Thursday, October 14, 2010

The slow melt meets the winter freeze.

So we're just about halfway through the month of October and we're on track for a 5th consecutive month wherein real estate sales are down more than 40% from last year.

And it's not just a case of comparing data to an outstanding sales year in 2009. Sales are on track to total 2,188 units for the entire month. Compare that to the totals over the past decade:

  • Oct-2009 - 3704
  • Oct-2008 - 1364
  • Oct-2007 - 3028
  • Oct-2006 - 2722
  • Oct-2005 - 3099
  • Oct-2004 - 2735
  • Oct-2003 - 3765
  • Oct-2002 - 2866
  • Oct-2001 - 2379

Once again, with the exception of 2008, we are on track for the worst sales month in the past decade.

This comes as banks once again cut their five year rates so that mortgages are now among the lowest levels in history - and still real estate sales are sucking wind.

It comes at a time when wealthy Asians can come in and buy what they want without competition from locals - and still sales lag.

Nothing seems to be greasing the wheels of the market right now.

I wonder how many realtors will feel like they're getting a rock in their Hallowe'en sack this year?



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