Month-to-date October 2010
Net Unconditional Sales: 161
New Listings: 323
Active Listings: 3,964
October 2009 Totals
Net Unconditional Sales: 742
New Listings: 1,067
Active Listings: 3,219
If the current trend of 13.4 sales per day continues, total sales volume will be higher in October 2010 than in September 2010, yet still remain below 60% of last year's monthly total. Inventory is also falling, which is typical in the fall months, but remains stubbornly high - almost 20% more than this time last year. Days on market remains within 20% of last year's monthly average (assuming); there is no panic in this market, sellers are being patient as are the few buyers active today.
A must-read over at VancouverCondo.info today:
So the sideways prediction in home prices that homeowners are predicting? WISHFUL THINKING. The downward spiral the bears are predicting? The natural outcome of moral hazard.
If you understand that the government of Canada became the biggest subprime lender in the world, you are right. If you don’t understand this, you are the one we are all going to laugh at.
If you don’t understand that the government of Canada is actively trying to deflate this bubble (praying for a soft landing that never actually happens) you are the village idiot!