For Vancouver Real Estate bears the June 2008 is exactly what we've been looking for as a sign that the top is in. Plummetting sales, skyrocketing listings, and declining prices. The trifecta of bear heaven!
Real estate sales volume in the Vancouver area plummetted nearly 43% when comparing June 2008 to June 2007.
Active Listings are skyrocketing due to the surge of new listings combined with the lower sales numbers. Active listings in the Vancouver area are up nearly 53% when comparing June 2008 to June 2007.
The Sales to Listings ratio is extremely low and well into "buyer's market" territory even when comparing the normally hot market of June to the slower winter market. Although we are far from an attractive entry point for new buyers, including this humble blogger.
The Months of Inventory is shooting up so fast it is even astonishing this ardent real estate bear blogger. We are poised for a rapid turnaround and this will likely be viewed as the turning point by many analysts.
The relationship between supply, demand and prices should be obvious to any Economics 101 student but here it is in black and white (and red and blue) for us.