Summer is here and it’s more of the same from last month. A continued slump in sales and consistent increase in listings has increased the MOI (months of inventory) dramatically. Last year we had 3 MOI at the end of July and now we are sitting at 8.8MOI.
Listings have begun to slow down. I would expect inventory to drop slightly or flat line this month before climbing again in September. Sales numbers will likely stay low, exhibiting market uncertainty. If the MOI stays high, prices will adjust downward.
Sellers:
Price sharply and don’t get greedy.
Buyers:
The market is nervous. Negotiate a tough deal and hold long term!
Some numbers:
Sales are down 41% (same as June) compared with July 2007. This will bring more bearish news headlines this week.
We started 2008 with slightly less inventory than 2007. We are currently up 67% over last year, and 83% over July 31st 2006. North Vancouver inventory is up over 104% compared to July 07.
What are you seeing out there? Keep on posting!
Here are some visuals:
Sales
Listings
All sub area inventory charts here: INVENTORY
Tags: august, august-3, august-4, drachen, fall, july-31, major, north-vancouver, paul, Real Estate, time