Monday’s Numbers

Will the bearish start to September continue?  Did we have a big listing weekend?

 We had 294 new listings and 181 sales for a sell/list of 61.56%.  Of the sales 18, or 9.94%, went over list.  7 of those were in Van West, 6 in East Van, 1 in North Van, 3 in Coquitlam and 1 in Burnaby.  Average list price was $550,996, while average sale price was $16,212  less, at $534,783 (-1.94%).  Average DOM was 34.  The biggest underlist sale was 16% off list (-$788,000), while the largest overlist was 7.85% ($26,000).

There were 110 price changes, of which 10, or 9.09%, were increases.   Average original price was $592,123, while average new price was $17,810  less, or $574,313 (-2.58%). Average DOM to price change was 62 days.  The biggest price drop was 16% ($20,000) or 8.41% ($200,800)while the biggest increase was 19% ($79,000).  There were 25 price changes in Surrey, of which none were increases (22.73% of all changes).

0.90% of all active listings in my area had their prices reduced today.

Advertisements

32 Comments

Filed under Daily Numbers

32 responses to “Monday’s Numbers

  1. fish

    39 new listings in N and W Van. 13 sales.

  2. Snick

    “39 new listings in N and W Van. 13 sales.” – fish

    Good morning, fish

    What has been “more ususal” during the boom for that particular area?

  3. WoW

    well, until we get definitively through 12,000 listings (and my prediction was for 13,000 back in the late spring/early summer), the market remains strong, if somewhat more balanced…will watch inventory numbers with interest. As always, thx for the #’s Rob.

  4. VHB

    Last September was even more unbalanced toward the listing side of the equation:

    http://rireb.blogspot.com/2006_09_10_archive.html

    So, this September’s activity isn’t outside what we’ve seen before.

  5. coco

    “There were 25 price changes in Surrey, of which none were increases”

    This is not a surprise to anyone who lives in the Fraser Valley. There is some interesting things starting to happen with prices in some areas.

    Sales over list percentage keeps falling, which is interesting too.

  6. fish

    Snick

    The North Shore has been amongst the hottest of areas.

    I don’t have statistics, just the odd list/sales that my realtor sends me.

    I have seen mostly 80-110% l/s for 2006 and 60-80% for most of 2007.

    this is a definate drop, but is just one data point.

  7. wv

    It is interesting to see this news

    AUGUST SALES CAP STRONG SUMMER IN THE FRASER VALLEY
    September 5, 2007

    (Surrey, BC) – Sales processed on the Multiple Listing Service® (MLS®) in August were the second highest on record for that month, rounding out the summer market of 2007 as second only to 2005 in the Fraser Valley.

    Combined sales for June, July and August 2007 reached 5,800 compared to 6,866 sales for the same months in 2005, yet higher than the previous second-ranked summer of 2003 that reached 5,535 sales.

    “The Canadian Real Estate Association revised its annual forecast for 2007 in August because the market so far this year has performed much stronger than they predicted it would. We’re in the same boat in the Fraser Valley,” confirms Jim McCaughan, president of the Fraser Valley Real Estate Board.

    “Given our strong spring, Fraser Valley REALTORS® anticipated a steady summer with a typical holiday slowdown. Instead clients surprised us with a 30 per cent increase in MLS® inventory. In addition, both sales and prices are higher than we expected.”

    There were 1,763 sales processed on the MLS® in August, an increase of 4 per cent compared to last year’s 1,692 sales. The number of new listings in August at 2,804 was 7 per cent more than the 2,609 new listings received in August 2006. The total number of active listings in August at 8,286 was 28 per cent higher than the 6,474 actives during the same month last year.

    In August, the price of a single-family house in the Fraser Valley averaged $526,879, an 8.9 per cent increase in one year. The average price in 2006 was $483,752. The average price of a townhouse also increased by 8.8 per cent compared to last year, going from $294,887 last August to $320,930 this year.

    Average apartment prices in the Fraser Valley increased by 12.5 per cent compared to last year. In August 2006, they averaged $193,451 compared to $217,683 last month.

  8. Grin and Bear It

    Way to early to call a downturn. However, this would be how one would start so maybe the party is over. I certainly hope so.

    Interest rates may not be the only reason for a downturn but I think they’ll be a key factor. B.C. residents have been shown to be saving the least when compared to the rest of Canada. They have over-extended themselves on RE and that is going to come back and bite them in the back side if interest climbs. If that happens all I would do is laugh. I like to see greedy, non-contributors to society, suffer! It’s true!

    Beware of the Bear!

  9. tqn

    “If that happens all I would do is laugh.”

    If not, just Grin and Bear it!

    “I like to see greedy, non-contributors to society, suffer! It’s true!”

    The government collects a mountain of tax from them. These tax collections help, in part, funding the health care, education, social services etc…These socalled non-contributors indirectly help boosting consumer spending, provide jobs in the related building industries etc…
    You must be a great contributor to the society. Congratulation!

  10. /dev/null

    tqn – do you feel that the benefit of these taxes outweighs the increase in consumer debt? Do you think that the increase in consumer spending by real estate speculators (that is what you’re referring to?) is greater than the decrease in spending caused by the decline of disposable income in home buyers?

  11. coco

    wv,

    Old news posted already. Average prices are up overall in the entire Fraser Valley, but prices in certain areas peaked May/June and have not come back to those levels since. If you examine area by area, property type by property type, not everything is as rosy as the overall average.

  12. tqn

    /dev/null,
    It doesn’t matter how I feel about any of the above because there is nothing I, or anyone, can do about it. People are freely enterprising; if they make money, good for them; if they leverage themselves to death and get burnt, it’s their doing. The market is a powerful force; I cannot fight it, I might as well get along with it.

