Friday Numbers

There were 186 new listings Friday, and 144 sales, for a sell/list of 77.42%.  Of the sales 11, or 7.64%, went over list.  Average list price was $619,021, while average sale price was $16,683 less, at $602,338 (-2.7%).  Earlier in the year sales were usually less than 2% off list price, so let’s keep an eye on that and see if a micro-trend emerges.  Average DOM to sale was 48.

There were 40 price changes, of which 2, or 5%, were increases.  The average original price was $519,170, while the average new price was $499,919, $19,251, or 2.84% less.  Average DOM to price change was 55.

Inventory dropped again, to 10,756, of which 2,791, or 25.95%, were over 90s.  0.35% of all active listings in my area had their prices redced Friday.

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41 Comments

Filed under Daily Numbers

41 responses to “Friday Numbers

  1. “……the average new price was $499,919…”

    Sounds incredibly CHEAP. Maybe I should re-name myself “Chicken Little..”

  2. Snick

    Hey! How’s that shack on King Albert doing?

  3. robchipman

    Snick, your understanding of real estate is second only to your understanding of Animal Farm. King Albert is an open book. Everything you need to determine the status has been posted. See if you can figure out the riddle.

  4. BOBBYBEAR

    Do not tell me what to buy.

    Tell me when to buy it.

  5. Snick

    Oh, I KNOW it’s an open book. Hmm…let’s see. It’s at 1958 King Albert/listed Nov.15/$510K

    So, with all the “multiple offers” why hasn’t a “SOLD!” sign been slapped on it?

    Oh and by the way, Animal Farm is a perfect allegory. And, you ARE “Squealer” in the story.

  6. robchipman

    Snick:

    That’s not an explanation of what you think happened. You’re just answering a question with a question again.

    Take another shot at it, and quit being coy. What do you think has happened? Or are you really stumped? Remember, whatever happens/happened with King Albert is going to be public knowledge given enough time. There’s only one person hiding an opinion here, and its you. C’mon – don’t be scared. Dazzle us with your analytical brilliance 🙂

  7. robchipman

    deb:

    Good find. Good marketing plan, as well – in the face of bad numbers, offer the buyer certainty. All that remains is to do the math to determine if the offered numbers make sense. (You can buy in Phoenix, right now, with garaunteed over market rent for a fixed term (3 years, I think) that covers your costs; after three years you go on the open market and either rent and hold or sell. Good deal?)

    You heard the story about this place in New West, right? Unless I’m mistaken this was the property where common area was leased out to private interests (i.e., think of the elevator in your strata being leased to someone, so that if you want to use it you have to pay them). I’m not sure if this is emblematic of the market as a whole, or of a bad developer (although I think we should recognize that as a market turns the law of negative or anti-gravity, (wherein a rising market masks mistakes), begins to fail…in other word, bad developers turn up more often as the market softens).

  8. Dave

    Rob…..Can you give a update on the King albert house? Did it get multiple offers ? is there a deal pending??
    Thanks…Dave

  9. Jeff

    I can give an update on my 3 overpriced listings… still got all 3… still no offers… showings have gone to zero this past week.
    These properties probably could see an offer if they were reduced 5%… and given the current market they are 5-10% overpriced.

    All 3 owners are not motivated because they expect the spring market to be good… in other words, if they can get their price now they’ll take it… or else they’ll wait.

    I expect a huge amount of inventory to drop-off as expired.

    Rob:
    Can you give us a sneak peak at inventory for your area, as of today?

  10. Snick

    “What do you think has happened?” – Rob

    Well, the way you and Aaron were so breathless with excitement the day it was listed, I just thought it was time for an update.

    Your turn.

  11. Snick

    “Dave
    December 2, 2007 at 1:25 pm
    Rob…..Can you give a update on the King albert house? Did it get multiple offers ? is there a deal pending??
    Thanks…Dave”

    Looks like other enquiring minds want to know, too.

  12. blueskies

    Well, the way you and Aaron were so breathless with excitement the day it was listed,

    thus the multiple orgasms!

  13. domus

    This is from Germany’s “Spiegel” magazine, dated November 30th:

    “Americans have been living beyond their means for years. That includes both consumers, who often buy their houses, cars and other consumer items on credit, and the government, which is adding billions to the national debt to pay for its programs, especially to fight terrorism and wage the war in Iraq.

    For a long time, this constant borrowing wasn’t a problem, because the United States enjoyed a virtually limitless credit line abroad.

