Vancouver Inventory started off 2013 at 11,789. In 2012 we started off with 10,671. So 2013 comes in just over 1,000 listings higher.
Bottom line... listings are way, way up.
In January 2012, the market was flooded as total inventory soared 2,727 listings higher.
January 2013 didn't score that high, but the month did clock in a listings increase of 2,141... a total higher than any month other than January in 2012.
No matter how you slice it.... the market is swimming in available inventory.
In fact many believe the market has gotten off lightly.
I personally know of a seller in Richmond who pulled her home off the market in November - at the advice of her realtor - to re-list in the New Year. His advice... hold off until late February, at least.
Privately realtors will tell you there are many more like her. And it is what the industry fears. A Tsunami of listings coming in the next two months to overwhelm the market.
Even with people holding off listing their homes for sale, total listings inventory surged this past month. And the total surged for one reason - sales were abysmal. The number of homes sold in Greater Vancouver fell 14.3% last month.
As we near the that Spring listings surge from sellers who have been looking to wait out the market, the are attempts being made to convince some sellers to hold off from listing entirely this Spring, if they can afford to wait.
I believe this is the only way to explain the statement the Real Estate Board of Greater Vancouver (REBGV) put out yesterday, as noted in the Globe and Mail newspaper:
Eugene Klein, president of the Greater Vancouver board, said many home sellers are choosing to delist their homes rather than settle for a lower bid. “When a home seller isn’t receiving the kind of offers they want, there comes a point when they decide to either lower the price or remove the home from the market. Right now, it seems many home sellers are opting for the latter,” Mr. Klein said in a statement.
“Home buyer demand remains below historical averages in the Greater Vancouver housing market. January had a 14.3% decline YOY in sales. This was the second lowest number of sales since 2001 or put another way, sales were 18.7% below the 10 year average."
"Although down 10.9% YOY, January’s new listing count was 18.9% higher than the region’s 10-year average. Total listings in the region increased 5.6% YOY."
And while the inventory total surged in January, it was solely because sales were so abysmal. The daily listings counts were not that high in January.
If sales continue to suck wind, February will most certainly top January's overall increase in listings.
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