Tuesday Numbers

I’m having lots of problems with my home internet connection, with the result that last night I simply couldn’t download stats.  Here is an abbreviated version of what happened yesterday.

 There were 311 new listings and 199 sales for a sell/list of 63.99%.  There were 133 price changes.  Over 90s dropped to 1,802.  Inventory was 11,929.

I’m also having problems with comments turning up.  Some do and some don’t. It’s been going on since Saturday.  Has anyone else had this problem?

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13 Comments

Filed under Daily Numbers

13 responses to “Tuesday Numbers

  1. John

    Yes, I tried to post a comment twice last night and nothing happened.

  2. robchipman

    John:

    I don’t know what’s happening. When I search your IP or name on comments I get your last comment (above) and then the one on June 4.

    Anyone else?

  3. Puppo

    Just got emailed a listing from surrey, asking price $110,000 below the city appraisal of 2006. Older house, basically land value.

  4. accountant88

    Puppo
    June 6th, 2007 at 12:51 pm
    Just got emailed a listing from surrey, asking price $110,000 below the city appraisal of 2006. Older house, basically land value.

    $110K below assessment value! Wow! Are you going to put in an offer?

  5. robchipman

    While not common neither is this rare. The goal of an assessment is much different from the goal of a market value appraisal or opinion of value. Its possible that we will list a property in the near future for roughly $50k below 2006 assesment. Our price is very sharp, but supported by an independednt appraisal.

    In other words, just because its listed below assesment doesn’t mean its a steal.

  6. John

    Hi Rob,

    I was posting from home, which uses a different IP from my connection here at the office. I was posting under the Monday Numbers. My post would have been the 16th comment.

  7. Annon

    Those listed under assessment could be the ones boosting “sold over listed price” stats.

  8. Johnnyrent

    Rob

    I tried posting a couple of comments earlier last week with none showing up so the problems might have kicked in a little earlier. JR

  9. robchipman

    Annon

    Sold over listing price is different from sold over or listed under assesment. The property Puppo’s referring to could be listed under assessment and could sell either over or under list price. It could sell over list and yet under assessment. Its most common with properties that have purely economic value (lots, land value, income properties).

    John & JR:

    I don’t know what’s up. I tried to comment on Monday’s numbers this morning and couldn’t do it. I just tried again and was successful. The only time you comment should NOT turn up is if you have 2 or more links, which requires my approval. You can get them through by putting each link in a different comment. If your comment is held for approval (like one of Domus’ on the weekend) it turns up where it would have appeared once I approve it (not at the end of the line). Therefore if you are the 2nd post, but need approval, look for the comment, don’t see it, get 50 more guys commenting after you, then get my approval, you turn up at 2nd position, not 52nd.

  10. Trust?

    Any comments on Aaron’s embarrassing post on the subject of Trust?

  11. Annon

    Rob,

    Hmm, I don’t quite get it then. Is it common that government assessment values are over reasonable market value? I can’t say I have seen many (as a percentage of all) houses sold under assessment value. If this is the case everyone else sees too, then wouldn’t it be common that if a property is listed at a price less than assessment value, it’s likely that the property may end up selling at close to market rate especially in today’s hot market? So knowing the difference between “Sold over listing price is different from sold over or listed under assesment.” does not seem to matter at all. I mean, unless for some reason, the seller does not know better or has to liquidate fast?

  12. confident

    I also tried to post earlier this week and it didn’t show up.

  13. robchipman

    Annon:

    It goes both ways, largely as a function of the timeline. Usually the market value is above assesment, but its far from uncommon (long term) for there to be a wide range of difference. Lately, obviously, market value is usually higher. The hard part is that at any particular time we can be up to 6-18 months away from assessment date (we get the assement Jan ’07 telling us what its worth July ’06 – that’s 6 months; By December 31 of ’07 we’ll be 18 month’s away). During that interval the market changes. In January we could have been 30% higher, as a rule of thumb, than assessments, and 8% higher than July 06’s market value. By December ’07 we could be 40% higher than the July ’06’s assessment and 16% higher than the market value.

    We’ll see things go in the other direction commonly when assessment date is close to the peak of a market cycle followed by a marked downturn.

    Your other point is valid, depending on why the property is listed below assessment. Look at duplexes, for example. Not uncommon for them to currently list and sell under assessment. Market value for them is determined by a smaller pool of buyers – pure investors who won’t pay too much. Principal occupiers generally don’t want a duplex. They want SFHs. The pool of potential purchasers is therefore much larger, meaning demand is higher. List a duplex under assessment and it migh sell under assessment and under list (or even under assessment but over list, I admit). List a SFH under assessment and it will likely sell over list. What holds true for duplexes can also hold true for land value and some foreclosures.

    You’re right about a seller having to sell fast, but in this market in most cases it should still be over assessment. Still, individual cases can vary.

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