Vancouver Price Drop

Documenting Vancouver real estate price movements

Recycling Stats – August 12, 2012

Here are the latest stats showing how many new listings are actually recycled listings that had been previously pulled.  The first number for each month shows the number of newly listed properties that are actually recycled and the second number shows what % of “new listings” were actually recycled.

Overall recycling rates have gone from 17.0% in April to 20.2% in May, 24.6% in June, 27.5% in July and now so far in August we’re at 30.5% overall.  West Vancouver is at a quite alarming rate of 47.5% of new listings being recently pulled and relisted properties…

 

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8 responses to “Recycling Stats – August 12, 2012

  1. ernie August 12, 2012 at 6:36 pm

    When listings being pulled and relisted with new MLS#, some extra costs must be involved.

  2. Kelly August 12, 2012 at 10:04 pm

    I’m not surprised that White Rock is 37%!!!I check the new listings everyday and almost always they have a photo with them. I presume that means that it is “recycled”??????????????It seems to be more than 37% Keep up the great work Thanks

  3. Pingback: Vancouver Price Drop :Recycling Stats – August 12, 2012 |

  4. Vulture Fun August 13, 2012 at 11:17 am

    Those are some shocking stats, but does this mean that listings numbers (as reported by paulb on VCI) are grossly distorted? Does a new MLS number for an old listing mean that “real” listings are actually 47% less than stated for West Van houses?

    • an observer August 13, 2012 at 1:00 pm

      I wouldn’t say that since realtors have always used the same numbers and we’re comparing things relative to previous periods but it is fair to say that out of say the average 200 new listings a day, over 60 of them are not being listed for the first time this year and most of those 60 were listed as recently as a couple of weeks ago under a different MLS number.

      • Signs of the End August 13, 2012 at 1:37 pm

        I guess what we need to consider is the Total number of listings compared to same period in previous years. As the number of Sellers explodes, the number of Buyers will implode.

      • Vulture Fun August 13, 2012 at 3:13 pm

        VCI housing bears recently celebrated over 19,000 in inventory, an impressive number, but not so much when we consider your recycling stats. Expanding MOI is seems tightly corelated with falling prices, but if the inventory number is skewed, that would explain why we don’t yet see major drops in actual selling prices. I’ve watched sellers pull the “NEW LISTING!” trick for years, but it seems to have become standard operating procedure now, especially for sellers featured in your desperation index. So even though realtors have done this for years, the use of the trick seems to be accelerating, and that means the MOI is even less favourable to bears. I wonder whether someone could sue a realtor for claiming an old listing is actually new. Sigh.

      • an observer August 13, 2012 at 3:40 pm

        MOI and total inventory are still valid – if 1000 listings got pulled and then relisted a week later the overall inventory would still be 19K for those 2 days (assuming no other changes).

        However, things like “Days On Market” are a joke and the list/sell ratio can definitely be skewed. If people were not allowed to pull a listing before expiry and then relist immediately (something that is happening so frequently now) then maybe our daily new listing average is closer to 170 than the 200 it is now. That would make the list/sell ratio look worse than it really is although of course it is still pretty bad right now.

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