West Side Vancouver MOI Very High according to local realtor

[hazuchan]

http://www.samwyatt.com/Blog.php/category/Vancouver+Market/january-2012-months-of-invenetory-still-high
(found at VREAA)

[vanpro]

Wow! totally contradicting ETB, Think Tom et al....

This quote from this realtor (Sam Wyatt) says it all:

"The Months of Inventory (MOI) metric for all West side Vancouver home types rose again in January. The Detached MOI remains over 9 months, Attached surged to 8.98 and Apartments jumped to 7.1. This is a very disturbing trend that indicates a falling market over the next 6 months. This inventory is building in spite of the lowest fixed mortgage rates in history.

Listings grew month over month from December but sales volumes did not meet the pace. In January we had 796 active detached homes for sale on the West side but only 86 sales. Compare that to January 2011 where we had 402 listings but 134 sales. Last month I said that if things continue like this then the market will be in for tough times. Over nine months of inventory a second month in a row does not bode well."

[registered]

I blame the NDP.

[eyesthebye]

Wow! totally contradicting ETB, Think Tom et al....

This quote from this realtor (Sam Wyatt) says it all:

"The Months of Inventory (MOI) metric for all West side Vancouver home types rose again in January. The Detached MOI remains over 9 months, Attached surged to 8.98 and Apartments jumped to 7.1. This is a very disturbing trend that indicates a falling market over the next 6 months. This inventory is building in spite of the lowest fixed mortgage rates in history.

Listings grew month over month from December but sales volumes did not meet the pace. In January we had 796 active detached homes for sale on the West side but only 86 sales. Compare that to January 2011 where we had 402 listings but 134 sales. Last month I said that if things continue like this then the market will be in for tough times. Over nine months of inventory a second month in a row does not bode well."

huh?
I have no idea how much total inventory there is on the west side since I only track under 2M properties.
I heard that there were 100 listings just in Shaugnessy alone - the total on the market must be getting up there. Doesn't matter for the run-of-the-mill detached buyer though since this is Chinese market...that's why I only track less than $2million detached properties.

If these westside owners fail to find buyers for these properties it may or may not filter to cheaper detached. I'm pretty sure that these owners are not effected by normal economic or market cycles.

[vanpro]

Wow! totally contradicting ETB, Think Tom et al....

This quote from this realtor (Sam Wyatt) says it all:

"The Months of Inventory (MOI) metric for all West side Vancouver home types rose again in January. The Detached MOI remains over 9 months, Attached surged to 8.98 and Apartments jumped to 7.1. This is a very disturbing trend that indicates a falling market over the next 6 months. This inventory is building in spite of the lowest fixed mortgage rates in history.

Listings grew month over month from December but sales volumes did not meet the pace. In January we had 796 active detached homes for sale on the West side but only 86 sales. Compare that to January 2011 where we had 402 listings but 134 sales. Last month I said that if things continue like this then the market will be in for tough times. Over nine months of inventory a second month in a row does not bode well."

huh?
I have no idea how much total inventory there is on the west side since I only track under 2M properties.
I heard that there were 100 listings just in Shaugnessy alone - the total on the market must be getting up there. Doesn't matter for the run-of-the-mill detached buyer though since this is Chinese market...that's why I only track less than $2million detached properties.

If these westside owners fail to find buyers for these properties it may or may not filter to cheaper detached. I'm pretty sure that these owners are not effected by normal economic or market cycles.

Yet, from your own analysis, less and less Chinese are buying (since that is a "Chinese market") and more and more of the current owners are listing to sell.....

[rediculous]

Eyesthebye: "RE market sage, spin-master extrodinaire"

[metalhead]

I blame the NDP.

lol
I blame Obama.






Oh wait, that only works down here in OK.
I blame the education system in Vancouver for failing this guy.
He should have learnt somewhere along the way that RE only goes up in the BPOE.
I'm surprised he ever got his RE license.

[HAM]

Eventually Van east will be affected. Richmond MOI ain't too pretty either. Developers in Richmond and other burbs are starting to give incentives. Some Van east properties are discounting as well. I've posted some but it never made it to the boards.

[eyesthebye]

Wow! totally contradicting ETB, Think Tom et al....

This quote from this realtor (Sam Wyatt) says it all:

"The Months of Inventory (MOI) metric for all West side Vancouver home types rose again in January. The Detached MOI remains over 9 months, Attached surged to 8.98 and Apartments jumped to 7.1. This is a very disturbing trend that indicates a falling market over the next 6 months. This inventory is building in spite of the lowest fixed mortgage rates in history.

Listings grew month over month from December but sales volumes did not meet the pace. In January we had 796 active detached homes for sale on the West side but only 86 sales. Compare that to January 2011 where we had 402 listings but 134 sales. Last month I said that if things continue like this then the market will be in for tough times. Over nine months of inventory a second month in a row does not bode well."

huh?
I have no idea how much total inventory there is on the west side since I only track under 2M properties.
I heard that there were 100 listings just in Shaugnessy alone - the total on the market must be getting up there. Doesn't matter for the run-of-the-mill detached buyer though since this is Chinese market...that's why I only track less than $2million detached properties.

If these westside owners fail to find buyers for these properties it may or may not filter to cheaper detached. I'm pretty sure that these owners are not effected by normal economic or market cycles.

Yet, from your own analysis, less and less Chinese are buying (since that is a "Chinese market") and more and more of the current owners are listing to sell.....

you like eating fish - and you know there are less fish to catch but heck, your belly is already full and you have plenty of other options in the fridge. Why not
put a line in the water? Just because you didn't catch the fish doesn't mean you didn't enjoy the hobby of fishing.

[jesse1]

The westside market is not one market, I expect there are more than a few areas selling quite well. Personally I don't track sub-areas, I'm a macro guy, and can't see trees to save my life.