Monday Numbers

There were 272 new listings today and 215 sales, for a sell/list of 79.04%.  Of the sales 37,  or 17.21%, went over list.  10 of those were on the Westside. 8 were in East Van, 3 were in Richmond, 2 in Port Coquitlam, 7 in North Van, 2 in Maple Ridge, 2 in Coquitlam, 4 in Burnaby and 1 in Surrey. 

Average list price of the sales was $535,508, while the average sales price was $528,361, a difference of $7,147, meaning the average sale went for 1.26% under list price. 20 properties went for list price. One property went for 8.5%($39,000) under list while the highest over list was 127% ($124,000) over .   Average days on market to sale was 31 (will we break 30?) 

There were 10 million dollar plus properties sold with 2 over $2 million. 

There were 130 price changes, of which 21, or 16.15%, were increases. The average original list price of price changes was $622,687; the average new price was $613,564, a difference of $9,124, meaning the average price change was -1.21%.   Average days on market to price change was 55 days.  0.91% of all listings reduced their prices today. 

Inventory in my target area dropped to 11,943, while over 90s dropped to 1,8541, or 15.52%.

Again, 0.91% of all active listings in my target area had their prices reduced today.  The 14 day rolling sell/list was 74.96%.

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18 Comments

Filed under Daily Numbers

18 responses to “Monday Numbers

  1. CheapMan

    OK bears; I gave up; if it continues to appreciate at this rate for two more years, I will buy someting.

  2. LordNumskull

    I can’t give up the dream because I can’t afford anything in this city as it is. I guess a 65k salary doesn’t mean much when you have a wife and kid to house.

  3. mk-kids

    from msn.ca today… (poll)

    Burning Question of the week

    The average resale price of a home recently surpassed $300,000 in Canada. What is the maximum price you could afford to pay for a home right now?

    Over $1,000,000
    $500,000 to $1,000,000
    $300,000 to $500,000
    Less than $300,000
    I wouldn’t buy a home at current prices

    Results currently:

    The average resale price of a home recently surpassed $300,000 in Canada. What is the maximum price you could afford to pay for a home right now?
    Over $1,000,000 4%
    $500,000 to $1,000,000
    11%$300,000 to $500,000
    21%Less than $300,000
    35%I wouldn’t buy a home at current prices
    29%6791 responses, not scientifically valid, results updated every minute.

  4. househunter

    Its all about the numbers and your personal position. People just getting into the market are at a HUGE disadvantage. Alot of the buying going on are from people already in the market. If their dumpy house is worth $850k, then getting into a $950k house is not a far stretch. Explain that to someone in Hamilton, London, Kitchener, Windsor or other manufacturing hubs in Canada and their eyes would roll. Their cost of living is low and their wages are much higher than ours.

  5. mk-kids

    oops, the formatting screwed up at the end… it should be:

    What is the maximum price you could afford to pay for a home right now?

    Over $1,000,000 4%
    $500,000 to $1,000,000 11%
    $300,000 to $500,000 21%
    Less than $300,000 35%
    I wouldn’t buy a home at current prices 29%

    6791 responses, not scientifically valid, results updated every minute.

    So over 60% could pay less than $300,000 or wouldn’t buy at todays prices. This begs the question, how does the market continue to be SO hot?!

  6. Many Franks

    A bear watching desperately for a deal is in a tough spot, and in that case, beware of hope masquerading as reason. I’m happy to keep renting until something changes, and it’s hardly financially difficult to do so. I pay $750/month to rent a nice, spacious spot in a convenient location, and just the condo fees for a similar place are at least $150. It takes a long time to knock down interest on a $250,000 apartment at $600/month, never mind maintenance, tax, etc. Meanwhile, I’m eating well and earning interest rather than paying it. I have peace of mind and if I feel like packing up and going to Europe again for a couple of months, I can put my stuff in storage if I don’t feel like paying for an empty pad. If I won the lottery, this is the lifestyle I’d choose.

    The market is hot and markets change, though slowly. When it does, the rent/own ratios will change in favour of owning. I don’t buy the “priced out forever” argument — it doesn’t sit well with fundamentals.

