Monday, July 22, 2013

July 21 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.

July 2013July 2012 
Wk 1Wk 2Wk 3Wk 4
Unconditional Sales120
New Listings315622919
Active Listings476248174855
Sales to New Listings
Sales Projection552588584

Months of Inventory

The third week of last July was the first week when sales started to seriously slow, dropping to 113 for the week from rates of 138 and 120.  This was most likely due to the mortgage rule changes starting to hit, and continued to make up the worst late summer, fall, and winter in well over 10 years.

No major mortgage changes yet this year (aside from the lenders becoming more and more nervous), and there is also no matching slowdown in sales, with last week hitting 125 (after 136 and 120 the weeks before).  Of course as the selling season winds down, sales will naturally start slowing regardless of the mortgage market.  Surprisingly enough, listings are up over last year by about 7%, hence our sales/list coming in a bit under.

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