Tuesday Numbers

There were 222 new listings today and 186 sales, for a sell/list of 83.78%. Of the sales 26, or 13.98%, went over list. 6 of those were on the Westside. 4 were in East Van, 1 was in Richmond, 1 in Port Coquitlam, 1 in Port Moody, 1 in New West, 2 in North Van, 4 in Maple Ridge, 1 in Coquitlam, 4 in Burnaby and 1 in Surrey.

Average list price of the sales was $484,607, while the average sales price was $475,483, a difference of $9,124, meaning the average sale went for 1.77% under list price. 24 properties went for list price. One property went for 17%($64,000) under list while the highest over list was 7% ($20,000) over . Average days on market to sale was 37.

There were 7 million dollar plus properties sold with none over $2 million.

There were 160 price changes, of which 17, or 10.63%, were increases. The average original list price of price changes was $588,550; the average new price was $571,751, a difference of $16,799, meaning the average price change was -2.83%. Average days on market to price change was 48 days. 1.19% of all listings reduced their prices today (its been a long time since we broke 1% on that metric).

Inventory in my target area dropped to 11,989, while over 90s climbed, reaching 1,999, or 16.67%.

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26 Comments

Filed under Daily Numbers

26 responses to “Tuesday Numbers

  1. mike

    What’s the 14 days sales/list ratio?

  2. sutluc

    “Inventory in my target area dropped to 11,989….”

    How did that happen?

  3. accountant88

    sutluc
    June 13th, 2007 at 7:28 am
    “Inventory in my target area dropped to 11,989….”

    How did that happen?

    Expires, Cancellations and/or adjustments from previous days

  4. Dyugle

    Average price is below $500,000. Last time was April 27 by simply checking of past posts. Start of a trend or do millionares go on vacation in June?

  5. LesserApe

    Re: Average price below $500,000.

    I vote for option C or D — either a random number on the far left of the bell curve of average prices or a math error.

  6. John

    Average price was below $500,000, and no sales over $2 million.

    A lot of lower priced properties must have pushed that average down. It looks like first time buyers and middle income earners are out there buying, a sign of a strong market still.

  7. $froma$ia

    Your right John, go market go!

  8. $froma$ia

    My dentis just bought an apartment out by U.B.C. and is having trouble finding a renter. He is asking $1800 and it’s still a negative cash flow investment.

    My other freinds have a apartment in Kerrisdale and are having torouble finding a renter for $2000 a month.

  9. $froma$ia

    My dentist just bought an apartment out by U.B.C. and is having trouble finding a renter. He is asking $1800 and it’s still a negative cash flow investment.

    My other freinds have a apartment in Kerrisdale and are having torouble finding a renter for $2000 a month.

  10. robchipman

    That’s funny. I’ve rented five places so far this month, and will probably have two more gone by tomorrow.

    Whether a property is neg cash flow or not is not dependent on rent. The rent is a known quantity before the purchase. Neg cash flow is a discretionary move when investing. If its not discretionary you’re simply gambling.

  11. vanreal

    $fromasia, Your friend’s rental units must be crap because at those rents they should be snapped up.

  12. Jaymo

    Perhaps your dentist and friend should hire a professional management company to handle their rental units. Sometimes it truly pays to hire professionals, especially when it hurts to the tune of 2k a month.

  13. bad ass

    “It looks like first time buyers and middle income earners are out there buying, a sign of a strong market still.”

    … or speculators are continuing to buy condos.

    … or the lower priced properties are selling in all three categories (apts, townhouses, SFHs).

    … or the richest folks just aren’t buying anything.

    … or folks are bargain hunting in the older listings.

    … or the mortgage rate increase is eating into spending power.

    … or they ran out of quality listings and so had fewer sales in Vancouver and the North Shore.

    … or the folks with any real money are bolting.

    … or rich folks are buying second homes or apartments for their kids going to school.

    … or tons of people bought townhouses today instead of SFHs.

  14. Pondering

    I can’t believe they are having trouble finding renters either… Unless they are 500 square feet and run down.

