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Wednesday, October 27, 2010

Days go by...

I'm itching to talk more about inflation and Quantative Easing as the investment community sits on pins and needles in anticipation of QE 2 on November 3rd, but let's switch back to real estate here in the Village on the Edge of the Rainforest.

Days go by and still no movement from sellers or buyers.

Cruise through Yaletown and you can't help but marvel at all the developments moving along, soon to come onto the market. Developers must be freaking out.

For four consecutive months real estate numbers have been abysmal. Not only are they down 40% from the same time last year (and October is shaping up to make it 5 months in a row), but the totals are the lowest in the last 10 - 15 years.

But that horror show is nothing compared to what is shaping up in the new units category for October.

Thanks to Inventory, who as posted numbers in the comments section once again over on VCI, we learn that October's numbers for brand new condos, townhouses and houses are absolutely falling off a cliff.

As of October 25th, total new units sold for the month sits at 131 which is an astonishing 70% below last years totals.

Zeroing in on new condo sales total sales as of October 25th is sitting at 62, which is 71% below last years totals.

The slow melt continues and sales of new units are completely cratering. It's 5 months and counting... the days go by.

Oct New unit sales

1994 = 379
1995 = 492
1996 = 450
1997 = 321
1998 = 266
1999 = 325
2000 = 212
2001 = 257
2002 = 336
2003 = 813
2004 = 490
2005 = 705
2006 = 391
2007 = 428
2008 = 158
2009 = 445
2010 = 131 (as of Oct 25: -70%)

Oct New Condo sales

1994 = 181
1995 = 322
1996 = 253
1997 = 159
1998 = 134
1999 = 217
2000 = 84
2001 = 130
2002 = 165
2003 = 606
2004 = 354
2005 = 478
2006 = 195
2007 = 262
2008 = 94
2009 = 219
2010 = 62 (as of Oct 25: -71%)

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2 comments:

  1. vol first, prices crash second.

    thousands of units under const won't sell for a loooong time

    ReplyDelete