On Friday we had 51 new listings and 101 sales, for a sell/list of 198.04%.
Thursday we had 59 new listings and 114 sales, for a sell/list of 193.22%.
Monday we had 45 new listings and 54 sales for a sell/list of 120%.
Current inventory is 8,593, of which 2,924, or 34.03%.
I promised an update on the property on King Albert, and I can share this: we received multiple offers on the property, with several above list price. Inspection revealed a problem with the drainage system, and the buyers did not proceed. The seller has had the perimeter drainage system inspected and has updated the Property Disclosure Statement. The property is still for sale, and is still generating activity. New pictures are up on Aaron’s website. I think this listing is emblematic of what we’re going to see in the near future: buyers and sellers with equally strong opinions of value colliding over a property. Both are increasingly well informed, and since many buyers and sellers can afford to leave the market urgency becomes less important (the higher the prices, the more buyers can truly justify renting, and the safer holding appears to sellers). The new year will be very interesting. Which brings us to…the fun stuff!
Predictions for 2008! I took a look at last January and found a few for 2007. I’ve only posted ones with recognizable handles (Blogger changed some posts to “anonymous” during the course of 2007). Like 2005, most of us were wrong in 2006, but there’s no reason for that to stop us.
Tulipmania: “2007: Single detached -38% attached -43% condos -52%” (Tulip was, however, the closest for 2006 predictions).
H.Lovil: “I think 2007 will be the year of the big change in psychology. I already see it when talking to realtors…they are looking for buyers, as much as listings. A year ago…they couldn’t care less about buyers…list it and it will sell. Now they tired of listing and bargaining the seller into a realistic price”.
This is too funny said: “My Prediction 100% decline in 2007 back to the year 1805 prices. and in 2008 they will pay you $500 to take a house (minus realtor commission of course)”
Freako wrote: “Oh, and my 2007, what the heck, GV SFH down 15%.”
This is all lighthearted – predicting the future is very tough, but its still fun if we don’t take it too seriously. I’ll start it off. 2007 will see a continued increase in sales prices, but we’ll be in single digit territory YOY, and volumes will be 15% off 2007 levels across the REBGV. Over to you…”:-)