  15. bad ass

    “$fromasia, Your friend’s rental units must be crap because at those rents they should be snapped up.”

    … or they might be one-bedroom apartments?

  16. Realist

    “My dentist just bought an apartment out by U.B.C. and is having trouble finding a renter. He is asking $1800 and it’s still a negative cash flow investment.”

    You mean there are not bunches of students at ubc earning over $86,000 per year? I’m shocked…

  17. Jaymo

    Some interesting news re: Interest rates/Inflation:

    http://tinyurl.com/38jf5w

    and

    http://tinyurl.com/2vqman

  18. Jaymo

    Rob,

    I’m not sure why you are moderating my comments. I have never been disrespectful, and I try to keep my comments on topic. Hey, I even gave you plug re: property management as a viable money saving option for landlords.

  19. robchipman

    Jaymo:

    There are two things that WordPress can look for to keep spam to a minimum. One is a post with two or more links. The other is a post containing the word “jaymo” 🙂

    Next time you can either put it in two posts, or wait until I get back to a computer.

  20. mk-kids

    As someone looking to rent something bigger I can tell you the asking prices for apartments downtown are too high. I’ve lived downtown for 14 years and the market is definitely different. Lots of speculators trying to rent suites themselves, some property management co’s & real estate agents acting on behalf of clients and all are asking too much for too little. 1 bedroom, 500sqft for $1700? Over 2 thou a month for a 2 bedroom with a view of the dumpster? Give me a break. My husband & I will simply stay put in our fabulous and affordable but smallish apartment until we find something we can live with for a price we want to pay.

  21. awum

    Higher mortgage rates should have a depressing effect on home prices, but general inflation could on the long term actually lead to greater housing affordability, even if mortgage rates go up. Affordability is a function of price and earnings and lending costs. With higher inflation typically comes higher earnings (provided you have a job of course). After all, low mortgage rates fed higher prices and actually decreased affordability.

    Most interesting for me in Jaymo’s link was the CIBC’s economist talking about the Bank of Canada’s efforts to “stem soaring home prices in Alberta” … to which I say either “bravo!” or “about time” or “hey, what about us?” or “funny, this sounds like a repeat from Australia from a few years ago.” With Vancouver playing the part of Sydney of course.

  22. robchipman

    awum:

    Interesting comment. What about stagflation? Dutch disease?

    What does raising interest rates do to the value of the dollar? Both appear to be deflationary (a more valuable dollar buys more, not less).

  23. Realist

    ” (a more valuable dollar buys more, not less).”

    Say what?
    Even if One cunuck buck buys you $3.00 US, the Burger from Macdonalds on the corner is still going to cost you the same 99c…. and not 33c….
    Not to mention that “them foreigners” now cannot afford to buy anything in Canuckland anymore with new foreign money..
    Maybe those already invested here may even consider cashing in their currency gains when they perceive a peak is near done, pick up their marbles and take ’em back South or wherever..

  24. awum

    The dollar I have in my pocket is worth more. Things in general (and imported items in particular) should cost fewer of them. That is deflationary, true. Theoretically.

    On a relative basis, my assets — the things I have already bought — should be worth fewer dollars. Theoretically. Competition for buying Canadian assets from outside the country should be weaker as well.

    Materials for building should be cheaper (and therefore margins larger) with a higher dollar. Theoretically.

    The relationship between rates and the dollar? Well, higher rates should generally be deflationary. That should strengthen the dollar. Theoretically.

    Best scenario for an RE correction: higher inflation, leading to higher interest rates, higher dollar?

  25. Realist

    “The dollar I have in my pocket is worth more…. etc”

    So, in that case, of course first thing tomorrow morning, you are off to a meeting with your boss to ask for a reduction in your dollar paycheck…..

    The reality is that that (false) premise and the rest of those (false) beliefs held by people (espoused in the first 3/4 of above) is actually inflationary……
    Both Theoretically and Empirically…

    As for the study of “Inflation”.. I found it an incredibly easy and simple concept in First year Economics, more difficult in Second year, becoming very difficult Third year, and just about impossible to grasp in Fourth year onwards…. ;)…

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