Bob Dunn

Expired Listing Tell a Market Tale

2010-02-02T01:35:00Z

When pricing your property there is one statistic that is a must to look at: The ratio of expired listings versus new listings on the market.
Sure it's important to look at how much inventory you have to compete against but you need to look at the daily dynamics.
If you have less new listings coming on the market than are selling the will be a decrease in supply.
When the number of new listings exceeds the current sales there will be an increase in demand. Its supply side economics and as we know an increase in supply can depress prices and a decrease in supply can increase prices.
The last two years with rapid swings in the market saw ratios range from nine to one hundred percent.
Over the long haul the ratio is usually 40% to 60% for both factors. You may find the following charts interesting.

Alex Kotai July Newsletter

2009-07-15T16:56:00Z

Your Mortgage Source Info Letter – July 2009 Edition
Courtesy of Alex Kotai, Senior Mortgage Advisor
yms Your Mortgage Advisor

This month’s feature: Key Findings from CMHC Survey.
CMHC recently conducted a survey of mortgage consumers in Canada. Below are some of the key findings of the study.

● Nearly 90% of mortgage consumers in Canada believe that home ownership is a good long term investment.

● 70% of purchasers feel that now is a good time to buy a home.

● 1/3rd of mortgage consumers plan to leave or sell their home in the next 5 years.

● More than 80% of consumers know what their credit score is and know what the debt service ratio is that lenders will
use to qualify them for a mortgage.

● 73% of first time homebuyers used their own resources for their down payment.

● 75% of purchasers have a goal to pay off their mortgage faster than their current amortization.

● 20% of recent purchasers have made a lump sum payment to their mortgage.

● 78% of mortgage consumers were satisfied with either their lender or broker.

● Getting the best rate on a mortgage was the driving factor for only 57% of clients.

● 76% of clients remain loyal to their existing mortgage lender; however with first time home buyers only 47% of them
got their mortgage with their existing financial institution. The younger the client the more likely they were to use a
mortgage broker versus dealing with their financial institution.

Finally, on average, about 25% of all mortgage transactions were facilitated through a mortgage broker.

We hope you all have a Happy Canada Day.
If you require any further information regarding this article or mortgage rates please give our office a call at 604‐556‐3893.

Our Best Rates as at July 1, 2009

Rates fluctuate daily and we may be able to obtain better rates than thoseshown below.

Please call our office for the most up‐to‐date Best Rates.

Terms Our Best Rates
Variable Rate Closed

*(Prime + .40%) 2.65%
4 year closed 3.89%

*Based on current prime rate of 2.25%. All rates subject to change without notice. Some restrictions may apply. Rates above are best rates available and may vary depending on quality of the credit application. All mortgages are subject to credit approval.

3 Story For Sale in Central Aldergrove

2009-07-10T18:36:00Z

New Townhouse Amidst Aldergrove Village

• 1,588 sq. ft., 3 bath, 3 bdrm 3 story - $309,900

Central Aldergrove, Aldergrove - Quiet, peaceful and friendly.
This describes life at Emmy Lane, Aldergrove's newest 18 unit Townhome community. Close to schools, shopping & recreation, you can 'walk to it all' from this family friendly complex.
With fully landscaped yards, maintenance free living and low strata fees, you will love the contemporary designer interiors, granite countertops in kitchen and your choice of dark or light cabinetry and flooring.
Completion for Phase II scheduled for Winter 2009.
GST not included.

Property information

Ranch For Sale in Silverdale

2009-07-10T03:49:00Z

Six Million Dollar View

• 3,080 sq. ft., 3 bath, 3 bdrm ranch - $899,999 - Lowest price in neighbour

Silverdale, Mission - Property Features
5.21 acres of serenity
Two road frontages
Southern exposure
View of Mt. Baker, Fraser Valley and Fraser River
Three naturally terraced usable levels
340' deep water well
Room for horses and livestock
5 minutes from shopping, theater and West Coast Express
New sundeck, 22' x 14'
Double entrance driveway paved last in 2008
RV shed, 14' x 31' x 12' High
2 stall horse shed

House Features
3,080 square feet of living space
Major renovations
Hardwood floors
Oak kitchen
Clear grain cedar ceilings
Two fireplaces
Hot water heat
Family room wired for surround sound
Office with spectacular view

