Monday & Tuesday Numbers

Busy day, busy weekend. Short Monday and Tuesday numbers as a result

It was a busy listing weekend resulted in 202 new listings and 118 sales, for a sell/list of 58.4%

Numbers today are 215 listings and 176 sales, for a sell/list of 81.86%.

 94 price changes.

Inventory hit 11,647 and over 90s hit 2,238 (19.22%).

 Counting back 10 days the listing/sales count was 1,580/1,450, meaning a list/sell of 91.77%.

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36 Comments

Filed under Daily Numbers

36 responses to “Monday & Tuesday Numbers

  1. coco

    I guess the 100% or 110% sales days took a breather here the last couple days. Will the sales pick up again or are the preapprovals running out? I guess the next few days/weeks will be telling.

  2. fish

    Look at AHM.

    Huge US lender 7000 employees just got destroyed on losing all sources of funding.

    Dropped 80% in one day after falling 60% over the last year.

    Things are looking abit grim across the border…but we are different I know, mountains, olympics, etc etc

    The ball of wool is unravelling in the US, we will now see how closely we are tied.

  3. Harry Potter

    Yes, the winds of destruction are beginning to blow from the south just as surely the sky will turn dark as night

  4. Anonymous

    Don’t be silly, Vancouver is different!

  5. AmPa

    I love these discussion boards, because they give me confidence that there will always be a fresh supply of forever renters. Love those 1 year contracts, keep on watching the stats and paying the rents.

  6. WoW

    My rent is 1/2 the carry on my westside place. If price appreciation stops, then what? Also, what of the opportunity cost of the $ tied up. I do realize that this view has been on the wrong side of the equation (losing side) for the past 4-5 years, but lets see what happens next (12 months). Confucious (hope I spelled that right) said may you live in interesting times…these are.
    Hope everyone is enjoying the sunshine.

  7. “a fresh supply of forever renters”

    At these prices I suspect you’re right. I wish I could get the same deal on a car. Are you interested in buying a new car and renting it to me for half of what you’re paying for it?

    That would be awesome!

  8. US on rebound?

    Minneapolis-St. Paul Star Tribune – Aug 1, 10:42am ET
    WASHINGTON Pending sales of existing homes rose by 5 percent in June compared with the previous month, a surprisingly positive sign for the beleaguered housing market, a real-estate trade group said today. The National Association of Realtors said it was the largest monthly gain in more than three years and that increases in pending sales were reported across the country.

  9. TI

    When you research Japanese real estate market, you will conclude that the bigger the bubble is, the longer the time of recovery is.

    Japan waits over 15 years.

  10. Johnny33

    meh.. sales/list is always low early in the week.. I’d wait for a trend of 2-3 weeks of low sales/list before I’d make any proclamations.

  11. e

    US on rebound? — interesting, thats for sure. now even the NATIONAL ASSOCIATION of REALTORS in the US is changing its tune:


    First, it was the second half of 2007. Then it was 2008. Now analysts are saying the national housing market may not rebound until 2009

    On July 25, the National Association of Realtors reported that sales of existing homes fell 3.8% in June to a seasonally adjusted annual rate of 5.75 million units, contributing to the bleak-and-getting-bleaker outlook.

    The NAR believes consumer psychology is to blame

  12. deb

    can someone explain why sales/list ratio is lower at the beginning of the week?
    Thanks

  13. robchipman

    Deb:

    Realtors get listings on the weekend, while the board is closed, and send them in Monday morning. They get processed right away.

    Sales happen at anytime during the week, and subject removals occurr at various times after agreement date. Sales are reported after subject removal. There is less rush on everyone’s part to get sales reported ( the deal is done and we’re just waiting for paycheques by that time).

    So, more listings, as a rule of thumb, on Mondays and Tuesdays, while sales have lots of characteristics that spread the reporting out.

  14. Domus

    I am quite impressed by this market, especially in the Vancouver proper…..it seems that there are people who believe it is time to buy, so cannot argue with their choice. They put money on the table, I guess……Whether they will be proven right, I beg to wait a bit longer.

