August was stable compared to July in that the supply of houses relative the the actual sales remained fairly stable... Another interesting statistic is the drop in supply from Aug 31st to Sept 1st of approximately 60 houses. For the first time in several months we have under 1000 houses for sale but I predict this number to quickly move up as more homes enter the market in time for the Fall.
Inventory in the Lower Mainland real estate market has decisively peaked, and the decline has begun... 2012 inventory took off in January, and eventually exceeded the levels seen in 2010, and almost eclipsed the swollen inventory numbers of 2008.
Both years led to drops in prices, with 2008 being the worse of the two. There were fears/hopes among some that this year’s ballooning inventory would spell the end of our decade plus trend of climbing prices and result in a marked price decrease and a prolonged period of falling prices.
I was of the opinion that this would not occur. in fact, I suspected that the new trend would be a more or less stagnant market with prices moving with a 10%-15% trading band for the foreseeable future.
The developing saga is better than any soap opera.
Click 'comments' below to contribute to this post.