Market firming up

Digs market pulse better than it has been at 0.48 for resales. Trending slowly upwards but I will wait for it to stay there or creep higher for a month or two for clear signs of a balanced market.

Yeah saw that.. keep it going!

Yet still down 2% year to year and skewed upwards by record number of off market.

0.49 today. Going in the right direction for now.

Off market outpacing pending.

Indeed and off market will keep the supply full. A large chunk of off-market may be driven by people who have decided not to upgrade and if they were to put the listing back on the market, they will be looking to buy a different unit increasing demand - so not all off-market suggest net sellers (I wish I knew the percentages but my estimate will be much more than 50% of people want to upgrade). That is why I want to see another couple of months of Market Pulse data.

what do people think will happen in post-labor day? buyers still on the sidelines due to imminent recession and further price drop?

nicesmile, if I had to guess, I would guess that you'll see an uptick relative to the summer but I think the uptick will primarily be at the lower priced level of the market and I don't think it will be a strong uptick. I think that the sellers that race to cut prices will be the ones that move their properties.

I think that more expensive properties will continue to linger unless there are significant price drops. I wouldn't be surprised if average rents go up in the city, particularly as people rent more at all levels.

I think we are just starting to see the cracks in the market (for example townhouses and 2nd tier stuffy UES coops) and we will start to be seeing anecdotes exclaiming "I can't believe this property sold so cheaply" become reasonably common place.

nicesmile, it is still very difficult. There are extremely few supply in the market, and sellers/brokers are hoping there is a QE4 coming, which might turn out to be true though.