Monday, June 10, 2013

June 10 Market Update

MLS numbers update courtesy of the VREB via Marko Juras. These numbers are for the Victoria Real Estate Board's reporting area, including Sooke, Shawnigan Lake and the Gulf Islands.

June 2013June2012 
Wk 1Wk 2Wk 3Wk 4
Uncond. Sales173

New Listings418

Active Listings4809

Sales to New Listings

Sales Projection692

Months of Inventory

Beginning of month sales predictor says to expect 606 sales.   Pretty much a repeat of last year as it has been for a while.  July 2012 is when the mortgage change bombshell hit and tanked the market for the next 8 months.  Will we get a similar hit this year?

Also, just how slow is this market?   We know sales are near decade lows, but how does it compare to the 90s?   Thanks to a simple man for providing the population data which allows us to adjust for the growth of Greater Victoria...

So inventory is around the same as it was in the correction of the 90s....

While sales are the lowest relative to population that we've ever seen.   New listings are about middle of the road.  Expect them to continue to decline.

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