Monday Numbers

There were 186 new listings today and 207 sales, for a sell/list of 111.29%. Of the sales 29, or 14.01%, went over list. 10 of those were on the Westside. 5 were in East Van, 3  were in Richmond, 2 in Pitt Meadows, 4 in North Van, 1 in Maple Ridge, 1 in Coquitlam, 1 in Burnaby and 2 in Surrey.

Average list price of the sales was $512,145, while the average sales price was $504,871, a difference of $7,274, meaning the average sale went for 1.62% under list price. 24 properties went for list price. One property went for 18%($55,000) under list while the highest over list was 16% ($140,000) over . Average days on market to sale was 37.

There were 12 million dollar plus properties sold with none over $2 million.

There were 64 price changes, of which only 1,  or 1.56%, was an increase. The average original list price of price changes was $600,012; the average new price was $578,615, a difference of $21,397, meaning the average price change was -3.37%. Average days on market to price change was 56 days. 0.52% of all listings reduced their prices Friday.

Inventory in my target area fell to 12,036, while over 90s jumped, reaching 1,979, or 16.44%.  A quick look back indicates that 90 days ago we had big listing days  (March 8 was 326). 60 days ago we had some big listing days as well, so we may see a lot of expiries in the next day or two.

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30 Comments

Filed under Daily Numbers

30 responses to “Monday Numbers

  1. Good Point

    When Cheapman pointed it out in his Friday’s comment, I start to doubt the numbers.

    Friday numbers
    11911(Thursday inventory) + 289 (New listings) – 251 (Sales)- 0 (Expired) = 11949 not 12074
    The number of expired is set as low as zero.

    The difference is 125.

    The only way to explain it reasonably is higher new listings (over 289) and lower sales (under 251). It will make sell/list much much lower.

  2. ceejay

    Domus you’ve been talking about a (presumably beginning soon) trend toward low appreciation rates for local RE. The reason: basically other investments are more attractive from a long term perspective. Although you may be right about the real-return potential of equities, they don’t have anywhere near the same psychic benefit. And they aren’t nearly as accessible. I can borrow 300K to buy a house with as little as 15K down, but to invest the same amount in stocks I need 150K, with a lot more short-term risk. So, ceteris paribus, the pool of qualified home buyers will always be much greater than the pool of “qualified” stock market players.
    In a way, they’re entirely different markets; not clear alternatives.

  3. Skeptic

    ceejay, I think Domus may be a stockbroker’s assistant. That is perhaps why he/she’s a stock bull.

  4. househunter

    Guys, I think there is definitely a slowdown happening. Its only a qualitative comment based on a friend who has listed his home on the West Side and a prominent realtor in the Cambie area. My friend’s house is not selling (bad location) and the realtor has said that there is declining action. I think the Bears are going to have their day …. before the end of the year. Summer is usually slow but we may see more listings hang around.

  5. tqn

    Each of us will have our days, regardless bulls or bears.

    Domus,
    You are worrying a lot for the home owners and investors. I am sure they would appreciate that. What are we going do for the war in the Middle East?

  6. M-

    Good Point: no need to resort to name-calling.

  7. Joshua

    A general question, if anyone can answer it: is there a way to determine from an MLS listing how long the listing has been active? A follow up question: how long (typically) after a sale will a listing stay on the MLS website? Thanks!

  8. Puppo

    The question remains, the numbers don’t add up. There is 125 listing unaccounted for in friday’s number. If it is self correcting, then it should correct on Monday(it did not).

    Rob?

  9. robchipman

    Puppo:

    I’m going to call the Board’s stats guru and see what he explains. Stay tuned!

  10. D'ND

    My first post was anecdotal comment regarding elder parents followed by their daughter pulling up stake and moving back to Ontario.

    Just heard from the daughter complaining about the high cost of moving eastward. In fact it is many thousands more than when they moved west.

    Is this high cost of moving east an indication that more people are flowing in that direction, then are heading here to the west? Can this be used as a simple guide to the movement of people?

    Any thoughts.

  11. joe blfzk

    some interesting bubble phenomena:
    http://tinyurl.com/2yo3kx

  12. jojuchst

    12 million dollar plus properties sold with none over $2 million….

    accounted for by 207 sales would average out to 57K per listing sold???

    What am I missing here?

  13. Joshua

    jojuchst: 12 of the 207 sales were for properties over a million. The other 195 were for properties less than a million.

  14. robchipman

    I just spoke to Board staff. We’re going to compare numbers from toady and tomorrow. I’ve reveiwed my searches, and the only differences is that I include “land only” in new listings, price changes and sales searches, but not in inventory. Still, that should be a small number, and should give higher listing and sales numbers, in any event (the current dif is 2 new listings, for example). I’ll change the inventory search and see if it makes a marked difference as time goes by; it made no difference on inventory when I added it today.

