Epain Homes

Bye Bye Summer. A prolonged slump in sales and consistent increase in listings has increased the MOI (months of inventory) dramatically. Last year we had 3.5 MOI at the end of August and now we are sitting at 12.5 MOI.

Sales are down 53% (oh my God?) compared with July 2007 and the news has been more gloomy every week. We can expect more gruesome headlines next week.

We started 2008 with slightly less inventory than 2007. We are currently up 72% (climbing every month) over last year. North Vancouver inventory is up over 104% (same as July) compared to August 07.

Listings have begun to slow down and dropped about 2% when compared with last August. That is likely a blip that will reverse in September as the fall market prompts more hopeful home sellers to list homes and investments. If the MOI stays high, prices will continue to adjust downward.

Sellers:

Price sharply and don’t get greedy.

Buyers:

The market is nervous. Negotiate a tough deal and hold long term!

What are you seeing out there? Keep on posting!

Here are some visuals:

Listings:

Sales:

All sub area inventory charts here: INVENTORY (UPDATING)