Count Down – Day One

Day 1 – Burnaby

Six days remain in July. As we count down, this is the first in a series of six posts to give us an overview of market segments in Vancouver’s real estate leading up to end of the month accounting.

On a daily basis the series will travel around Vancouver to explore all areas of Burnaby -North,South,and East, Richmond, North Vancouver, West Vancouver, Vancouver East and Vancouver West. Our exploration will center on detached homes and their market performance during the same 30 day periods – May 25 to June 25 and June 25 to July 25.

Today we begin the series with Burnaby (BBY) which includes North BBY, South BBY and East BBY.

In the two periods May 25, 2010 to June 25, 2010 and June 25, 2010 to July 25, 2010, detached properties in the Burnaby neighbourhoods had the following results.

Listings

Total Listings decreased units from May/June’s 635 to June/July’s 623.

Sales

Sales decreased by almost half from May/June’s 80 to 43 in June/July.

Expired, Reductions, Increases, Days on Market

  • May/June had 35 listing mandates expire which increased to 60 in June/July.
  • Price reductions in May/June were 188 increasing to 203 in June/July.
  • There were 12 price increases in May/June and 13 in June/July.
  • It took an average of 33 days to sell a home in May/June increasing to 42 days in June/July.

Average and Median Prices

  • May/June’s Average Ask price was $835,141. This average decreased in June/July to $784,406.
  • The Median Ask price in May/June was $777,900 decreasing to $749,900 in June/July.
  • The Average Sold price in the May/June was $807,012. In June/July this decrease to $761,381.
  • The Median Sold price in May/June was $755,000. In June/July this remained steady at $755,000.

Looking Ahead

Day 2 we will leave Burnaby and travel to Richmond. You may be surprised to see some differences.

Photo Credit – Tibor M

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

vanpro Says:
July 26th, 2010 at 2:32 pm

Larry, Thanks for the continued supply of useful data.

One question: when you say “total listings”, is this the active inventory?

If so, that would mean MOI when from 7.94 (635/80) to 14.5 (623/43) which is signalling major price declines are occuring.

July 26th, 2010 at 2:39 pm

@vanpro
Total Listing is the gross figure. Active listings is net of solds, cancels, expired, on hold etc.
ie: BBY – June/July – Total Listings said:623 Active: 520.

vanpro Says:
July 26th, 2010 at 10:18 pm

Ok, so Burnaby detached MOI is now at 520/43 = 12.1 !! This is a major danger sign – warning: significant price declines ahead!!!

July 27th, 2010 at 4:55 am

@vanpro
alternatively the house of listings requires the services of Mollymaid. Watch the expired listing mandates for that story.

vibe Says:
July 27th, 2010 at 11:09 am

Unless about 50% of those listing expire tomorrow you can still expect price drops.

Ben Says:
July 28th, 2010 at 6:31 am

Countdowns count down, not up.

July 28th, 2010 at 7:35 am

@Ben
under normal circumstance I would agree but, since the market is ‘upside down’ it seemed appropriate.

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