Wednesday May 9th Real Estate Statistics for the REBGV and the FVREB

Wednesday, May 9th, 2018 Real Estate Sales Statistics for the REBGV and the FVREB (REBGV/FVREB)

Real Estate Board of Greater Vancouver (REBGV) Results

Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-09170$940,601$922,950$17,6501.8823

Fraser Valley Real Estate Board (FVREB) Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-0965$702,133$698,264$3,8680.5514

Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-09235$874,642$860,803$13,8381.5821

New Listings – 506
Price Changes – 135
Sales – 235
Sell/List – 46.44%

Sell/list is improving;
Note the difference between REBGV & FVREB list price and sell price;
Note the difference in DOMs between REBGV & FVREB;
Note also the relatively low sales prices for all properties; not that impressive.

  • 13 properties sold for $2 million or more.
  • 62 sold for $500,000 or less.
  • The least expensive sale? $75,000 mobile home.
  • Most expensive? 4 acre development property in Surrey for a bit over $4million. Sold over list price.

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
2018-05-09120$671,277$674,739$-3,461-0.5218

Fraser Valley Real Estate Board (FVREB) Attached Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-0938$451,647$453,033$-1,386-0.3110

Attached Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-09158$618,454$621,417$-2,962-0.4816

New Listings – 283
Price Changes – 65
Sales – 158
Sell/List – 55.83%

Notice the negative differences between list and sale prices;
Note the higher sell/list;
Note the low DOMs.

All three things go together and indicate some signal in the noise.

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
2018-05-0950$1,586,979$1,518,658$68,3204.3136

Fraser Valley Real Estate Board (FVREB) Detached Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-0925$961,488$942,556$18,9321.9718

Detached Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-0975$1,378,482$1,326,624$51,8573.7630

New Listings – 212
Price Changes – 67
Sales – 75
Sell/List – 35.38%

That’s a very different picture from the attached market. We can take the comments on the attached market and just reverse them:

Notice the positive differences between list and sale prices, especially in the REBGV;
Note the lower sell/list;
Note the higher DOMs, especially in the REBGV.

Again, all three things go together and indicate some signal in the noise. If we see some consistency across a few metrics we may actually be detecting something. Not a trend, perhaps, as we’re just looking at one day, but you know what they say about building a wall: it’s one brick at a time.

I think we’re in a stagnant market right now, rather than a rising or falling one. I’m sure many would dispute this, but conclusions like that depend a lot on the timeline, the variables and your personal mix of art and science.

Inventory

Total Inventory

Detached

Attached

REBGV

10,921

5,915

4,356

FVREB

5,285

3,064

1,855

I’ve made some tweaks to the post format, but it’s a work in progress. In the beginning of this blog I used to spend a lot of time crunching numbers. When that got old I outsourced the process to the Philippines, then India, and then (the best always comes last) to East Van.

Now I’m back doing it myself. I’ve added some scripts to save time, but some of the requests from readers can take a lot of time simply because a knucklehead like me has to switch from window to window, tab to tab, re-doing and tweaking searches and then transferring the numbers.

If it’s not perfect  let me know and I’ll try to improve, but appreciate that the challenge on this end is to give you what you want without having my wife yell at me to get off the computer and make dinner (with time we’ll knock the rough edges off the process).

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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