Listings slowing? Look at the overall inventory picture. The message is unmistakable.

When the total number of listings dropped in December, the real estate industry trumpeted that homeowners were pulling their houses off the market rather than cut their asking prices in a slowing market.

Proof, we were told, that buyers needed to buy now because prices weren't coming down.

Of course what the cartel press releases failed to mention was the fact that a large number of homeowners always pull their homes off the market over the holidays.  Who wants to deal with open houses at Christmas time?

They also failed to mention that total listings were in December/January were actually at record highs.

As the Spring market rolled around, the Industry chortled at how the pace of listings at slowed compared to previous years - more proof homeowners refused to bow to pressures to cut prices.

But while there have been far fewer 300+ listing days this Spring, the reality is that sales have plummeted.

So what does the overall all total inventory picture look like?

Again it is Larry Yatkowsky with a statistical snapshot that tells all.

Total listings in the lower mainland now exceed 25,092. This surpasses the previous highs for this time of year seen in 2011 [22,323] and 2012 [23,087].

Yatkowsky notes that this Inventory apex occurs at a time when sales reported by the various real estate boards are below 10 year averages.

It makes him wonder if:

the reality of the numbers... might be the “hint of the century”

For all but the most diehard, the message is unmistakable.

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Email: village_whisperer@live.ca
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