Tuesday May 15th Lower Mainland Real Estate Statistics

Tuesday May 15th Lower Mainland Real Estate Statistics for the REBGV/FVREB

Sales Snapshot:

Notice the long days on market? It’s a nice piece of land on the Sunshine Coast. Take a gander:

3096/365= 8 1/2 years! You don’t see that often.

Real Estate Board of Greater Vancouver (REBGV) Results

Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-15178$1,092,680$1,057,487$35,1923.2242

Fraser Valley Real Estate Board (FVREB) Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-1598$781,213$774,291$6,9220.8917

Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-15276$982,087$956,932$25,1542.5633


Sell/list 57.26% Yesterday was 35.64%. See the pattern for Monday? Listings taken over the weekend and submitted and processed Monday.

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
2018-05-15120$790,205$781,449$8,7551.1118

Fraser Valley Real Estate Board (FVREB) Attached Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-1558$496,652$501,474$-4,821-0.9714

Attached Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-15178$694,553$690,221$4,3310.6216

Attached Both Boards 2018-05-15 at 6.39.29 PM

Sell/list 62.90% compared with yesterday’s 40.71%. Same dynamic.

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
2018-05-1553$1,713,573$1,631,033$82,5404.8240

Fraser Valley Real Estate Board (FVREB) Detached Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-1539$1,173,156$1,152,437$20,7181.7720

Detached Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-1592$1,484,483$1,428,150$56,3333.7932

Detached Both Boards  2018-05-15 at 6.41.36 PM

Sell/list 47.92% compared to yesterday’s 30.09%. When you see the same phenomena repeat consistently you’re starting to see a rule.

  • 20 properties sold for $2 million or more.
  • 64 sold for $500,000 or less.
  • The least expensive sale? Mobile home in Surrey for mid-$100s. Comes with about a $600 monthly pad rental.
  • Most expensive? Approximately six million dollar Westside mansion (sold approximately $1 million off original list).

Take note of average DOMs for all properties in the REBGV compared to the FVREB. Compare those to the difference between list price and sales price.

Then do the same thing for the attached market. DOMs in both boards are really low, but notice the “-0.97” for the FVREB? The means average sales price exceeds average list price.

Move to detached. Again, the REBGV is a very different market from the FVREB. What’s the dif? Locale or price? You tell me.

Inventory

REBGV Total

REBGV Total Inventory 2018-05-15 at 6.43.31 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 discrpeancies between the total inventory and the sum of detached and attached – those discrepancies reflect multi-family and land sales.

REBGV Detached

REBGV Detached Inventory 2018-05-15 at 6.44.14 PM

REBGV Attached

REBGV Attached Inventory 2018-05-15 at 6.44.50 PM

FVREB Total

FVREB Total Inventory 2018-05-15 at 6.45.26 PM

FVREB Detached

FVREB Detached Inventory 2018-05-15 at 6.45.54 PM

FVREB Attached

FVREB Attached Inventory 2018-05-15 at 6.46.25 PM

Total Inventory Both Boards

Total Inventory Both Boards 2018-05-15 at 6.46.59 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.

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