March 22 – 28 market update

The past week has seen an improvement in new listings, although they’re still down 5%.

Compared to the 3-year average,

  • Sales are up 23% (last week 24%)
  • New listings are down 5% (last week 9%)
  • 30-day median price is up $13,000(+3.2%)
  • Inventory is down 16%

With sales up 24%, and inventory down by 16%, you know there’s going to be a shortage of attractive listings. That may be why 11 of yesterday’s sales were sold, or had an offer, within 7 days of being listed. That number is most likely even higher because we don’t see all the pending listings.

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3 responses to “March 22 – 28 market update

  1. Oh my, has the blog dog sentiment ever changed on the greater fool. The dogs are starting to turn on Garth.

    http://www.greaterfool.ca/2012/03/29/f-factor/#comments

    You mean comments like this… “I am a renter and I can tell you in retrospect, I am the one who is screwed.
    Why should I not jump into the fray now? the government is behind this frenzy and whoever waited on the sidelines lost. THe correction to the point where we started waiting a couple of years ago will take multiple years, at which point inflation would have ate the difference anyway…
    I am sad for myself….”

    After five years of force-feeding the blog-dawgs on a crash, his kool-aid isn’t going down so easily any more. -Bob

  2. Are the people who took Garth Turner’s advice the ultimate Greater Fools?

    This comment on his blog came from someone in Calgary…

    “as a renter the houses are already more expensive then this time next year, so now I’m up to 1700 from 1500 a month, still at mega risk of them selling it out from under me and nothing has changed. Its just going to keep getting higher and higher, what is stopping it now? I heard we were going to run out of house virgins and speckers by now, but it just keeps going and going. These 2.99 interest is still around, how long are we sitting around, at landlords mercy, oh I have to move AGAIN, can’t buy a house, it’ll correct, maybe it’ll be a taxpayer controlled soft landing in like 5yrs, it should burst, yet nobody does anything, the banks aren’t making it happen, what the hell, harper Gov moron crap! I’m so sick of all this!

    Are we the greaterfools? spec’ng is bad, but this has gone on so long, and keeps going, I’m so sick of moving, so frustrating.”

    And this…

    “Here’s more proof ,those that followed you like me , lost and continue to los, Rent has sucked for the last 4years not to mention prices have not corrected but gone higher..”

  3. Bidding wars update:

    A Killarney bungalow was listed yesterday for $449,900. It has already been sold for $510,000.

    A Mt Pleasant tear-down was sold yesterday for $20,100 over the list price of $499,900.

    A total of eight homes sold for list price or higher yesterday.

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