MOI - VREB inventory increased again - 08/05/08
Another "Months Of Inventory" (MOI) snapshot, based on MLS searches done May 8, 2008, compared to the April 2008 VREB numbers.
The total number of condos for sale on the MLS (1099) has increased quite a bit since May 1, 2008.
More townhouses (416) are available. More single family homes (1192). The MOI for sub-median single family homes has even increased a bit, to 2 months or so. The fact this "most affordable" sector of the single family market is actually building inventory instead of shedding or absorbing it is an interesting signal, but does it actually mean anything?
Interestingly, million dollar inventory has decreased a bit even though overall inventory is still increasing. Is this a sign that some of the more expensive properties are dropping prices? Maybe. Today there were 291 such properties listed, compared to the 300 such properties listed on May 1, 2008. This takes the months of inventory on expensive properties down just a bit.
Is the global economic slowdown starting to take effect now, or is this just a breather before a busy summer for the local market? Have the last of the first time buyers and hardiest of the foreign investors finally been knocked out of the picture?
Seems some condo projects are falling behind or can't get off the ground. Why is that?
Is it over?
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Need more inventory, need more inventory... =) I was hoping the market would fall apart faster so I could catch myself a falling knife this fall. But that doesn't look very likely, so continuing to wait I will. I'm not in a rush, but I'm tired of renting. More specifically, the moving portion that renting entails now and again.
The sooner, the better...
From the little part of the market I monitor, inventory is rising and it's rising faster all the time. My PCS report search for condos 2+ bedrooms 200K to 400K has jumped about 15% since the beginning of the month. Price changes are coming fast and furious too. It feels like something's giving...