REMAX Inventory Report

Reader Bean Counter sends in a report on the inventory at REMAX every now and then. Here he is for June:

Crunched the numbers on the Remax site, and once again a big jump since last month: 309 more properties on the market, taking the total number for the Cape metro area to 5,578.

To refresh your memory, when I first did a stock-take in August last year, that number was 2,842.

Specific hotspots where sharp increases in unsold stock happened this month where:

Hout Bay - 69% (small numbers, from 13 to 22, but still significant)
Bloubergrand - 18.8%
Milnerton - 18.7%
Somerset West - 14%
Sea Point - 8.6%

The northern suburbs and False Bay coast are still damming up like mad - that's where the dam wall is going to crack first - but I think it's also very significant that Hout Bay and Sea Point are starting to pile up too. That's expensive real estate, which is further evidence that the crash is starting to hit wealthier owners and investors.

Still, though, there's almost no price reduction happening from Remax clients, so obviously the denial is still strong - probably being fueled by estate agents who refuse to accept that the boom is over.