The Fraser Valley Real Estate Board released their July 2008 statistics package and here is the info:
Active Listings were 56% higher than July last year at 12,299.
Sales were 35% lower than last July at 1284.
Months of Inventory now sits at 9.6 months to sell through the current inventory at the current sales pace.
House prices have had a long run up with tight supply and exhuberant demand. This situation has now reversed and prices are falling as supply has swelled and demand has been lacklustre so far this year.
It sure looks like we will have Year over Year price decreases in August or September. Annual appreciation of the Fraser Valley House Price Index clocked in at a measly 1.7%.
The correlation between Months of Inventory and price changes is holding up extremely well as the market has changed.
Median Prices in all categories of home fell during July. The Single Family Home median price fell -5.4% from June. The median fell from $527,500 to $499,000.
Well folks that is all she wrote. I am pretty excited that this is finally happening and that some semblance of fundamental value will hopefully be restored in our local real estate market.