September 2010 .....Victoria hits 20 year low sales.
Less than half the sales of September 2009.
Same New listings as September 2009.
20% higher total listings than September 2009.
Does this sound like a strong market?
MOI 11
This is all happening with extreme low interest rates, and with a fairly robust economy. SO what's up? Basically things are just too expensive.
The wealthy can and do still buy. They aren't adding up the mortgage and the taxes and wondering whether they are paying 60 or 75% of their income to buy- which is why the average and median prices are moving up, even as sales collapse.
That doesn't mean that sales cannot come back, some RE agents expect them to, but if they don't and sales keep heading down - prices will follow.
.......................
This mortgage broker's blog is the one mentioned in the news report and worth reading. The 21st September entry is the one to read:
http://www.victoria-mortgages.com/blog
Forgot to give you North Shore for Friday.
ReplyDelete21 New 7 back on the market 16 price changes 8 sold
Van West
ReplyDelete53 New 9 back on 24 changes 24 sales
I have always regarded the same or more price drops as sales as a weak market. Just IMVHO.
Whister (These numbers are all for Friday)
ReplyDeleteNew 8
Back 6
Price changes 8
Sales 1
Richmond 21, 2, 15, 11
ReplyDeleteEast Van still very hot!
18, 7, 13, 17 !!
Squamish last 14 days:
ReplyDelete37 new
3 back
Price change 41!!
Sold 9
Doesn't look like the City or Developer are trying too hard to sell the units. The sales office was closed
ReplyDeletehttp://www.youtube.com/watch?v=P0tGOedbBeg
BTW thanks for putting up the numbers.
Take a look at Agent Will's stats... if you are a bear you are getting absolutely demolished.. I'm by no means saying buy now, but holy Moses have you guys ever had your faces ripped off for the past 2 years. Ouch.
ReplyDeleteFaces ripped off! Chad calm down buddy. It's just the housing market. You are starting to sound like some psycho-bears.
ReplyDeleteSince March 2009 things have not been pretty for bears.
However almost every bank has brought out reports saying we are grossly over-priced. When the banks, who are debt-pushers are sounding the alarm- we better take notice.
Lets wait for HPI
now that would be an unfortunate sequence of events
ReplyDeleteso if the engine heads off the track the rest of the cars will follow?
hmm