Wednesday, June 25, 2014

Craigslist Used Canon DSLR Postings, U.S., June 2014

This is a rundown of Craigslist asking prices for Canon DSLR bodies across the U.S. for June 2014. There aren't many surprises, but overall, prices are trending downward across the country (See the September 2013 survey for past results). The number of listings is trending upward, apparently in anticipation of new camera announcements later in the year at Photokina. If you are buying or selling used Canon camera equipment, hopefully this write-up will help you determine your target price and get you closer to your goal. The data is more indicative than it is prescriptive; it can't be extrapolated to any one given circumstance, but it does paint a broad picture of the used market.



Methodology


Craigslist listings of major cities in all 50 states were examined from June 9, 2014 to June 23, 2014.  Because of the population density in states like New York and California, the average prices are weighted towards these states and large urban centers. This survey is not meant to be interpreted as a statistically significant sample. Inferences cannot be made from the used postings about trends in new camera sales. Nonetheless, because of the availability of pricing information via Craigslist and eBay, you can see that used prices usually cluster around a reasonably tight mean value, even when examined at the national level. In other words, unlike a test-book sample population, the subjects in the used camera market aren't truly independent of one another as many buyers and sellers are gravitating to the same sources of pricing information.

The information presented in this survey is for asking prices for listings, not necessarily single camera bodies.
Camera body-only prices may not exclude extras such as batteries, straps and grips, but in every instance, bundled lenses were excluded. (It's amusing to see how often the EF 50mm f/1.8 is bundled as a "freebie.")  Consequently,  variations in asking price reflect additional bundling, location of listing, and general age and condition of the equipment. (Note: This was the same criteria used in the previous survey). Regrettably, only using posts that excluded extras would have narrowed down the sample size to an unworkably small number of postings, and would not have been representative of the true nature of the Craigslist secondary market. All reasonable attempts to eliminate duplicate and scam posts were taken, and in some cases, prices that were obviously out of line with the rest of the market were excluded.

Results


There aren't any major surprises in average asking prices at the national level, though the figure that jumps out the most is the number of 7D listings, which account for 30% of the Craigslist postings covered using the stated criteria. This is undoubtedly driven by two factors, the first being the average age of the EOS 7D bodies in the U.S. and the second being the anticipation of the (as of yet unannounced) EOS 7D Mark II (or whatever replaces the EOS 7D, regardless of model name.)

At thew other end of the spectrum, there are relatively few 70D and 6D listings on account of the relative newness of these camera bodies. This is also reflected in the lower standard deviation values (relative to the average). In other words, for a very lightly used 6D or 70D body, the consensus asking price seems to fall within a tightly grouped range that is just a bit below retail prices. For reference, based on a sample of 10 listings across the U.S., the average price of a 70D with the 18-135mm STM kit lens was $1,169 during the same period of time.

At the other end of the spectrum, the 5D Mark II, 7D and 60D are all older cameras, which show a wider spread in asking price distribution. Listings for these cameras tend to pile on extras like memory cards and battery grips. This is especially the case for 7D listings, where virtually all of the postings above the mean include extras. Given the number of 7D cameras on the used market, this seems like the only way to maintain a higher selling price, but it is not without it's pitfalls for the sellers. Battery grips, like the BG-E7 for the 7D, are not cheap and do not maintain their value on the used market because of the propensity of camera manufacturers to redesign the grip for each new generation.

Typically, markets are typically forward-looking entities. In other words, the average asking price for a 7D is not likely to drop precipitously should a replacement be announced in the fall; that possibility seems to be already reflected in the price, but in a hidden way. Depreciation for the 7D seems to have stabilized at a constant level, but the amount of freebies being packaged in the typical 7D listing seems to be going up. This too, is a form of discounting.


Body Average Median Min Max StDev n







5DmIII $2,662 $2700 $1,800 $3,100 $265 57
5DmII $1,451 $1425 $1,000 $2,200 $244 78
5D $536 $500 $397 $750 $76 47
6D $1,544 $1,500 $1,275 $2,200 $188 33
7D $827 $850 $500 $1,200 $125 126
70D $914 $883 $750 $1,100 $100 12
60D $586 $550 $400 $900 $102 58

EOS 60D listings tend to behave a little bit differently than the other cameras listed here. This is just a small subset of the 60D's that are actually available in the U.S., as a great number of these cameras were sold as kits, and are consequently re-sold in that format. In other words, 60D listings tend to look more like T5i listings than 7D listings. 

