September Stats Snapshot

September Sales Results

Benchmark Price September 1 month change ($) % change
Detached $737,927 +11,860 +1.6%
Attached $452,944 +6,367 +1.4%
Apartments $371,718 +3,744 +1%

 

September saw a drop in sales volumes compared to August, but volumes were still higher than September 2006 levels by almost 11%.  Inventory grew to 13,574 active listings, compared to 12,939 in August, ’07, but down from 14,198 in September of ’06.  Price growth is stable, yet again.  Compared to September of ‘06 prices are up 11.9% for detached properties, 10% for attached properties and 11.1% for apartments.  August’s numbers were 11.1%, 9.8% and 11%, respectively, so we’ve made some progress on price.  The sell/list for September was 69.05% was (compared to 76.77% in August, 78.66% in July and 76.7% in June).

The increase in inventory means we have 4.89 months worth of inventory (MOI). Counting back from August through December the numbers have been 2.74 3.32 3.18, 3.10, 3.78, 3.32, 3.92, 4.89, 6.2. It was 2.92 in June ’06.  Sales are still slowing somewhat, but the inventory trend has reversed and will have to be monitored to see if it continues.

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11 Comments

Filed under Monthly stats

11 responses to “September Stats Snapshot

  1. fish10

    MOI is the most stat in my opinion.

    It tells more about the balance of buyers and sellers than almost any other statistic.

    BTW I have set up a temporary blog…for the times when Rob is away or if he ever shuts it down and we need another venue to discuss RE.

    feel free to book-mark and visit. Bulls and bears alike. I have nothing to sell, no axe to grind.

    I am bearish on re here as the numbers don’t make business sense, and I am in busniess, but I have been wrong so far and may be wrong for longer.

    http://fishre.blogspot.com/

  2. Snick

    What rubbish.

    Why then, does it take THREE months for a nice, 20 year old three bedromm+ house in Coquitlam to go from an ASKING price of 438K to a SELLING price of 420K as of TODAY?

    “Benchmark prices” my a$$.

  3. Snick

    In other words…SFH’s are NOT flying off the shelves like 1983 Cabbage Patch dolls, and just like the dolls, prices are being reduced to get rid of “product” cluttering up the shelves now that the fad is ending.

  4. paul

    REBGV numbers for today (Greater Vancouver only)

    283 listings 163 sales 58% L/S

    inventory at 11,448 (different area from Robs)

  5. The unthinkable"Renter"

    One things for sure Rob, if RE keeps increasing then I am looking forward to serious rent raises and also income raises!!!

  6. Mightymouse

    “serious rent raises and also income raises”= High inflation= Higher interest rates= Less money out there for people to buy houses with= Lower house prices.

  7. The unthinkable"Renter"

    Thanks Mightymouse, the vast majority doesn’t get it.

    *All the first time home buyers either bought or priced out.

    *The people left are foreign investers or trade up families. You know those families that drop another $50k on their mortgage for that 3rd bedroom.

    Actually Mightymouse it could be that we’re in denial and we’re both a couple of sour grapes.

  8. robchipman

    High inflation means prices of things increase.

    High inflation means that there is more money in circulation, not less.

    Before the house prices come down due to inflation they’ll go up more.

    One problem is that the gain isn’t in real terms.

    One advantage is that the borrowers are paying back debt that was borrowed in valuable old dollars with new, less valuable and possibly easier to obtain new dollars.

    Anti-inflation measures are a national policy issue. Hot housing market in Vancouver is tempered by a slow housing market in St. John’s sort of thing.

    None of the preceding takes away from my mantra that the cure for high prices is high prices.

  9. Mightymouse

    “RICS believes that a fall in the U.K.’s house prices balance was mainly due to the past five-interest rate hikes and tightening in the mortgage lending criteria in the wake of global credit crunch.”

    http://www.rttnews.com/forex/economicnews.asp?date=10/11/2007&item=17

  10. Anonymous

    “Hot housing market in Vancouver is tempered by a slow housing market in St. John’s sort of thing.”

    One should check stats to see that St. John’s yoy is up 55% for sfh. St. John’s is known as the Calgary of the East.

  11. jesse

    “One advantage is that the borrowers are paying back debt that was borrowed in valuable old dollars with new, less valuable and possibly easier to obtain new dollars. ”

    Yes but if inflation is high the borrowers get the privilege of paying back at high interest rates. This is great news if your mortgage rate was already fixed at a low rate until the principal is paid off but sucks if you have to renew at the higher rate. Like 1982, don’t think that inflation will keep nominal prices high.

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