July 30 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 2013				July 2012
	Wk 1	Wk 2	Wk 3	Wk 4
Unconditional Sales	120	256	381	513	523
New Listings	315	622	919	1123	1242
Active Listings	4762	4817	4855	4836	5178
Sales to New Listings	38%	41%	41%	46%	42%
Sales Projection	552	588	584	590
Months of Inventory					9.9

Reasonably solid week with 132 sales compared to 110 in the same week last year.  I suspect this pattern will continue for the rest of the summer and possibly the year unless mortgage rules are tightened again.  Compared to last year market conditions will look better, but make no mistake it is still weak out there.  July MOI will come in between 8 and 8.5.  Interestingly enough, active listings actually declined last week which usually doesn't happen until late August.

Joke of the day comes from DavidL who says "I hope that VREB will avoid spinning this as "sales volume up 5% over 2012""