  15. Domus

    Cheers Rob. I look forward to the new-style numbers!

    As an aside from numbers, here is an interesting report on long-term yields (30 years) which are the basis for mortgage pricing in the US.

    http://tinyurl.com/b3kq4

    I won’t express any opinions this time, but just report the facts (see link). You make your mind up what that means for mortgages south of the border.

  16. househunter

    From GlobeInvestor.com:

    Labour costs spark inflation concern
    TAVIA GRANT

    Tuesday, June 12, 2007

    Unit labour costs hit a 15-year high in the first quarter, more evidence that a pickup in inflation will prompt the Bank of Canada to raise interest rates, possibly next month.

  17. tqn

    All the bank people predicted a hike in july as well as sept.

  18. Skeptic

    I guess the labour cost increases mean affordability is being addressed.

  19. $froma$ia

    ” guess the labour cost increases mean affordability is being addressed.”

    Affordability is far from being addressed. They have everybody dreaming of further sky rocketing house prices.

    C’mon affordability has only been addressed by lowering minimum down payment and increasing ammortation years!

  20. Snick

    Here is a question for Aaron Best…

    Aaron,

    A short while ago, you wrote about “trust” being an important for clients/realtors.

    Do you think Marion Lochhead, who was/is the realtor for the Riverbend development in Coquitlam should be censured by the RE Board for her involvement with her husband/developer Craig Lochhead in what is turning out to be a fiasco for unsuspecting homeowners?

    Just curious as to your thoughts.

  21. robchipman

    I’ll jump in, Snick, even though you’re trolling on the wrong post.

    The REBGV acts on complaints from the public and initiates its own complaints. The complaints that the Board deals with revolve around breaches of the Code of Ethics and Business Practices, and the MLS Rules of Cooperation. The Board is able to fine and suspend members. It cannot sspend licences.

    She should be investigated if there is any indication that she has breached any article of those two codes.

    She has been investigated by the Real Estate Council, which is the government body that controls licensing. She was found guilty of not providing the developer’s disclosure to purchasers.

    There are at least two options: she is guilty of much more, but it can’t be proven, or she is not guilty of anything more, and the developer simply went bankrupt.

    I’m not sure if you know what her involvement in this development was. It could have been limited to selling properties. If so, and if she did not make proper disclosures, she should be punished.

    If she broke any laws she should be punished.

    I’m sure there will be an extensive civil proceedings.

    As I’m sure you’ll agree, proving wrongdoing is the challenge.

  22. $froma$ia

    Snick, RE Agents have to get errors and omissions insurance.

    Why would you trust an RE agent?

    Some are also so high on themselves that they expect you to come to them to build a relationship of trust but they have errors and ommissions insurance to fall back on and you have nothing but your pocket book.

  23. thomas

    surgeons have malpractice insurance. that’s so lame. they shouldn’t have any insurance cause it just means they’re all crooked and game the system to cheat patients. just like RE agents. yeah, they’re probably in cahoots.

  24. Domus

    Thomas,

    I don’t want to criticize RE agents without cause, but please don’t put them in the same category as surgeons.

  25. bad ass

    They’re turning our ferries into advertisements for the 2010 Winter Olympics.

    I want to gag.

    Sorry, nothing to do with this post, this discussion or the blog. I just really hate the Olympics. Luge. Biathlon. Curling. Gawd, please just make them go away.

    And while your at it, please take away those frikkin’ “Best Place on Earth” license plates. They’re embarassing. Makes Texans look humble by comparison.

    Gag!

  26. Kicker

    Thomas,

    Any complicated procedure which is distinct in every case and surrounded by a multitude of variables, by nature envokes the potential for error. Real estate transactions for most of us involve significant financial stakes while surgical procedures involve personal and financial stakes. If errors happen who foots the bill with a catastrophic outcome? The insurance industry is quite capable of establishing risk and setting a premium. I certainly would not deal with any professional who failed to carry such insurance.
    Realtor, surgeon, dentist, etc…

    Say the burgers you flip are undercooked and carry Ecoli. I get sick and miss work for a few months and lose my house. I sue you and get your 72 trans am?

    Give me a break.

  27. thomas

    i was trying to be sarcastic. i see the audience here does not deal well with subtlety. i will try to use the hammer on the head approach that seems to be favoured by everyone here. but thanks for the brief explanation of the insurance industry, that was most helpful. woops, sarcasm again. sorry.

  28. $froma$ia

    Bad Ass Please keep posting your comments, it’s refreshing.

    Thomas’s confusion smells like a run over skunk!

  29. robchipman

    Thomas:

    Take some advice that I’ve been given but can never seem to follow: don’t explain your humour, just tell some more jokes! 🙂

  30. thomas

    thanks rob. good advice. i was actually defending your profession, and look at the grief i got!

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