Quote:
Originally Posted by Claeren
Looking at MLS right now is insane, soooo many listings.... and most people I know in town (who are generally well off) already own at least 2 homes. Something has to give....
Claeren.
|
Inventory has certainly surpassed the peak of 2009, but still pales in comparison to May of 2008 when the month ended with over 7,000 SFH on the market and we started seeing $10-$20k monthly price drops between May and the end of the year.
Of course, we also saw massive price drops between July '07 and the end of the year, and inventory only peaked at 5,500 that year.
Right now we sit at 5,076 SFH, and the question becomes whether or not inventory continues to pile up at the pace it did in March/April.
http://www.findcalgary.ca/listings?p...=127&pageId=19
^^^ good place to keep an eye on this sort of thing. Stats are about as real-time as they get, updated nearly every day.
http://edmontonhousingbust.com/2010/...bers-are-in-2/
^^^ latest post from Kevin's blog. Edmonton's inventory is behaving pretty much the same as ours.
Quote:
|
The shadow inventory is returning, and fast. It’ll be interesting to see when inventory peaks this year… in ‘07 it wasn’t until September, but in ‘08 was May and these were the only other times we’ve seen activity in this range before. I’m getting the feeling we’ll split the difference and it’ll be June/July, but if sellers really get scared it could drag out.
|