  13. Grin and Bear It

    TQN, I am a great contributor. I am happy I do something that helps other people directly in addition to my tax dollars. It’s a great feeling. Maybe you should try it. Might make our area a better place. Something tells me you’re more into making money and could care less about society, in general. 🙂

  14. robchipman

    G&B:

    You might want to re-consider wishing pain and misfortune upon others while congratulating yourself on what a boon to society you are. If you’re serious its just bad form. If you’re not serious your position doesn’t make much sense and the punchline is weak.

  15. tqn

    G & B

    “Something tells me you’re more into making money”
    I work hard for it, I earn every cents of it.

    “could care less about society, in general.”
    Ass-umption about others is not very nice, even my preschool kids know that 🙂

  16. Jay

    Can’t we all get along? 🙂

    Rob, weren’t you going to join someone in a verse of Kumayah or something? TQN and GABI should start.

    I’m still sitting on the fence about getting back into RE. It seems prices are declining everywhere but here (in Canada/U.S.). Is it me or is that not a good reason to be extra cautious?!

  17. fish

    Now this is what I call INVENTORY BUILD-UP

    Monday, September 10, 2007
    4 years to sell 1,500 homes
    By JEFF COLLINS
    The Orange County Register

    It’ll take until 2011 to sell the last of the homes now on the market in Santa Ana, according to one statistical report released recently.

    While it’s unlikely that anyone will wait that long to sell their home, the data illustrates how difficult it is to sell in the current market.

    The four-year home supply figure is based on a report showing that Santa Ana homeowners sold just 33 homes out of the 1,500 on the market during the 30 days ending Thursday. Assuming that market conditions remain unchanged, and homeowners don’t change their minds about price or selling, it would take 45.9 months to sell the rest of the inventory.

    “Demand for Orange County (real estate) has taken a hard hit because of the current (lending) market crisis, dropping to its lowest level in years,” wrote Steven Thomas, president of RE/MAX Realty Services in Aliso Viejo, who provided the latest home-supply calculations.

    Some questioned Thomas’ number, but agree that recent mortgage upheavals have jammed the brakes even harder on a housing market already in slow-mo.

    “The reason our statistics in Santa Ana are so high is we have tons of subprime properties,” said real estate broker Molly Doughty of Santa Ana Realty. “It’s really harder (to borrow money) now. … You’ve got to have excellent FICO scores.”

    Sarah Covarrubias, former manager of Seven Gables Real Estate’s Santa Ana office, said at least half of Santa Ana’s listings are bank-owned properties, “short sales” going for less than the mortgage amounts or that are in pre-foreclosure. Problems are greatest for homes selling for $600,000 or less, she said.

    “There is a huge amount of inventory, and we have difficulty qualifying buyers (for loans),” Covarrubias said. “It’s really become a sad situation.”

    Thomas reported that homes going into escrow dropped to 1,206 countywide in the 30 days ending on Thursday, down from 1,804 one month earlier.

    Industry consultant Pat Veling of Real Data Strategies Inc. estimated that Santa Ana has a 14.4-month supply of homes based on sales for the past year. But that’s still five times greater than the city’s inventory level in the summer of 2005 when supplies were at a low, he said.

    “It shows the rate at which the market is slowing,” Veling said

  18. Snick

    “It seems prices are declining everywhere but here…” – Jay

    Jay,

    Proces ARE coming down. New listings are at prices lower than last Spring.

    Consequently, selling prices are also lower than we have seen in the recent past. Get on a VOW site and monitor the market activity carefully. You’ll see it for yourself…

  19. Jay

    Snick, do you have some links to some of these sites? I am fairly new to RE and have very few properties. Dropping by these blogs has proven to be educational. I appreciate any links etc. I want to get some more RE but the prices we see here today are still too high. Add to that my earlier note (RE downturn everywhere but not really Van.) and I just don’t think buying now is the smart move.

  20. Snick

    “…but the prices we see here today are still too high…” – Jay

    Oh, for sure they are. Don’t catch a falling knife. This is what I believe is happening: people are buying on mini-dips. Unwise, IMO. There is still a LONG way to go…

    Go to…………Marie Timmerman or Keith Vines. They BOTH have “virtual office websites” (VOW)

    You can sign up with either of them and track everything for yourself. Then you don’t have to hear it secondhand from some smarmy realtor.

  21. Snick

    Oh, and Jay, one more thing. They (prices) will fall a long way here. We are no different from the “hot” (previously) US markets.

    So, don’t believe any BS to the contrary. This is nothing new. Only “unprecedented” in its duration and intensity.

  22. blueskies

    Only “unprecedented” in its duration and intensity.

    as will the correction be unprecedented in its duration and intensity

  23. News Flash

    “Proces ARE coming down. New listings are at prices lower than last Spring.

    You can sign up with either of them and track everything for yourself.”

    Snick,

    I checked it out. Prices are going UP though. Especially in the Coquitlam area. Didn’t you read the real estate reports? Or is there a conspiracy going on?

  24. Snick

    “I checked it out.” – News Flash

    You need a checkip from the neck up.

  25. coco

    RBC study finds almost 75% of our income goes to paying for a home in Vancouver.

    http://tinyurl.com/2wazq6

  26. coco

    Bank of Canada, David Dodge views interest rates as appropriate.

    http://tinyurl.com/2ypza6

  27. coco

    Home values likely to be the next victim of the pine bettle.

    http://tinyurl.com/2vssjz

  28. foo

    Having heard this morning that a record number of 20ish people are still living with their parents in Vancouver, it’s become clear to me that it’s the massive decrease in household size that’s driving the housing bubble^h^h^h^h^h^ market in the lower mainland.

  29. Popeye

    News-flash, don’t believe everything you read, esp. gvreb reports. Even your buddy Ozzie is getting scared.

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