Property information

2 Story For Sale in Clayburn Views

2009-07-10T02:05:00Z

Prime Housing, Neighbourhood and Schools

• 3,048 sq. ft., 3 bath, 4 bdrm 2 story - $539,900 - Maximum Dollar For Dollar

Clayburn Views, East Abbotsford - Amazing East side 4 bedroom, 2 storey with basement PLUS a 3 car garage! Great location in a prime subdivision with close walking proximity to all school levels. Open concept design; flex room, crowns, 9 ft. Ceilings, 2" wide blinds, nicely decorated, and the balance of the new home warranty. The spacious kitchen with island is well laid out with lots of maple cabinets and counter space. There are 4 large bedrooms upstairs, some with great views of the valley and the master has a full ensuite including separate shower and soaker tub. Move in this summer and beat the heat with central air conditioning! Beautifully landscaped ground including the fully fenced backyard. Perfect home for the large family, with a basement

Property information

Mission Real Estate Prices June 2009

2009-07-04T18:49:00Z

Mission’s MLS Statistics June 2009
	Detached Houses
	June -09	June -08	May-09
Sales	76	46	40
New Listings	103	106	87
Active Listings	352	421	365
Benchmark Price	$339,846	$381,712	$351,013
Median Price	$362,500	$385,000	$340,000
Average Price	$369,598	$389,856	$347,130
	Townhouses
	June -09	June -08	May-09
Sales	10	6	7
New Listings	5	7	14
Active Listings	50	39	59
Benchmark Price	N/A	N/A	N/A
Median Price	$238,000	$287,500	$220,000
Average Price	$233,120	$308,050	$233,928
	Apartment Condos
	June -09	June -08	May-09
Sales	1	3	1
New Listings	6	10	5
Active Listings	30	29	31
Benchmark Price	N/A	N/A	N/A
Median Price	$115,000	$206,000	$205,000
Average Price	$115,000	$222,666	$205,000

The BENCHMARK PRICE measures the value of a ‘typical’ Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in June 2009 showed a decreased of 8 per cent compared to June 2008 and a 1.3 per cent increase compared to May 2009.

The MEDIAN PRICE is the middle price. If all the sales prices were listed in order from lowest to highest; ½ the sales are higher in value and ½ the sales are lower in value.

The AVERAGE PRICE is the total dollar volume of sales, divided by the number of sales.

Mission's MLS Real Estate Statistics June 2009

2009-07-04T18:08:00Z

Mission’s MLS Statistics June 2009
	Detached Houses
	June -09	June -08	May-09
Sales	76	46	40
New Listings	103	106	87
Active Listings	352	421	365
Benchmark Price	$339,846	$381,712	$351,013
Median Price	$362,500	$385,000	$340,000
Average Price	$369,598	$389,856	$347,130

	Townhouses
	June -09	June -08	May-09
Sales	10	6	7
New Listings	5	7	14
Active Listings	50	39	59
Benchmark Price
Median Price	$238,000	$287,500	$220,000
Average Price	$233,120	$308,050	$233,928

	Apartment Condos
	June -09	June -08	May-09
Sales	1	3	1
New Listings	6	10	5
Active Listings	30	29	31
Benchmark Price
Median Price	$115,000	$206,000	$205,000
Average Price	$115,000	$222,666	$205,000

The MEDIAN PRICE is the middle price. If all the sales prices were listed in order from lowest to highest; ½ the sales are higher in value and ½ the sales are lower in value.

The AVERAGE PRICE is the total dollar volume of sales, divided by the number of sales.

Abbotsford Real Estate Prices June 2009

2009-07-04T17:55:00Z

Abbotsford’s MLS Statistics June 2009
	Detached Houses
	June -09	June -08	May-09
Sales	157	99	129
New Listings	214	238	211
Active Listings	614	789	638
Benchmark Price	$406,583	$437,907	$400,849
Median Price	$387,500	$435,000	$432,000
Average Price	$432,519	$476,335	$443,978

	Townhouses
	June -09	June -08	May-09
Sales	44	28	56
New Listings	60	64	60
Active Listings	178	194	185
Benchmark Price	$258,148	$304,192	$258,537
Median Price	$262,500	$267,900	$248,250
Average Price	$262,485	$288,067	$252,553

	Apartment Condos
	June -09	June -08	May-09
Sales	60	55	46
New Listings	106	87	90
Active Listings	284	313	276
Benchmark Price	$200,104	$228,936	$199,537
Median Price	$183,000	$200,000	$182,000
Average Price	$178,495	$214,491	$180,516

The MEDIAN PRICE is the middle price. If all the sales prices were listed in order from lowest to highest; ½ the sales are higher in value and ½ the sales are lower in value.

