The sell/list is a simple measure of demand that divides a given number of sales by the number of new listings taken during the same period. It is expressed as a percentage. In a hot market we sell more properties than we list, so the number exceeds 100%. Markets like that commonly see multiple offers over list price. Slow markets, on the other hand, are characterized by low sell/lists, below 35%.
Sell/lists can vary fairly widely from day to day. Before a market can be characterized one way or another we need to see a definite pattern.
Traditional wisdom describes a balanced market as one that has a sell/list in the 50% range, with anything higher being a sellers’ market and anything lower being a buyers’ market. This is a tad simplistic, as our experience with the Lower Mainland market demonstrates. Even with a 25% sell/list its hard to describe a market that is out of touch with fundamental valuations as a buyers market, yet we have seen exactly that in this market.
With that said, the graph below tracks the daily sell/list for the REBGV/FVREB as well as a ten day moving average. The ten day average approximates 2 weeks worth of data.
Vancouver real estate sales statistics are courtesy of the Real Estate Board of Greater Vancouver, and while all efforts are made to ensure their accuracy, neither the REBGV nor Rob Chipman are liable for any errors.