Dropping Inventory Equals Buyer Frustration

Active Listings

The total number of Active Listings in the British Columbia’s lower mainland real estate continues to drop. Compiled from the IDX data of the three major real estate boards – Real Estate Board of Greater Vancouver, Fraser Valley Board and the Chilliwack Real Estate board, shows a reduction of 6,465 since October 1, 2010.

Looking Forward

A quick chat with a few of the Realtors® who work through the Holiday Season tells me that the lack of ‘quality’ inventory in some sectors is causing a degree of frustration for many buyers. We have seen this theme throughout the year and even while overall inventory continues its drop, there remains a large number of homes considered by buyers to be unsuitable in respect of their price point or condition. Attached to this frustration is the inevitability that those homes that are in good condition will often attract multiple offers as buyers compete for the ‘good’ homes.

Nothing new in the outlook where we can anticipate that sellers of clean, well maintained homes, properly staged and marketed by a skilled Vancouver Realtor® will in the new year, continue to benefit from buyer frustration.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

L8erDdude Says:
December 21st, 2010 at 11:21 am

agree Larry. If you subtract the inventory that nobody is ever interested in you get a very small “real” inventory number. Subtract the teardowns on small lots, homes on busy streets or poor neighbourhoods, etc. And isn’t detached “Months of Inventory” for city of Vancouver below 1 even with the poor quality?

Jim Says:
December 22nd, 2010 at 11:03 am

I would guess, then, that Spring is going to be an epic sellers market.

December 22nd, 2010 at 2:55 pm

@jim
your expectation is what others are anticipating and so goes the market

bbcoq Says:
December 22nd, 2010 at 3:28 pm

Even this modest bear is seeing sold signs and few new houses come to the market.
To add the topper is that Garth Turner is only calling for a 15% correction. For him that is a bullish sign if there ever is one. If rates hold this range I am predicting higher prices and I have been bearish for months.

John V Says:
December 23rd, 2010 at 6:42 am

Sure glad I didnt sell and go to renting 6 months ago … cant say i didnt call this up leg.

Jim Says:
December 23rd, 2010 at 2:45 pm

bbcoq:

Predicting a market move of 15% is close to flat given the marging of errors we,ve seen.

L8erdude Says:
December 27th, 2010 at 9:38 am

@Jim
If you’re talking about Vancouver – the market has only moved down by much more than 15% once in the last 30 years. I’d say 15% is a pretty good correction for the Vancouver market

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