Tuesday, June 11, 2013

Tuesday Post #2: Port Moody Snapshot - houses priced above $900,000 have a 3.2% sold rate



We haven't really focused specifically on the Vancouver suburb of Port Moody before, but at first blush high end homes there are faring just as bad as Richmond.

The above info comes to us via realtor Bill Coughlin's blog and his report covers Belcarra, College Park PM, Barber Street, Anmore, Glenayre and all the sub-areas of Port Moody Real Estate Market.

Coughlin tells us Port Moody has a 12% sold rate... but take a look at the wild swing in home sale success.
  • Homes priced below $600,000 have 41.7 %SOLD rate. Not bad.

  • But homes priced above $900,000 have an abysmal 3.2 %SOLD rate. And given that Belcarra is almost exclusively houses assessed with multi-million dollar homes, that's a disaster.
Couglin tells us that the Pt Moody RMR Home Price Index (another franken number formula?) shows that prices decreased $25,245 in 2012. He says Pt Moody has a high Listing supply; 148 homes are for sale with 8 months of inventory. At this sell through rate approximately 111 of these listings will not sell. Currently 28% of the active listings have reduced their price by $47,449 on average.

Sounds pretty ugly, doesn't it?

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4 comments:

  1. AnonymousJune 11, 2013 at 7:40 PM

    Kind of, but not really. Port Moody has a strange combination of some of the lower mainland's most sustainable neighbourhoods (Port Moody Centre, Inlet Centre etc.) and some of the least (Heritage Mtn, Anmore etc.). The former are really hot, especially with the Evergreen under construction. The latter are not, nor have they been for several years. Overall Pomo HPI up MoM, flat YoY. Not nearly as exciting Coughlin's beautiful website. Slow news day I guess...

    ReplyDelete
  2. AnonymousJune 11, 2013 at 10:33 PM

    See what the real Port Moody numbers are:

    http://lower.yolasite.com/

    ReplyDelete
  3. AnonymousJune 12, 2013 at 2:24 PM

    Anon 7:40pm, everything you shared was your opinion. what does "really hot" mean and where are you getting that from? Anon 10:33pm showed us listing sitting and reducing 6-14% - that is a hot market? That post had listings right in the heart of Newport Village and they are not selling.

    I lived next door to one of those listings and I sold for 15% more than its listing in 2008. And it isn't selling!

    Anmore and Belcarra don't care about the Evergreen line! The people buying $1M homes are NOT seeking out public transit.

    ReplyDelete
  4. AnonymousJune 13, 2013 at 11:35 AM

    Anmore and Belcarra are completely dead. Look at the Anmore listings - you couldn't build these homes for the current asking prices even if the land was free.

    There have been 3 sales in Port Moody above $2 million in the last 20 months and there are currently 19 listings at or above 2 million. That's over 10 years of inventory in that category...

    An Observer

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