Tuesday, July 5, 2011

Vancouver Weekly Sales Turn Down

Still waiting for the June numbers from REBGV to show up in the usual places. In the meantime,
Agent Will's Weekly Stats shows a similar shift to the average numbers.

Why is inventory falling at the same time? (One might ask if this is not just a blip but a trend.) Remember, real estate is unlike most markets. Sellers are also buyers and buyers are also sellers. If a potential seller finds themselves priced out of buying a move-up property, they also cease to be a seller. They will only return to the market as a cash-out seller, with no buying contingency, if and when the market makes a definitive turn downward, at which time inventory will rise as prices fall.

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