Friday, December 19, 2008

Months of Inventory




Supply has shot up in recent months. In November this year, there was nearly four times the inventory of the previous November. There is a massive buildup of Condos/Townhouses as only 7 sold out of 422 this November compared to the previous year of 35 sales. Texada and Regency Vista and others are attracting few buyers since being listed in the spring/summer, and we have yet to see any huge price decreases. Perhaps the developers are waiting for the buyers to return. But will they return? Currently there is an economic downturn and people are finding it harder to get financing these days as well as being unable to put 0% down on a house.




1 comment:

  1. Thanks for your blog.

    I have been waiting out the Nanaimo market for 2 years now and suspect that we are in for quite a drop.

    In my business I have not seen a realtor client in 3 months. The realtors I have spoken to are all fairly negative about the market. I spoke with someone who had a mobile home listed for ~300K dropped the price to 199K and has had no bites in 9 months.

    Many of the houses I was watching on the MLS failed to sell and I expect will be re-listed in the spring. I would not be surprised to see inventory levels double this spring over last.

    Thanks Again Kicker

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