    But that confidence is now gone. Once the US real estate bubble burst, it became clear just how shaky the foundation of the country’s economic growth really is. Banks around the world could very well end up writing off hundreds of billions of dollars in bad debts. A number of major international banks have already fired their top executives for making overly risky investments.

    The world’s lenders have become cautious, making it increasingly difficult for American consumers and businesses to borrow money. Consumer spending and investment, the two main pillars of the US economy, are faltering.”

    What do you think about Canada?

  14. chip

    Bit rich coming from Der Spiegel considering Germany’s debt-to-GDP is higher than America’s and that’s without maintaining a significant military or spending hundreds of billions a year to resuscitate countries like Iraq and Afghanistan.

    The US will eventually be rid of Iraq and enjoy a dynamic economy. Germany will still have a bloated welfare state and anemic economy.

  15. vintage

    chip said:
    ‘The US will eventually be rid of Iraq and enjoy a dynamic economy. Germany will still have a bloated welfare state and anemic economy.’

    crystal ball much?

  16. blueskies

    ran the word “desperate” on craigslist van re for sale and got this:

    http://tinyurl.com/3y8ptj

  17. blueskies

    investment for satv:

    Special price because we MUST sell quick… we had to buy another place while this buiding was being built and now we cannot afford 2 motgages.

    33% of Strata fees will be deducted from the sale price if your offer is accepted before jan 1, 2008.

    http://tinyurl.com/36hxwr

  18. robchipman

    Snick, let me see if I have this straight: despite your pretensions you really have very little understanding of how real estate works, right? Take a cue from Dave and just ask nicely next time instead of being such an ass.

    As for being breathless with excitement, hey, I get that way every day. Its a wonderful world, after all. And this was a great listing for people to watch a sales process on.

    Dave: You are correct. Multiple offers, accepted subject offer. When and if subjects are removed we’ll update everyone more fully.

    BTW, I think Jeff called it accurately when the post first came out.

  19. Disbelief

    That is still too much… $349k for Chilliwack, paying that much leaves nothing left for the helicopter which is imperative if you live that far out…. I once lived in Abbotsford the worst 2 years of my life. I couldn’t even imagine being further out than that…. whew

  20. robchipman

    Jeff:

    Inventory, right now, is 10,334.

  21. Snick

    “Snick, let me see if I have this straight: despite your pretensions you really have very little understanding of how real estate works, right? Take a cue from Dave and just ask nicely next time instead of being such an ass.” – Rob

    Shove it where sun don’t shine.

  22. WoW

    Snick, your just frustrated with the unbelievable wait to see this market turn – as am I. That said, more and more anecdotal evidence points to a cooling, as I read the tea leaves anyways….look forward to seeing how inventory/sales progress through the spring – in my opinion, December is somewhat meaningless, we’ll have to wait till the spring. Will be intresting to see if oil cools and if this happens (and even if it does not) if Alberta RE continues to loosen up…if it does, I don’t see how we can hold out…and even if it doesn’t, i don’t see how prices can defy basic cash flow realities….

  23. tqn

    Snick,
    when the eco density in vancouver is in black and white, there will be plenty of garage…oppsss, I mean backlane housing you can rent from…Dont be stress out!

  24. Snick

    “Snick, your just frustrated with the unbelievable wait to see this market turn – as am I” – WoW

    That is not what I am “on” about. I don’t like the way this guy operates. He’s a slippery fish. and people should know it.

  25. coco

    Recession Hits U.S. Profits; Economy Might Be Next

    http://tinyurl.com/yswmu4

  26. coco

    Economy defies fears of ‘cooling’
    Strong GDP growth could keep the Bank of Canada on hold, while U.S. rates may head lower

    http://tinyurl.com/yq2nv2

  27. coco

    Credit Crunch continues….

    The Bank of Canada is leaving C$291 million in the Large Value Transfer System over the weekend and plans to leave C$300 million in the system on Monday night, the central bank announced.

  28. coco

    Canadians being thrifty or tightening their belts?

    Maritz-Research Canada reports 68% of Canadians expect to do some Christmas shopping at Walmart.

