After almost 3 years of a steadily improving market, we are starting to depart from anything we’ve seen before in Victoria. So far this is a spring where inventory has hardly increased because it gets sold so quickly. February numbers came in just short of records, and March might be the biggest sales month we’ve ever seen. The only months we’ve ever broken 1000 sales before was April and May 1991. As I said a month ago, the market tilts towards sellers in the spring, and March/April/May are the hottest. I don’t think this will let up until people start going on vacation.
Also note how the market is diverging in direction from last year. Last March it was still reasonable, and the start of the month re-lists bumped up the months of inventory at least temporarily. Now there is hardly a listing that expires at all so no bump.
Stats update courtesy of the VREB via Marko Juras.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||
|Months of Inventory||