May 2015 saw 905 properties being sold in Greater Victoria – a 26.8% increase in sales over May 2014, and the highest number of monthly sales in May since 2007, when 963 properties were sold. There were also just 4,043 properties listed for sale – a 13.5% reduction from the 4,672 active listings at the end of May 2014.
Many thanks to Leo for providing me with copies of his excellent spreadsheets. Adding the latest sales data yields the following charts:
The trend during May over the past few years has been decreasing inventory and increasing sales. Is it just low interest rates driving pent up sales demand – or is it something else?
With 4½ months of inventory, we are sliding from a balanced market to very close to a sellers market (when there is less than 4 months of inventory). Not too surprisingly, the lower inventory has caused the smoothed 3-month SFH median price to quickly climb this spring, further benefiting the seller over the buyer.