REAL ESTATE : Post July 9th Real Estate Sales are falling off a cliff.

REAL ESTATE : Post July 9th Real Estate Sales are falling off a cliff.

Friday, July 27, 2012
So yesterday was another intriguing day for real estate sales statistics.
 
The entire Lower Mainland only produced 94 sales.
In Greater Vancouver that number was a stunningly low 59 sales.
 
Incredibly 19 of those 59 sales were executed pre-July 9th, part of the glut of activity in the rush to meet the new mortgage rule deadline (and thus caught up in a backlog of CMHC approval).
 
Only 40 of those sales were post-July 9th. (hat tip zrh2yvr).
 
The bottom line is that post-July 9th sales have been amazingly weak.
 
Year to date West Vancouver sales are trending to be down 48.7% from the first 7 months of last year. Richmond is trending to be down 46.2%. And the west side of Vancouver is trending to be down 41.1%
 
The weak daily numbers lately have us on track to have the worse July in over 11 years, even worse than July 2008.

Can you imagine what those numbers will be if the post-July 9th trend continues for the rest of the year ?

===========================================================================================
COMMENT:
OUCH…this is painful to just READ.
While many saw this coming,….. I think the actual numbers are utterly shocking. 
This implies that many people are literally trapped….cannot move…….no liquidity OR many are highly leveraged and going underwater quickly…ie paid MORE than it is worth.
This means the market is  in cardiac arrest and major “haircuts” aka price drops  will have to commence.
Obviously the buyers are gone..”used up”….or scared.
Jan. 3, 2012: 10,671

Feb. 1, 2012: 13,368 (+2,727)
March 1, 2012: 14,912 (+1,544)
April 2, 2012: 16,o74 (+1,762)

May 1, 2012: 17,122 (+1,048)

June 1, 2012: 18,575 (

+ 1,453)

July 3, 2012: 18,818 (

+ 244)

July 4, 2012: 18,894

July 5, 2012: 18,972

July 6, 2012: no update

July 9, 2012: 19,053

July 10, 2012: 19,140

July 11, 2012: 19,103

July 12, 2012: 19,135

July 13, 2012: 19,208

July 16, 2012: 19,179

July 17, 2012: 19,148

July 18, 2012: 19,180

July 19, 2012: 19,208

July 20, 2012: 19,287

July 23, 2012: 19,279

July 24, 2012: 19,272

July 25, 2012: 19,308

 

July 26, 2012: 19,357 (+ 539 so far this month)

The common premise is this time of year many UNsold listings have been expired, pulled….which is why the RE-Lists/”Price reduced” info is important.
Many predict that once September rolls around, the dam will burst…..many people can no longer hold back listing….flood the market and thus it will get very ugly.
Advertisements
Gallery | This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s