The AVERAGE PRICE is the total dollar volume of sales, divided by the number of sales.

Single Story For Sale in Huntingdon

2009-06-28T04:08:00Z

• 1,818 sq. ft., 3 bath single story - $365,000

Huntingdon, Abbotsford - Heritage living at its finest. Welcoming 2 storey home with large front veranda. Enjoy the traditional formal living room, dining room, open family room off the maple kitchen.
Master bedroom has a jacuzzi soaker tub.

Minutes from Sumas border crossing, Costco and shopping center.

This home has CHARACTER.

Property information

BC Home Sales Continue to Climb

2009-06-21T21:01:00Z

Vancouver, BC – June 11, 2009. The British Columbia Real Estate Association (BCREA) reported that Multiple Listing Service (MLS®) residential sales in the province rose 3 per cent to 8,270 units in May 2009 compared to the same month last year. It was the first year-over-year increase since December 2007.

The month of May also posted the highest number of residential sales since April 2008, on a seasonally adjusted basis, and was the fourth consecutive month of rising home sales.

“Home sales have bounced back from the extraordinarily low levels recorded during the winter months,” said Cameron Muir, BCREA Chief Economist. “Improved affordability and less uncertainty about the future are the main factors driving home sales higher.”

“The combination of stronger consumer demand and fewer homes for sale is stabilizing home prices in many BC markets,” added Muir.

Year-to-date, MLS® residential sales dollar volume was down 31 per cent to $11.7 billion over the same period last year.

A total of 26,359 units were sold in the first five months of 2009, down 26 per cent from 2008, while the average MLS® price declined 7 per cent to $443,252.

Courtsey of BCREA

HOUSING SALES AND PRICES STABILIZING IN FRASER VALLEY

2009-06-21T20:37:00Z

June 2, 2009

SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) posted its highest sales volume in a year in May, processing 1,501 sales, the fourth consecutive monthly increase this year.

Although that number is still six per cent less compared to the 1,599 sales processed in May of 2008, Board President Paul Penner says it’s a significant improvement compared to where the market was a few months ago.

“We’re the closest we’ve been to a balanced market since early spring last year. Sales have increased, inventory has dropped and prices are stabilizing.”

Penner says the market remains competitive. “REALTORS® are seeing an increase in multiple-offer situations, but only on properties that are priced right and at the more affordable end of the market.

“With 10,000 active listings in the Fraser Valley, there is plenty of selection. REALTORS® continue to advise clients to be realistic with pricing, both on the listing and buying side.” The Fraser Valley Board’s MLS® showed 10,047 active listings at the end of May, a decrease of 10 per cent compared to the 11,132 listings available in May of last year. It received 29 per cent fewer new listings in May, 2,797 compared to the 3,941 new listings it received during the same month last year.

Year-over-year decreases in residential benchmark prices continued to moderate in May. The benchmark price measures the value of a ‘typical’ Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in May was $465,939, a decrease of 9.3 per Hcent compared to May 2008 when it was $513,798 and a 1.2 per cent increase compared to April 2009 when it was $460,229.

The HPI benchmark price of Fraser Valley townhouses decreased 11.2 per cent from $335,991 in May 2008 to $298,308 in May 2009 and a 1.1 per cent increase compared to April 2009 when it was $295,078. The benchmark price of apartments also decreased year-over-year by 9.6 per cent going from $256,887 in May of last year to $232,170 in May 2009 and a 0.8 per cent increase compared to April 2009 when it was $230,337.

“The benchmark price is the most consistent measurement of price change. In May, all three residential categories saw steady, small gains compared to April. This is a positive sign,” Penner says.

