|Benchmark Price||November||1 month change ($)||% change|
October sales volumes rebounded, coming in higher than last month and beating October ’06 by 11.2%. Inventory dropped 5% to 12,915 active listings (from 13,574 in September & 12,939 in August), and down just over 10% from 14,445 in October of ’06. YTD sales numbers are also up compared to 2006. The drop in inventory is probably due to soft/negative price growth during the month. Compared to October of ‘06 prices are up 11.4% for detached properties, 11.4% for attached properties and 10.8% for apartments. September’s numbers were 11.9%, 10% and 11.1%, respectively. The sell/list for October was 62.83% was (compared to 69.05% in September, 76.77% in August, 78.66% in July and 76.7% in June).
The combined changes mean we have 4.09 months worth of inventory (MOI). Counting back from September through December the numbers have been 4.89, 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. Although high compared to the past year, an MOI under 5 should be considered low. With inventory dropping there is a chance that MOI will also drop, and that will extend the upward pressures on price. As we look for a top in the market we’ll have to keep a close eye on both total inventory and MOI. Low inventory and low MOI without significant price growth may indicate that prices have risen as high as they can go.
Out of 29 sub-areas (detached/attached/apartment over 15 areas, minus areas with less than 20 sales during this month or last month), 14 saw a drop in the median selling price, while 15 saw increases. Burnaby dropped in all three categories, Coquitlam, North Van and East Van dropped in 2, while Maple Ridge, Port Moody, Richmond, Vancouver West and West Van dropped in one category. No area rose in all three categories, but Maple Ridge, New West, Port Coquitlam, Richmond, Vancouver West, and West Van rose in two categories, while Coquitlam, Delta, North Van, and East Van rose in one category.