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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Thurs Post #2: Vancouver Inventory hits 17,000 mark

After starting the year at 10,671 listings, total Vancouver inventory crossed the 17,000 threshold today.

Inventory is up almost 70% since the start of the year.

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Interesting Inventory numbers yesterday

Off to the right you will see the inventory and sales numbers for yesterday.

403 new listings with only 159 sales and the stunning trend for this year continues: every single day this year listings have outpaced sales.

Total Inventory climbed by another 130... it's gone from 10,671 on January 3rd and sits at 16,475 today.

Even more stunning is the fact this comes on a Tuesday after a glorious, warm, sunny long weekend.  As one posted over on Vancouver Condo Info noted, it completely debunks the excuses heard earlier in the year about bad weather holding off purchasers.

The spring market is here but the buyer's are not (although some will argue the sales numbers are published with a delay and that this weekends true sales figures won't be reflected until later in the week).

Regardless, the trend in undeniable.

And speaking of trends, UBC currently has a stunning 215 properties on the market. The infamous Hampton Place (home of all the anti-Hospic campaign) has 45 properties alone for sale.

Like Ian Watt said yesterday, the next quarter could prove to be very interesting. People are not really motivated to buy right now. And so far sellers aren’t willing to drop their prices, and they’re not motivated to sell right now. But of the two, it's highly unlikely buyers will become more motivated because mortgage rates are already super-low.

What will be the trigger that affects prices?

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