    Just a simple thought: I have been travelling extensively for holidays lately. Done a few continents and am still abroad. Impressive how, wherevr I have been, people complain about house prices and they talk about speculation. Impressive how everyone is saying that their city/town/village is the best place in the world and everyone wants to live there…..

    Anyhow, the action is getting interesting in the US, banjruptcies and all. I reckon that houses have still a lot to lose down there. Even people who bought in late 2004 are losing now……change the clock!

  15. accountant 88

    US on rebound?
    August 1st, 2007 at 9:12 am
    Minneapolis-St. Paul Star Tribune – Aug 1, 10:42am ET
    WASHINGTON Pending sales of existing homes rose by 5 percent in June compared with the previous month, a surprisingly positive sign for the beleaguered housing market, a real-estate trade group said today. The National Association of Realtors said it was the largest monthly gain in more than three years and that increases in pending sales were reported across the country.

    ———————————–
    US on rebound,

    Noticed that the article was from the Minneapolis-St. Paul Star Tribune.

    Looks like Minnesota’s on a roll.

    NBA’s Minnesota Timberwolves just traded their superstar Kevin Garnett to the Boston Celtics for 5 Players and 2 first round draft picks…….7 for 1 trade……at least that’s a net of 6 extra high priced players going to buy a house in Minnesota.

    If the NBA brought Basketball back to Vancouver……

  16. deb

    in the states, can you just walk away from a house and declare bancruptcy? Actually, can you do that in Canada?

  17. robchipman

    Deb:

    If you declare bankruptcy you will go through a formal process to releive you of responsibility for your debts. This includes mortgage debts, but first will come a foreclosure.

    So, can you “just” walk away? Yeah, but there are consequences, at the very least, a bad credit record.

  18. Al

    Rob, I recently checked out few Eat Vancouver condos and don’t understand why do you invest in this type of property. Wooden frame condo don’t look suitable for long time holding. Aren’t new concrete Downtown condos much better choice?

    With wooden frame condos, there are too much expenses (special assessments, repiping etc) and too much problems (they catch fire quiet often, for example). And with short life expectancy for wooden frame structure, at the end, you just get rotten dupm.

    Investing in new concrete Downtown condo covered by hew home insurance looks safer and more profitable.

  19. /dev/null

    Deb – U.S. bankruptcy law was changed a couple of years ago, based on amendments lobbied for by the big lenders (and opposed by consumer advocates and experts in the field). So it’s now even harder to mail in the keys and hit the road. This is going to be a real issue down there because, with home values dropping, foreclosures often can’t cover the mortgage balance.

  20. ängstlich

    here’s a nice link from the nytimes that explains why mortgage resets are nasty…apologies if this is obvious, but i bet there are many here who’ll learn from this.

    is this scenario true for canada?

  21. ängstlich

    whoops, can’t get the link to post; i’ll try again, but it’s in today’s (weds) online times in business.

    http://www.nytimes.com/2007/08/01/business/01leonhardt.html?_r=1&adxnnl=1&oref=slogin&adxnnlx=1186010580-0dM5ZZX1N397O6iFf0b5Ng

  22. A

    Wonder how many of striking CUPE members bought a place recently and starting to feel the pinch of a missed paycheque for their mortgage payments.

  23. e

    nevermind mortgage. one of my tenants is going to miss rent (i guess he lives paycheque to paycheque, and strike pay is insufficient). do i initiate process to evict him? hmm.

  24. Skeptic

    I can’t believe everyone is just sitting down and accepting the garbage situation with the strike. Makes me mad that I pay for garbage removal in my taxes and then have to line up and pay again to get rid of it.

    At what point does it become a public health issue, having all the garbage piling up and get declared an essential service. Maybe they should contract the whole thing out, the city obviously can’t manage people, perhaps a contractor could.

  25. Hmmm

    It seems with the GVRD, each and every year, someone somewhere goes on strike. Teachers, Nurses, Civic, etc. I’m so sick of strikers. Sure, some have valid points, but come on!