This is how average prices have changed over a 10-month period since the last used Canon equipment survey. No surprises here. The 5D Mark II was already an older model at the time of the last survey, so it had already entered a less-steep part of its depreciation curve. Conversely, 5D Mark III asking prices remain fairly high, possibly because of Canon's ability to keep the retail price of a new Mark III body at the $3000 USD mark or higher.
 

June 2014 Sept 2013 % Change




5DmIII $2,662 2911 -9.4%
5DmII $1,451 1504 -3.7%
6D $1,544 - -
5D $536 600 -11.9%
7D $827 886 -7.2%
70D $914 - -
60D $586 626 -6.9%







Asking Prices by Model


The following is a breakdown of the listings by national asking price distribution, average price by state and number of listings by state. Note that average prices tend to be lower in states with a higher number of listings, which is primarily because of the locations with higher population densities. There are two ways of looking at the reliability of these numbers. By standard statistical measures, the sample sizes aren't high enough to constitute a statistically meaningful conclusion. However, if you look at the smaller states (Montana, Idaho, Kentucky, etc.) this exercise no longer becomes a survey; it is in fact, a census because of how easy it is to capture all of the listings in any one given area.

5D Mark III






State Average Asking Price






 Oregon $3,100


 Arizona $3,000


 Colorado $2,999


 Nevada $2,950


 North Dakota $2,950


 Illinois $2,800


 Hawaii $2,800


 Michigan $2,777


 Florida $2,707


 District of Columbia $2,700


 California $2,679


National Average $2,662


 Washington $2,615


 Massachusetts $2,608


 Texas $2,600


 New York $2,269


 Georgia $1,800


5D Mark II






State Average Asking Price






 Missouri $1,833


 District of Columbia $1,719


 Ohio $1,600


 Washington $1,549


 New York $1,548


 New Jersey $1,500


 Virginia $1,500


National Average $1,451


 Pennsylvania $1,450


 Florida $1,443


 California $1,430


 Texas $1,400


 Oregon $1,350


 Nevada $1,323


 Illinois $1,300


 New Mexico $1,250


 Colorado $1,200


 Vermont $1,200


 Massachusetts $1,175


 Alaska $1,100


 Connecticut $1,080


Alabama  $1,000


5D






State Average Asking Price






 Minnesota $675


 North Carolina $650


 Tennessee $650


 Kentucky $600


 Georgia $580


 California $566


 New Jersey $563


 Washington $550


 Massachusetts $550


National Average $536


 Illinois $525


 New York $502


 Hawaii $500


 Missouri $500


 Montana $500


 Nevada $500


 Florida $492


 Pennsylvania $475


 Texas $475


 Oregon $470


 Arizona $453


6D






State Average Asking Price






 Texas $1,740


 New Jersey $1,600


 Arizona $1,600


 North Carolina $1,589


 Georgia $1,575


 Minnesota $1,570


 New York $1,550


National Average $1,544


 District of Columbia $1,507


 Nevada $1,500


 Pennsylvania $1,500


 California $1,468


7D






State Average Asking Price






 Iowa $1,100


 Kentucky $1,100


 Massachusetts $960


 Virginia $950


 Idaho $950


 Michigan $894


 Colorado $890


 California $853


 District of Columbia $852


 Maryland $850


 Montana $850


 Nebraska $850


 South Carolina $850


 Georgia $843


 Florida $839


 New Jersey $835


National Average $827


 Texas $826


 New Mexico $825


 Minnesota $811


 New York $809


 Louisiana $800


 Mississippi $800


 Tennessee $800


 North Carolina $798


 Oklahoma $789


 Nevada $785


 Pennsylvania $781


 Washington $767


 Arizona $735


 Ohio $725


 Oregon $701


 West Virginia $700


 Maine $690


 Missouri $650


70D






State Average Asking Price






 New Jersey $1,100


 Oklahoma $1,060


 Texas $1,000


 Minnesota $975


National Average $913


 Wisconsin $875


 California $867


 North Carolina $865


 Kansas $850


 New York $820


60D






State Average Asking Price






 Vermont $850


 Idaho $650


 New York $644


 Colorado $620


 California $601


 Connecticut $600


 New Hampshire $600


 South Dakota $600


 Texas $597


 Florida $596


 Washington $590


National Average $586


 Illinois $560


 Pennsylvania $550


 Maryland $550


 Ohio $550


 New Jersey $533


 District of Columbia $525


 Missouri $525


 Minnesota $500


 North Carolina $485


 Montana $480


 North Dakota $400


Additional Craigslist Resources



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