Wednesday Numbers

The weekend caught up with the bulls! There were 241 new listings Wednesday and 100 sales, for a sell/list of 41.49%. Of the sales 11, or 11%, went over list. 

Average list price of the sales was $532,688: average sales price was $524,751, a difference of $7,937, meaning the average sale went for 1.75% under list price.  Average days on market to sale was 34.

There were 82 price changes, of which 5, or 6.10%, were increases. The average original list price of price changes was $522,363; the average new price was $505,929, a difference of $16,434, meaning the average price change was -2.59%.

Inventory in my target area hit 11,266, while over 90s rose, reaching 2,346, a percentage of 20.82%.

0.68% of all active listings in my target area had their prices reduced Wednesday.  The 14 day rolling sell/list was 91.43%.

Advertisements

28 Comments

Filed under Daily Numbers

28 responses to “Wednesday Numbers

  1. ryan

    first post
    ????
    profit!

  2. coco

    What a rollercoaster ride. August slump? Preapproval runout?

    I find swings of volatility interesting.

  3. coco

    Rob,

    On the news I heard that western realtors were worried about single digit price increases this year. Why would this be? Market can’t go up double digits forever.

  4. blueskies

    That pushed overnight rates to as high as 4.7 percent today, compared with the ECB’s benchmark refinancing rate of 4 percent.

    700 basis points overnight…..!
    yowza!

  5. blueskies

    ooops sorry my bad…

    that should read 70 basis points….

    excellent Americano this AM

    Bloomberg headlines are downright nasty

  6. robchipman

    Coco:

    You hear lots of stuff on the news, and I can’t explain most of it. As you know, around here we recognize that the market will change because it always does, and that anticipates single digit increases and double digit decreases, whether in price or in volume.

  7. dkn

    Are the autumn and winter seasons usually when people like to purchase? Traditionally does inventory pile up at the end of the year?

  8. A

    Can someone explain in layman’s terms what this means for mortgages?

    Bank of Canada injects C$1.5 billion into markets

    OTTAWA (Reuters) – The Bank of Canada said it had injected a larger-than-normal C$1.455 billion ($1.37 billion) into money markets by early afternoon on Thursday through regular market intervention mechanisms to try to meet liquidity needs.

    It did so through special purchase and resale agreements, facilities designed to bring the key overnight interest rate down to the central bank’s target by providing funds overnight.

    The bank’s Web site shows that over the past week it had injected C$410 million through the facilities on August 7 and C$663 million on August 2, but that it had done no such transactions on August 3, 6 and 8.

  9. Anonymous

    The RE market actually benefits from all this stock market turmoil… Investors unwind positions and put their money into safer assets: Real Estate.

    And now the BOC opens its doors and unleashes a fury of liquidity. Which then of course gets mopped up and eventually finds its way to hard assets…Real Estate benefits again.

  10. Snick

    Not so fast.

  11. Annon

    And no one finds this funny that BOC is injecting money? Aren’t people here still cheering about our economy doing so well that the whole country is making good money and good life? What’s with the sudden need of money? Only a troubled economy would need that type of stuff. What a reckless, if not brainless, action by BOC.

  12. The unthinkable"Renter"

    Speaking of brainless have a look at the anonymous comment above about how RE keeps winning and the stock markets are in trouble.

  13. A

    What the heck is going on?
    The BOJ just injected $8.39 Billion into the market:

    Asian Stocks Drop After U.S. Declines
    Thursday August 9, 10:29 pm ET
    Japan’s Nikkei and South Korea’s Main Stock Index Fall Sharply After Wall Street Slide

    TOKYO (AP) — Asian stocks fell sharply in early trading Friday following steep declines in U.S. stocks over fears of spreading turmoil from subprime mortgages.

    Amid Friday’s decline, the Bank of Japan said it injected 1 trillion yen ($8.39 billion) into money markets to curb rises in a key overnight interest rate.

  14. coco

    French bank anouncement sent markets into a tizzie as it annouces it is freezing funds of three funds that invest in U.S. subprime mortgage companies.

    http://tinyurl.com/2xkmus

    Credit crunch, credit crunch, it’s not like you have not heard these words mentioned before.

  15. coco

    Banks inject money to prevent economic fallout.

  16. coco

    Adding fuel to the fire, China threatens to sell U.S. currency.

    http://tinyurl.com/37gtrk

  17. coco

    Also Canadian dollar got rattled today.

    http://tinyurl.com/yptrpr

  18. News Flash

    The US is in trouble which means lower rates to prop up the sagging housing sector.

    Ontario manufacturing is in trouble due to the high Can $ and possibly a sagging US economy. This means lower rates in Canada.

    For Vancouver which sits in isolation due to a booming commodities market, billions in committed construction projects and the positive sentiment the Olympics brings, gets the best of both worlds. That is a booming economy and low rates kind of like what we have seen over the past 4 years.

  19. coco

    Newsflash,

    Credit crunch means corporations/people will be restricted or not have access to loans. So it doesn’t matter how low the interest rate is, or how great your credit rating is, if there is not enough liquidity in the system for corporate or personal loans.

    Central banks all over the world are injecting cash into the system to prevent economic fallout. Restricted access to credit or no access to credit would put the world in a serious recession.

    Watch BBC or BNN to see what is going on.

  20. Anonymous

    “Speaking of brainless have a look at the anonymous comment above about how RE keeps winning and the stock markets are in trouble.”

    Good One. Oh, and yes this decade that is exactly what has happened… and is occuring literally right now too.

    But don’t worry about the past and the present… the future is what matters and it will all go to hell-in-a-handbag right?

