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?
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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It's unfortunate but everywhere I look I still see and hear of people looking for homes to renovate and flip. I'm a mortgage broker and I've spoken to other realtors, mortgage brokers and so called "real estate investors" who all still believe that now is a great time to buy a teardown and rebuild OR renovate.
ReplyDeleteI just don't get it. When will the madness end? Listings are up but the market just isn't getting the message.
I was at a bar recently (blarney stone) where a girl was telling me about her recent purchase of a flip. She purchased for $800,000, plans to put $400,000 into it and flip it for a cool $1.6 million. When I asked her what contingency plans she had if the market went sour she looked at me like I was speaking a foreign language.
Thanks for the comment. We would love to hear from you if and when you do notice that the market is starting to get the message.
DeleteIt looks like the velocity of net new homes on market may be increasing. Does anyone know where to get the raw data to look at in a spreadsheet?
ReplyDeleteAlso, what's it like up in Van these days, does it seem like there are lots of listings floating around?
Prices are dropping in outlying neighborhoods. I'm watching the far reaches of the north shore (H/shoe Bay, Bowen, etc) and I've seen a few 5% drops in the last couple of weeks. I'm willing to bet 10% of my deposit that some of the sales have been agreed at 10% or more below asking price, too....
ReplyDeleteAnonymous, did you ask her who financed her? (Not that I'm looking for bank stocks to short, but hey, I might consider it... ;-)
ReplyDelete