Still on vacation but back in town. Good to see the blog humming along without my meddling. Interesting discussion of full service vs mere postings in the last thread. I think this topic deserves a lot more attention and analysis, both on the selling side (mere postings) and on the buying side (commission offered). Is there evidence that the level of commission both on the buying and on the selling side is correlated with positive outcomes for buyers or sellers? It’s a topic that much of the industry wishes would never be mentioned.
I recently made my info and brokerage more prominent on the right because the Real Estate Council said it wasn’t displayed as required in the advertising standards. Point is they generally don’t come looking unless they get a complaint and I’m sure any attempt to talk about the holy grail of commissions will unleash some more. Should be interesting!
For now though, here are the weekly numbers courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||71%||75%||71%||71%||
|Months of Inventory||2.4|
Inventory continues to creep up in a time when it would usually be flat or decreasing. Not a lot yet, but something to watch. There’s always a drop of listings at the end of the month as the dregs expire, so we should expect to finish with about 1900 active listings or some 9% less than this time last year. That’s despite listing cancellations up as the leftovers from spring that didn’t cut it get stale.
Prices still not going much of anywhere for single family detached which are little changed from last month and flat for the year. For the entire market we are still appreciating strongly but that is driven primarily by condos, where medians are already up by 20% from January. Will be interesting to see what happens with the detached market, I’ve said many times I don’t believe in flat prices with these sellers’ market conditions, but the longer it holds the more I wonder.
Meanwhile the industry is continuing to wait nervously for the regulators to crack down on some of the more ethically conflicted situations in real estate, like limited dual agency where the same agent represents the buyer and the seller. Everyone has been expecting this to be abolished for a year now but it’s still here so it seems the council is having more issues getting rid of it than they anticipated. As of now, they are expected to announce a change this fall to this as well as possibly other areas that were recommended in the report last year.
What would you like to see changed in the real estate industry?