    Heard it all before. Like a broken record over & over again. Miami, California, subprime, blah blah fricken blah.

    Whatever.

  21. vanreal

    The subprime seems to be decimating my stock holdings more than my real estate. Ouch!!

  22. Anonymous

    If you are hearing about all this market related stuff today, you can rest assured that it is already

    OLD NEWS

    and

    ALREADY PRICED IN

  23. robchipman

    Anonymous:

    Old news and already priced in? First thing to recall: this is a real estate blog. The market news we’re talking about isn’t widely known among the actors in that market and isn’t priced in.

    Second point, the overnight injection of cash doesn’t go straight to the mortgage market.

    Third point, the limit to your theory is (and has been since the first braniac made the same claim about 1,000 years ago) is that the market doesn’t stop acting. Different players find the information at different times and react accordingly. There isn’t a single point on the timeline when information becomes irrelevant and prices are set. What happened yesterday effects today. (Do you really think the guys looking for stock bargains today think that opportunity doesn’t exist because the news is old and already priced in?)

  24. Annon

    “OLD NEWS and ALREADY PRICED IN”

    Right, and of course I suppose Bernanke, Dodge, top analysts from CIBC, RBC, BMO …etc. all said “subprime and US housing effect will NOT spread …”
    and that were all old news months and weeks ago. If your mind is all about your little house gaining value, it’s probably hard for you to see the opposite side of credit is debt. And perhaps you confuse yourself with appreciation vs monetary inflation. The latter, only those who have access to credit early in the game benefit from it.

    Anyone thinks this is over is overly optimistic.

    ———– taken from an article
    There’s a bigger demand for cash now than the day after 911. http://www.ft.com/cms/s/a8c5829a-466e-11dc-a3be-0000779fd2ac.html

    I find it interesting that the biggest injection of cash in ECB history is now labeled “fine tuning”. Heaven help us should the need arise for “coarse tuning”.
    ——————————-

    And what does ECB has to do with troubles in US? What about France, UK, Canada, Japan, ….. list goes on.

  25. Anonymous

    So subprime news is suddenly “new”(s) again?

    I don’t think its far fetched to argue that its older news. Seems I’ve been hearing about it for a long-time now.

    Right from the posted Tokyo article “stocks fell sharply in early trading Friday following steep declines in U.S. stocks over fears of spreading turmoil from subprime mortgages.” This is suddenly newfound fear amongst market followers?

    Yes, extra liquidity DOES eventually find its way to stable assets. Certainly not overnight though, like you mentioned.

    Finally,

    “Do you really think the guys looking for stock bargains today think that opportunity doesn’t exist because the news is old and already priced in?”

    Define “the guys”. Are they experienced professionals? Professionals go on the hunt for bargains when there is a tremendous amount of fear & thus ensuing bargains realizing the worst has been mostly realized.

    Frightful amatuers get scared out of their holdings.

    Recent stock market volitile action wreaks like the market churning action of weak hands disposing their collective small holdings so deep-pocketed professionals can purchase at a discount IN BULK.

    This goes back to the Jesse Livermore days of early 1900s.

    Again this is stock action, not RE and to discuss on an RE blog I agree is not the right place. But hey, I wasn’t the only one

  26. robchipman

    Hold on. When I say this is a RE blog, I mean that we’re sort of looking for a real estate angle on the news of the day. Stock market volatility is fair game, but we can get that news in the paper. What’s it mean for RE? Bring up anything relevant, but try to make it relevant.

    Old news is old news, and sub-prime woes are, in two words, old news. No question. But has it been priced in? I’d say no, which is why sub-prime is also current news. And that’s my point about the limits of the “already priced in” pov.

    Define “guys”? As in, the pros have it priced in, and are right, and the amatuers make a glorious mess of things but don’t have a real effect? Not wanting to observe the painfully obvious, but those three funds that the French bank decided were over-exposed to the US sub-prime challenge…were they run by amateurs, or by pros who had priced in all the available information? I think you can see where I’m going with that.

  27. Anonymous

    Rob;

    “Old news is old news, and sub-prime woes are, in two words, old news. No question. But has it been priced in? I’d say no, which is why sub-prime is also current news. And that’s my point about the limits of the “already priced in” pov.”

    I guess we can agree to disagree that we have two different POVs then.

    You’ve stated yours & mine shares (more like adopted from) the same POV as William O’Neil (Inv.Biz Daily) whereby professional money managers (that’s where I get the “professional” part) manage such large amounts of cash (millions-billions) that if they placed their buy orders in stocks that they wanted on the stock market it would cause such market turmoil that it would be like, in the words of O’Neil “an elephant sitting in a bathtub”. So instead, they wait for non-professionals (amatuers) such as the little guys like you and me to get frightened usually from media sensationalism or sudden market volitility out of their holdings. When the market shakes the tree like it always does, the weak hands frightfully surrender their holdings and they sell. To whom do they sell? The money managers needing to discretely, yet substantially, Buy. And Hold. Taking large stakes in companies at a discount to the day before’s price.

    Thus, the elephant in the bathtub scenario is evaded and heavy accumulation into strong professional hands becomes accomplished. That’s enough stock market talk & its just my pov, thats all.

    With the RE angle on the news I’ve stated it & will state it again:

    Injections of such liquidity eventually, not overnight, finds its way to stable assets like RE. Not every dime of it of course. Is Vancouver’s RE stable? That’s a whole other debate requiring 6 or 7 blogs to vent about.

    Where else does that liquidity go?

    Thats why all this selling because of “subprime” stuff from many months ago sounds to me like the market churning into stronger hands.

    Is that exactly what is happening? I don’t know, I’m certainly no professional. But to me that’s my pov.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s