Spring is off to an early start in Victoria, both in terms of the weather (it’s glorious when the sun in shining after work) and in terms of market activity. This is when inventory traditionally starts piling on to the market, but so far this year we haven’t even added 200 new properties to the inventory since the low point on January 11. Last year it was over 400 in the same period.
It’s not that new listings are lagging very much, they are almost bang on the pace of last year, but things are selling so quickly we just aren’t accumulating any significant inventory. So far the theory that a hot market will persuade owners to sell in larger numbers hasn’t panned out.
Stats update courtesy of the VREB via Marko Juras.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||
|Months of Inventory||