Vancouver Homebuyers "Retreat"

[vanpro]

Straight from realtor Larry Yatkowski's recent experience, perhaps the crazy prices, huge surge in unsold inventory and far lower sales so far this month are having an effect:

http://www.yattermatters.com/2012/01/va ... more-28236

"It was Sunday in the early evening when the call was made to the listing agent.

Buyer’s Realtor® – “We’d like to make an offer!”
Seller’s Realtor® – “Ok that’s great but, I need to tell you that three others who visited the weekend open house have also declared their intent to make an offer as well,” said the listing agent.
“Oh – well then, I will inform the buyers I’m representing to advise them that you expect multiple offers – I’ll get back to you with their decision.”

Later Sunday Evening

Buyer’s Realtor® – “The buyers I’m representing have decided that they do not want to participate in a multiple offer situation.” “Thanks for your time and good luck with your multiples.”

Monday Morning

Seller’s Realtor® phones. “Would your buyer’s reconsider their decision?”
Buyer’s Realtor® – “Why?”
Seller’s Realtor® somewhat embarrassed – “the other three offers that were declared Sunday evening have decided not to go forward.”

[jesse1]

Still too early to "call" anything; from what I see sales will increase.

[vanpro]

Still too early to "call" anything; from what I see sales will increase.

I'm not "calling" anything yet - just sharing what Larry is saying and experiencing. And, while sales MAY increase, what do you figure about new listings and, therefore, unsold inventory? - that is the real data point.

[jesse1]

what do you figure about new listings and, therefore, unsold inventory?

Listings are very strong. We'll see. I know this is a BC real estate forum but it always helps to interject that not all parts of the province are as high-flying. I might even state it's downright stinky. I know some people on this forum will claim that these areas won't mater but if there is significant hardship in these areas that will tend to divert government spending away from Vancouver and that will have an impact. Parts of Kelowna look like they're past their first crash trimester, and it doesn't get any easier.

[rofina]

what do you figure about new listings and, therefore, unsold inventory?

Listings are very strong. We'll see. I know this is a BC real estate forum but it always helps to interject that not all parts of the province are as high-flying. I might even state it's downright stinky. I know some people on this forum will claim that these areas won't mater but if there is significant hardship in these areas that will tend to divert government spending away from Vancouver and that will have an impact. Parts of Kelowna look like they're past their first crash trimester, and it doesn't get any easier.

I keep on hearing Kelowna being brought up around here lately. What parts of Kelowna do you recon are on the precipice of another fall? I haven't been monitoring houses 600+ since I'll never spend more than that on a house up there anyway, but I haven't really been seeing as much price weakness as I would expect. Employment conditions up there, particularly for trades are dismal.
Other than new condos being discounted by developers, and a few reports of underwater buyers I'm not seeing any real deals around.

[vancouverowner]

Still too early to "call" anything; from what I see sales will increase.

Jesse, I am assuming this is you:

http://housing-analysis.blogspot.com/20 ... pshot.html

"...I expect the first few months of 2012 to see lower sales volumes and higher listings than 2011. I do think benchmark prices will increase from current levels through the first half of 2012. If inventory continues to increase and sales remain subdued, however, I anticipate the price increases will be transitory."

[jesse1]

vancouverowner, yes. I think the benchmark price is going to increase from current levels. I expect sales going into the spring will be higher than January's, obviously, and much ado will be reported about how busy things are getting.