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According to Paulb tuesday saw only 66 properties sold in Vancouver.
VHB says that makes a record 11 days in a row with double digit sales.
We haven’t broken more than 100 sales in a day for more than two weeks.
As VHB points out:
I have PaulB’s daily numbers for 2010 to now. The current streak of 11 straight double digit sales days is now a record.
You might think you could see this kind of streak in December or January. But August? This is nutty low sales.
Yesterday was Wednesday and we saw 71 sales. That means we’re now on the 12th day of an unbroken chain.
Even if this record holds up through the end of the month it will likely be broken on Tuesday as sales made over the long weekend will add two days into one.
But what we also might expect to see next week is a flood of listings. Here’s VHB again:
In past years, the September listings surge begins precisely on the Tuesday right after Labour Day. Last year, we had 356 listings on that Tuesday. In 2010, it was 282.
So, it would be a surprise if there are fewer than 1000 new listings hitting the books during the four days next week. Good chance to get over 1200.
And finally ZRH2YVR left a wrap up of what this market is looking like in a few select areas. We’re approaching a MOI of 20 (!) in some areas:
1.) SFH in West Vancouver will end the month with approx 1 sale per day. Down 50% from last month and down 70% from last year. MOI will now be over 20 and up from 5 last year. Inventory is near record at 530 units.
2.) Richmond SFH. July repeat. Same sales level, same inventory. I would say prices have to be down. MOI close to 20. The month had a blip in the first half with the first 10 sales days coming at 33 sales but the next 10 days being 21 sales. Quite a different second half.
3.) Van-West Attached (Appartment/Townhouse). This is a big big market so it’s tough to have it stop completely. It is the centre of the uninformed buyer especially young people with parents money. This month will be 15% below last month, 30% below last year and pretty much on par with 2008. Many sources have indicated prices are down but maybe about 5%. So many units are available. MOI in this large market will end the month close to 9, up from 5 last year and 8 last month. The sales pace in first 10 days and second 10 days were constant.
Read his full comment for the low down on other areas including East Van, North Van and Burnaby.
A couple of very interesting articles:
Pimco and JP Morgan halt vacations to prepare for crash?
When one company decides to cancel vacations, or impose additional workloads on their employees due to projected events, it is not considered relative news. However, when several institutions, analysts, and even the head of the World Bank acknowledge a coming crisis, then everyone needs to come to the realization that something big is on the horizon that will have an effect on both Wall Street and Main Street.
21 signs this could be a long hot crazy summer for the global economy
The summer of 2012 is shaping up to be very similar to the summer of 2008. Things look incredibly bleak for the global economy right now. Economic activity and lending are slowing down all over the planet, and fear is starting to paralyze the entire global financial system. Things did not look this bad back in the summer of 2011 and things certainly did not look this bad back in the summer of 2010.