A brief, quickie post for you tonight.
Interesting statistic for you from Observer, who puts together the blog Vancouver Price Drop.
The Vancouver suburb of Burnaby sold 5 "high-end" homes in July that were valued at $1.4 million or higher.
There are currently 154 homes in Burnaby listed at $1.4 million or more.
That's a shocking 30.8 month of inventory for these "high end" homes.
Meanwhile VMD has grouped together the July 2012 sales data and taken the total inventory and divided it by the published sales figures. Here is what he gets for Single Family Houses (SFH) and months of inventory (MOI):
Richmond SFH: 19.5 MOI
Van West SFH: 12.5 MOI
West Van SFH: 11.5 MOI
Burnaby SFH: 10.5 MOI
Coquitlam SFH: 8.2 MOI
Van East SFH: 6.7 MOI
================== Meanwhile VMD has grouped together the July 2012 sales data and taken the total inventory and divided it by the published sales figures. Here is what he gets for Single Family Houses (SFH) and months of inventory (MOI):
Richmond SFH: 19.5 MOI
Van West SFH: 12.5 MOI
West Van SFH: 11.5 MOI
Burnaby SFH: 10.5 MOI
Coquitlam SFH: 8.2 MOI
Van East SFH: 6.7 MOI
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ruh roh!
ReplyDeleteLots of 1 mil+ dollar stuff in Coquitlam is sitting as well. Even sub million dollar houses are not selling well there. Who would spend a million plus on a house in coquitlam anyways?
ReplyDeleteThe HAM has pulled out of Burnaby and that market is DEAD! The Metrotown area was a hotbed of HAM last few years, but not now.
ReplyDeleteCoquitlam: stinky fish slime place.
ReplyDeleteI'm still a virgin.
ReplyDeleteWow
ReplyDeleteThere are 154 homes for sale where the sellers want at least $1.4 million. There is a difference between want and reality. It could be said these people will be taking the biggest loses, but in most cases they aren't loses, it's just a lot less then their greedy hands want.
ReplyDeleteYou should see what $1.4 million can get you down in Bellingham. And speaking of which, I just went through Bellingham today coming back from a meeting in Seattle. I think half of the lower mainlanders was down there shopping. Spend spend spend!