Slightly increased sales. Much higher inventory.
Here it is.
"Those sales also rank as the third lowest total for September over the last 10 years."
"Consistent increases in property listings and fewer home sales over the summer months has helped move the Greater Vancouver housing market into the upper end of a buyers’ market."
"“Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi said."
Benchmark Attached and Aprtments 4-5% above last year. Detached still 13% over last year.
My take. We peaked in May 2011. We are in a different environment now. More later.
BTW - Jesse has just put up some outstanding graphs on the state on the housing market. Look at the MOI graph in particular. We were heading down in 2010. we are heading UP now.
PS - Here is Fraser Valley
“This is the third month in a row based on the 10‐year average where
we’ve seen lower sales combined with a higher influx of new listings.”
Benchmark up from last year. SFH + 4.5% Attached + 1.8% Apartment + 1.6%
It wont take much to send those numbers down into negative YOY.
The average price for SFH and Attached are already -ve YOY by 0.8% and 1.5%
The Median price for apartments are -ve YOY by 1.1%.
MOI = 8.7...growl..
So depending on what you want to follow- Average, median or benchmark..the stats show the three categories to be up or down marginally year on year. ie Flat.
The next month's stats will establish the trend.
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