Stats for the FVREB and REBGV June 6, 2018

REBGV and FVREB Real Estate Stats for June 6th, 2018

Sales Snapshot:

Sales Snapshot 2018-06-06 at 6.16.41 PM

Real Estate Board of Greater Vancouver (REBGV) Results

Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-06-06153$1,145,085$1,102,921$42,1643.6826

Fraser Valley Real Estate Board (FVREB) Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-06-0669$741,988$724,860$17,1272.3121

Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-06-06222$1,019,798$985,415$34,3823.3724

Market Monitor All Properties 2018-06-04 at 8.47.28 PM

Sell/list of 42.9%

Average price, all properties, both boards was *under* $1 million.

What about the attached market?

Real Estate Board of Greater Vancouver (REBGV) Attached Results

Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-06-0698$714,812$709,274$5,5370.7718

Fraser Valley Real Estate Board (FVREB) Attached Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-06-0644$444,229$447,497$-3,268-0.7417

Attached Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-06-06142$630,969$628,160$2,8090.4518

Sell/list of 51.45%.

Market Monitor Attached 2018-06-04 at 8.48.59 PM
These are detached:

Real Estate Board of Greater Vancouver (REBGV) Detached Results

Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-06-0652$1,989,113$1,876,403$112,7095.6737

Fraser Valley Real Estate Board (FVREB) Detached Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-06-0624$1,273,429$1,218,194$55,2344.3429

Detached Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-06-0676$1,763,107$1,668,548$94,5595.3634

Market Monitor Detached 2018-06-04 at 8.48.23 PM

Sell/list 33.19%.

  • 18 properties sold for $2 million or more.
  • 56 sold for $500,000 or less.
  • The least expensive sales? 3 3/4 acre Galiano lot for just over $200k. Paradise.
  • Most expensive? A $6 million+ Westside of Vancouver house on a 50′ lot. Is that high end or every day upper middle class for YVR? I’ll go with high end.
  • 77 properties sold within 7 days. That’s about 1/3 of all properties selling within 7 days. Tell that to your brother-in-law when he tells you how the market is slowing down.
  • Longest time on market? Approximately 7 months for an East Van house. Sold about 8% off original list price.

I love me some Twitter!

While in a short Twitter convo with Mssrs. Vanderhoek, Punwasi and Todd we touched on what qualifies as “high end”:

That motivated me to take a closer look to check my gut feeling.There are 5,173 attached listings in the REBGV. Of those, 3,595, or 70%, are apartments. A lot of those are cheap – but they’re quarter shares in Whistler condos, which really don’t count. I didn’t feel like pulling all of them out, so the following figures are still rough.

There are 8 apartments for sale in the REBGV for over $10 million. Safe to say those are high end, and some have some big DOMs.

There are 906 apartments for sale in the REBGV for $1 million or more. That’s 25% at over a million. Take away the quarter shares and that percentage gets higher. Is it fair to say that 25% of our market is high end? I’m not taking a position either way, but the question is worth considering and the implications change depending on your answer.

How many sold in, say, the last 7 days?

57.

Cheapest? $325k in New West. Sold as soon as it came on the market.

Most expensive? $1.8 sale in Yaletown. Same story. Sold as soon as it came on market.

How many of the sales were over $1 million? 7, or 12.3%. Not the 25% in active listings. (At the end of the day its sales stats that count, not listings).

Inventory

Inventory has increased by just under 1%. That’s total inventory, both boards.

REBGV Total

REBGV Total Inventory 2018-06-06 at 6.28.42 PM

Note the labels in the boxes. Status “A” means “Active”; Region is self explanatory; Class “RD” means “Residential Detached” (or “Attached”, as the case may be). There are slight discrepancies between the total inventory and the sum of detached and attached – those discrepancies reflect multi-family and land sales.

REBGV Detached

REBGV Detached Inventory 2018-06-06 at 6.29.13 PM
REBGV Attached

REBGV Attached Inventory 2018-06-06 at 6.29.46 PM
FVREB Total

FVREB Total Inventory 2018-06-06 at 6.30.22 PM

FVREB Detached

FVREB Detached Inventory 2018-06-06 at 6.30.46 PM

FVREB Attached

FVREB Attached Inventory 2018-06-06 at 6.31.17 PM
Total Inventory Both Boards

Total Inventory Both Boards 2018-06-06 at 6.31.47 PM
How to read these tables:

The first column is date, which is self-explanatory. The second is the number of sales in the specific area. Sales include detached, attached, apartment, land only and multi-family. Multi-family tends to include smaller multi-unit buildings rather than apartment buildings, which usually turn up on the commercial MLS system. There are also few multi-family sales each week. The third column is average list price for the day – in other words, the total of all list prices divided by the number of new listings. The fourth column is the average sales price of all sales reported that day. The sales are reported after subjects are removed, and can be from 0 to perhaps 14 days old. Listings, by comparison, are generally brand new, and lag by at most 3-5 days (in times of high listing volume the lag can be a little more, but not as much as with sales).

The fifth and sixth columns show the difference between average list price and sell price in dollar figures and percentages. Hot markets see properties sell within 1%-1.5% of list price.

The last column is days on market (DOMs). In most real estate markets 60 DOMs is by no means bad, and would often be regarded as great. In the Lower Mainland, especially compared to the last decade, it is high. Hot markets see DOMs like 30.

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.

4 comments

  1. Thanks so much for posting regularly – visit your website all the time. This is great info not available elsewhere. Keep up the great work please!

  2. Love the daily stats and your analysis, Rob! Do you have a mailing list by any chance?

  3. Rob, when will you update your Blog? I find it an incredible resource!!!

  4. Hi Blake:

    I think I’m going to shut it down. It takes a lot of time and hosting is costly. I could probably re-hire someone to process the stats each night, but I’d need to recover those costs.

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