Quote:
Originally Posted by Winsor_Pilates
Was gonna post that. I'm expecting the Fall to be a lot busier in Van than the summer was and I think there's some merit to that report.
A lot of buyers I met in the summer were wanting to buy something, but felt like they could wait forever and had too much to choose from.
Spring & Fall are the usual seasons for bringing new developments to market as well and almost all developers are holding off this Fall because of the slow summer. This should reduce some of the inventory on the market, on top of reduced listings in the re-sale market.
My company is only opening 1 new development in all of BC, and we usually open 3-6 each Fall.
Thus, I'm coming to Calgary to sell instead!  |
I'm a little confused from those numbers/news clip though. Last I saw, inventory was sitting something like 6-7 months worth - is that not a "buyers market?" A month later the BC realtor/real estate board is saying it's not the case? So they sold/seller pulled thousands of listings to get back down into a balanced market of "1.5 - 3 months" already? To be fair, I believe they were calling it a "balanced" market whilst inventory was 5-7+ months earlier.
EDIT:
So here are the July/August numbers from the BCREA:
Sale price 2010: 491,832 / 487,804
Sale price 2009: 463,948 / 471,078
Inventory 2010: 49,645 / 46,615
Total Sales 2010: 5784 / 5590
Months of Inventory 2010: 8.6 / 8.3
Okay, so their "prices have gone up 4%" is based on a comparison against
2009, not the 1% further drop from the previous month. Heck, you could have looked at July and said it was GREAT month because prices were up 6%!!!
(ahem, from last year)
It's the
new listings that are slightly down, not the overall inventory - that is still at
more than 8 months. Sales numbers are down 35% from same time this year. However, I don't see this "first month to month increase since March of this year." thing - am I missing something?
Still interesting, it seems to be a very . . . selective . . . view/isolation of particular set of numbers and comparisons.