O.K., I give up. VHB was always right. This market is crashing, and the rush to the exits has begun.
There were 289 new listings today and 296 sales, for a sell/list of 102.42%. Of the sales 36, or 12.16%, went over list. 10 of those were on the Westside. 6 were in East Van, 3 were in Richmond, 4 in Pitt Meadows, 2 in New West, 5 in North Van, 2 in Coquitlam, and 4 in Burnaby.
Average list price of the sales was $565,049, while the average sales price was $552,884, a difference of $12,166, meaning the average sale went for 1.74% under list price. 26 properties went for list price. One property went for 20%($79,000) under list while the highest over list was 15% ($102,000) over . Average days on market to sale was 32.
There were 20 million dollar plus properties sold with 4 over $2 million.
There were 92 price changes, of which 9, or 9.78%, were increases. The average original list price of price changes was $824,938; the average new price was $784,524, a difference of $40,413, meaning the average price change was -3.16%. One property dropped its price by 1.7 million, which kind of skews the numbers. Average days on market to price change was 49 days.
Inventory in my target area dropped to 12,139, while over 90s rose to 2,035, or 16.76%.
0.68% of all active listings in my target area had their prices reduced today. The 14 day rolling sell/list was 69.74%.