    To the panicking bears at the head of the discussion — why are you in such a hurry?

  7. ryan

    wow, we dropped below 12,000. that was completely unexpected, even with expiries. look at the over 90’s… lots of expiries right?

  8. Anonymous

    It’s a Big Big Bubble, why would anyone think that just because it is May, buyers would change from being irrational to methodical financial analysts?
    Bubbles always last longer than almost anyone anticipates.
    Everyone in Vancouver except me and about 20 other posters believe this won’t go bust until 2010.
    Another widely held misconception is that the Chinese government won’t let the stock market bubble pop until 2008.
    Believe both at your own peril.

  9. househunter

    Anonymous, I hope your right because I want to pay a reasonable price for a house. Not $850k for a tear down on the Westside.

  10. awum

    I addressed the issue (how can market remain hot when so few are in a position to buy?) in another thread: You can expect perhaps 35,000 – 40,000 sales annually in Rob’s Area in a hot sales market. Lots of those won’t be first time buyers, though. Now think of the remaining few thousand (I can’t guess, but I suspect it would be a third or less) and you see that it is actually a pretty small number of folks out of the general population to keep feeding the monster. It’s also pretty susceptible to shock if we ever see a buyer’s market again!

  11. D'nD

    2 years ago friends of ours moved to Victoria to be closer to the grand kids. After 1 year they left back to Ontario. Their daughter just sold her ‘crappy’ house in Victoria for $600k and bought a home in Ontario for less than $300K.

    It may be nicer here, but the value for your money is elsewhere.

  12. awum

    Judging from the Sauder data, there must now be over 1.2 million employed individuals in the Vancouver CMA (i.e., the GVRD). Assuming that multiple buyers are a small minority, that means in a piping hot real estate market about one out of every 35 employed individuals buy a property in a given year. Sure, many of those will be jointly bought by two individuals, but it’s still a pretty small number of folks involved in the market at any one time.

    The employment rate has risen pretty dramatically in the last few years, which means more first time buyers, at various income levels. Which fuels the market, especially for condos (which have outperformed other housing types). You might think the growth is pretty small, just a few thousand here or there, but in terms of potential home buyers, it is pretty significant. More significant than in-migration, I’d wager.

    Moral of the story: watch those employment numbers. When they peak, so does the market.

    I think.

  13. Jaymo

    My kid’s music teachers,a well educated couple, landed jobs at an exclusive music school in Toronto. They left specifically because of a)the lack of comparable jobs and b)the total absurdity of house prices.

  14. vanreal

    househunter, 850,000 for a west side teardown is very reasonable.

  15. Priced Out

    I see you are trying to rent a house “Next to 22nd St. Skytrain”. That is not a good thing. 22nd St. station is the butthole of New Westminster. Noisy, crime infested area. I once had the “opportunity” to rent an entire house across the street from that station for only $1000 and still turned it down. Bars on all the windows. What a blighted neighbourhood.

  16. robchipman

    Priced Out:

    The house is actually a few blocks away, in a traffic controlled area (no through streets). Its got a nice yard and a nice view. We haven’t had any problems with crime.

    That said, Skytrain is generally a plus and a minus. How’s crime at Broadway and Commercial? 22nd? Joyce? However, transit is stil a bonus.

    Security is a growing concern all over. Whether you like them or not/blame them or not, street people/mentaly challenged/addicts are everywhere. We are leaders in property crime, and it seems as if the courts don’t take that seriously.

    Anyway, I have to ask: when you say that renting the house is not a good thing, do you recommend that I a) not rent it b) get the owner to sell it to someone c) tear it down d) leave it vacant? 🙂

  17. Priced Out

    If its not NEXT to the Skytrain Station, saying that isn’t going to help you. Nobody wants to live NEXT to a station. But its your ad…

    If I owned, I’d sell it.

  18. robchipman

    Priced Out:

    You might be right. The choice of words in the ad may make it so that we can’t rent the property. However, response has been pretty good so far.

    I think you need to recognize that Skytrain is a qualified benefit. Saying its “next” to Skytrain may be a negative in your mind, but it seems to be working. I’ll keep you advised.

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