    I wonder how the strike is affecting people on rents/mortgages. Too bad there are no stats or graphs that shows us this and the trickle down effect it’s having with other people and the economy.

    “do i initiate process to evict him? hmm.”

    Do it! /meanface haha

    “perhaps a contractor could.”

    Speaking of contractors, a word of warning, if you do hire a contractor to renovate your residence, do some leg work and see what they’ve done ( I know most people do). Do not assume they’ll do the job right and for the price they initially said. My friend assumed and got burned, not as bad as something you’d see on Holmes on homes, but it was shoddy.

  26. coco

    Any one see that housing bit on Global news last night?

    I wonder if that will scare a few speculators into selling.

  27. /dev/null

    coco – could you summarize for those of us who missed it? Thanks.

  28. robchipman

    This is from -A-“:

    “Makes me mad that I pay for garbage removal in my taxes and then have to line up and pay again to get rid of it.”

    Makes me mad I pay my taxes, and real estate speculators, and flippers, make renovations on their own residence, and claim it as a deduction against rental/investment income.

    Skeptic, if you knew somebody who has made such false claims, would you report them now, or wait till the market turns bad, for added effect?

  29. robchipman

    Al:

    Woodframe can last 100 years. In any event, the building itself is just the engine to generate income. Its the land that is valuable. I buy things that I know I can rent no matter what happens. The buildings I’m in will likely outlast me anyways. If they don’t they’ll be sold for high enough land value that I’ll do fine.

    Assessments for pipes, heating and roof are going to come to any condo, eventually. You price that into the whole scheme. (They come with all property, eventually).

    I think its really a matter of taste. You like new, concrete, downtown. That’s fine. Find good numbers and buy. I like places that I know I can rent, and that I’m not ashamed to offer to rent. If the numbers work and I’ve got the cash for the downpayment, I buy. Long term gain wise, most areas around here go up roughly the same amount.

  30. coco

    /dev/null

    Global had a news story about our housing market and an economist talk about rising interest rates he thought they may go up another 3/4% to 1% yet.

    He mentioned that if the rates go up we might see a lot more foreclosures. He was not sure if we would follow the U.S., as noone knows what can happen here, but there could be a ripple effect from the U.S. here also.

    He said that foreclosures rose a little bit more recently than they have in the past, but nothing to be concerned about yet.

  31. coco

    Recently, on this blog someone mentioned that their renter a Vancouver city worker couldn’t pay their rent this month. BC has the highest rate of adjustable rate mortgages in all of Canada (unless there has been a mad rush lately to lock them in recently). BC also has the lowest savings rate in all of Canada, so low it is negative -5.1%. I guess because your mortgage payment takes up 68% of your income.

    So, it seems a lot of people must be living pay cheque to pay cheque with very little or no savings here.

  32. Skeptic

    -A- : I’m not into reporting people for anything, unless they’ve done me wrong.

    You could be waiting a while for the market to turn bad, good luck with that.

  33. robchipman

    coco:

    Based on my unscientific monitoring of things, I’d say foreclosures here have slowed somewhat over the past two months.

  34. coco

    Rob,

    I’m not sure if he was talking about all the lower mainland or all of BC in general. I think he was comparing last years foreclosure rate to this year.

    But, hey…if you have any of those fancy programs to see all the foreclosures, please enlighten us on YOY foreclosure numbers or post a daily, monthly, or quarterly number. It certainly would be interesting info to see. Thanks a lot.

  35. coco

    Rob,

    I believe the economist was comparing this year to last year for foreclosure numbers not just the last couple months. I’m not sure if he was using all of BC or all of the lower mainland for his foreclosure numbers.

    If you have any of those fancy programs and you can see the YOY foreclosure numbers, plus what has happen in 2007 please enlighten us. Thanks.

  36. coco

    Strange Word Press. First response did not appear when I posted it, so when I posted a new comment, then both appeared.

    System has a few bugs.

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