Courtesy of Fraser Valley Real Estate Board

Abbotsford BC MLS Statistics May 2009

2009-06-21T03:12:00Z

	Abbotsfords MLS Statitstics May 2009
	Detached Houses
	May-09	May-08	Apr-09
Sales	129	118	92
New Listings	211	279	168
Active Listings	638	780	627
Benchmark Price	$400,849	$438,449	$395,245
Median Price	$432,000	$447,000	$370,750
Average Price	$443,978	$464,102	$396,684

	Townhouses
	May-09	May-08	Apr-09
Sales	56	53	42
New Listings	61	70	59
Active Listings	185	178	205
Benchmark Price	$258,537	$302,713	$255,883
Median Price	$248,250	$314,000	$275,000
Average Price	$252,553	$312,159	$275,103

	Apartment Condos
	May-09	May-08	Apr-09
Sales	46	70	49
New Listings	90	109	73
Active Listings	276	328	268
Benchmark Price	$199,537	$228,519	$196,196
Median Price	$182,000	$188,000	$170,000
Average Price	$180,516	$202,211	$178,729

Mission BC MLS Statistics - May 2009

2009-06-21T02:49:00Z

	Mission MLS Statistics May 2009
	Detached Houses			Townhouses			Apartment Condos
	May-09	May-08	Apr-09	May-09	May-08	Apr-09	May-09	May-08	Apr-09
Sales	40	64	50	7	5	5	1	6	1
New Listings	87	155	89	14	8	6	5	9	9
Active Listings	365	396	354	59	41	54	31	22	31
Benchmark Price	$351,013	$383,360	$346,352
Median Price	$340,000	$380,000	$355,500	220,000	$299,900	149,000	$205,000	$180,000	$165,000
Average Price	$347,130	$396,432	$353,919	233,928	$306,520	177,503	$205,000	$182,566	$165,000

Abbotsford Listings & Sales by Market Share

2008-06-11T04:15:00Z

Blanket statements about the real estate market can be so miss leading. Media reports and industry reports all tell us that the average sales price is down over last year’s prices. Statistically this is correct but a closer look at the market is required to find out how this applies to you.

In the table below I’ve separated sales and listing in $100,000 increments and calculated their percentage.

Price Range	Listings	Sales
000 – 300K	1.4%	3.5%
300 – 400K	21.8%	35.2%
400 – 500K	21.3%	31.9%
500 – 600K	18.5%	17.6%
600 – 700K	18.9%	6.4%
700 – 800K	4.8%	2.5%
800 – 900K	2.8%	2.2%
900 – 1,000K	1.7%	0.7%
1,000,000 above	8.7%	0.0%

Sales and listings of houses up to $500,000 account for 67% of market but only account for 45% of the available listings. Sales and listings of house above $500,000 account for 33% of sales and 55% of listings. Did you notice that 8.7% of listings are above $1,000,000 but there have been no sales above $1,000,000 this year?

With such strong demand in the below $500,000 range and so little demand above $500,000 there are occurrences in the market that are predictable. It is my observation that prices are not declining in the up to $500,000 range. True. There have been some price deductions in this range but they were over priced hopeful that the market would bolt forward. Accurately priced houses in the range continue to sell.

What I’ve seen above $500,000 is significant price reduction with listings receiving few ad calls, few open house attendees and few showing. For the buyer there are great opportunities in the price range. Demand is down and supply is up which calls for a price adjustment.

I can help you determine where you fit into this market and what choices are available.

Call my office at 604-852-2234 and let’s talk.

Abbotsford YTD Real Estate Statistics

2008-06-08T20:12:00Z

I like to compile my own market statistics so I can get a nice snapshot view rather than dig through pages of multi-layered statistics for every city in the Fraser Valley Real Estate Board. The table below includes average sales price and the number of units sold for detached houses, townhouses and apartment condominiums.

	2008 Average Prices & Units Sold
	Houses		Townhouses		Apartments
	Avg Price	Units Sold	Avg Price	Units Sold	Avg Price	Units Sold
Jan	$427,880	87	$287,210	24	$206,424	53
Feb	$466,164	106	$283,508	31	$187,302	78
Mar	$446,931	126	$312,581	29	$191,739	60
Apr	$462,195	150	$286,144	41	$204,440	82
May	$464,102	118	$312,159	53	$202,211	70

There is some interesting information here. First, prices are still up over this period last year. Houses are up $47,000, townhouses are up $20,000 and apartments are up $17,000. The last few years almost every month had an average sales price higher than the previous month. This year the average has been down then up than down and than up again.

In units sold townhouses and apartments are at the same level as last May. The noticeable difference is in house sales which are down from 176 to 118, a 33% decline.

So where are the best buys? Following the law of supply and demand the best buys are in detached houses. the supply of house is significantly higher than last year and demand is down. The best buys are probably in the $500,000 plus price ranges but that is topic for another posting.