excess of $600,000 just for land, and you come up with any new house being worth north of a million.

    On the other hand, a million bucks is still a lot of money, so should we be surprised that we sell more properties under that price tag? Probably not.

    Prices are rising because the things that contribute positively to prices (low interest rates, strong economy, rising rents, low vacancy, high demand, attractive properties) currently outweigh the things that contribute negatively to prices (high prices, fear of a correction, increasing supply). Change the mix and pricing direction will change. That mix doesn’t look to change really soon.

    Price reduction%s are always higher than price increase%s. Under-listed properties have two solutions – increase price or sell. Selling takes care of many of the “problems”. Over priced properties have three different solutions – sell well under list, expire, or reduce price. Most buyers hesitate to write lowball offers on over listed properties (after all, why try to pay market price by writing a lowball to an unrealistic seller when you can pay market price with a close to list offer with a realistic seller?), so may overpriced listings either get reduced or expire. The result is more reductions, always, than increases.

  12. Rob, like the new look. Don’t like the photo you chose. Try replacing the image with one showing a typical benchmark $650K home with a for sale sign on the lawn.

  13. robchipman

    Funny you don’t like that picture. I’m quite proud of it. Bought up for the sellers, under list, and then sold the existing property (pictured)in multiple offers. They did well on the trade up, in a difficult market.

    That said, the picture is like the Texas weather -it’s always changing!

  14. Mightymouse

    The blog looks good but it’s easier on my eyes to read on a darker background.

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