  29. blueskies

    Investment in residential building hits new record

    http://tinyurl.com/2xlmbt

    The agency says the rising levels of investments for new housing were largely brought about by significant cost increases over the third quarter of 2006.

    from the G&M

  30. blueskies

    snick:

    as always “caveat emptor”

  31. coco

    Two Edmonton companies are proposing to ease Alberta’s affordable housing crisis with units made from cargo containers more commonly seen stacked on the back of flatcars or in shipping yards.

    http://tinyurl.com/yqgmmu

  32. coco

    Canadian housing market has record month in October

    http://tinyurl.com/2yg8j7

    “While British Columbia and Alberta recorded a decline in sales”

    “Price increases will become smaller as the resale housing market becomes more balanced,” said Ann Bosley, president of CREA.”

  33. Dave

    Thanks for the update.

  34. Annon

    “Price increases will become smaller as the resale housing market becomes more balanced,” said Ann Bosley, president of CREA.”

    More balanced? Yeah right! Ann may as well prepare to resign like that loser David Lereah after cheerleading the RE brainlessly for over 2 years only to finally learned that he’s lost all his credibility.

  35. Dee

    Great snowboarding pic, Rob!

  36. coco

    Rob,

    Since you are involved in property management, I have a question.

    A friend of mine is in a strata and is not receiving regular financial statements. The Accountant at this real estate firm that looks after the property management for the building left almost 2 years and monthly financial statements are non-existent since then.

    Is the management liable for keeping proper financial records for the strata on a regular basis? If so can you point me to the laws that state so.

    Thanks

  37. WoW

    Calgary Listing Inventory

    (Nov 29/07) Total Listing Inventory *includes Calgary & all surrounding rural listings* is currently at 10,482 listings. This represents about 6.2 months of sales inventory at the current rate of sales. Calgary Metro listing inventory is currently 7,215 listings – just over 5.2 months of sales inventory. Metro Calgary sales for this period are 23% lower than the same period in November 2006.

    Keep your eye on the inventory number. It is an excellent indicator of the supply / demand balance, and is directly related to price trends for the Calgary market. While the listing inventory is somewhat large, it has begun to drop, and with it the average price of Calgary homes is again on the rise, after bottoming at $448,000.

    The average price of a Calgary house is now $462,000, up about 14% from the same period last year.

  38. robchipman

    coco:

    I don’t do strata, and my only experience with it is as a strata owner. My first thought is that there isn’t a statutory requirement that the management company provide financial statements, but there is a statutory requirement thta the strata corp. provide them. It would make sense that the management company’s responsibility be detailed in the management contract, so that would be the first place to look.

    The requirements from the act are (as far as I can see):
    “Financial statement requirements
    6.7 (1) For the purposes of section 103 (3) of the Act, the financial statement must contain the following information for the fiscal year to which the financial statement relates as of a day that is within the 2 month period before the date of the annual general meeting:

    (a) the opening balance in the operating fund and the current balance;

    (b) the opening balance in the contingency reserve fund and the current balance;

    (c) the details of the strata corporation’s income from all sources, except special levies;

    (d) the details of expenditures out of the operating fund, including details of any unapproved expenditures under section 98 of the Act;

    (e) the details of expenditures out of the contingency reserve fund, including details of any unapproved expenditures under section 98 of the Act;

    (f) income and expenditures, if any, by special levy under section 108 of the Act.

    (2) Within 8 weeks after the end of its fiscal year, the strata corporation must prepare a financial statement updated to the end of the fiscal year.

    (3) For the purpose of distribution with notice of the annual general meeting, a strata corporation may provide, by bylaw, that the financial information required under subsection (1) (c) to (e) be provided in a summary form.

    (4) Despite a bylaw under subsection (3), the strata corporation must place before the annual general meeting a financial statement that complies with subsection (1).

    (5) Despite section 36 (3) of the Act, if a person who is entitled to a notice under section 45 of the Act makes a request in the period between the date that notice was given and the date of the annual general meeting, the strata corporation must promptly provide a copy of the financial statement that complies with subsection (1) to that person.

    [am. B.C. Reg. 241/2001, s. 2 (c).] ”

    Additionally, the Real Estate Council is making more moves to standardize strata management agreements.

    On a practical level, I only see monthly financial statements for stratas where I’m on council. If I’m not on council I only see annual statements. (That may just be my stratas). However, if the management company isn’t providing statements I’d fire them, hire a new company, and then do the audit which will inevitably follow. Painful, costly, and I can’t think of another solution.

  39. Jeff

    64 new listings today for a 26 year old condo that has been fully renovated in the Westend.

    1550 Barclay St tower and Cardero St townhouses.

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