Happy New Year! (Updated Again!)
Author: Admin // Category: Uncategorized
I hope you all had a merry Christmas and a happy holiday season with your families. The snow as been unreal. I like it very much, but it does create some chaos.
The retail season was a wash with the weakest retail sales numbers since 1971. You could see it out there with all the sales prices. Some pretty great deals.
I just spoke with a mortgage broker at CIBC and they quoted me a 4 year fixed at 4.69%. Great rate but I doubt it will spur idle home buyers into a short term purchase.
Sales came in at about 924 sales v. 1,897 last December. That’s a 51% drop in sales activity. Inventory took a haircut and settled at 16,200 listings, down from 19,462 in November. We are now up 80% YOY in inventory. MOI is sitting at 17.5 months.
With the holidays over things will get back to normal. Look for monthly, weekly, daily and inventory chart updates this weekend.
Have a safe and happy new years eve!
Sales
Inventory
Benchmark Prices:
“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, adeparture from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt.
MOM price declines
detached -2.72%
attached -.7%
apartment -2.64%
Full Stats Report HERE
Inventory Charts HERE
MOI
The most constricted market award goes to Squamish which reeled in 5 sales for December. Not one SFH sold.
