Monday, July 29, 2013

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 2013July 2012 
Wk 1Wk 2Wk 3Wk 4
Unconditional Sales120
New Listings3156229191123
Active Listings4762481748554836
Sales to New Listings
Sales Projection552588584590
Months of Inventory

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""

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