Weekly stats update courtesy of the VREB via Marko Juras.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||83%||81%||85%||86%||
|Months of Inventory||
Barreling down on the end of the month and it’s pretty consistent as far as market performance. Sales to new list creeping up as it usually does throughout the month, while sales per day have ticked downwards. We are now running about 26% above the sales rate from last June so the days of near 50% improvements are behind us but that is more because last June was pretty active not so much that the pace is slowing down. The lack of inventory is still a big problem and it continues to fall slowly.
I find it very interesting that the auction for the Rockland house failed after how much media attention it got. With news of other multiple bidder setups failing there is definitely a slowdown, but it’s hard to tell if it is just the seasonality of the market come a bit early, or a sign of some buyer fatigue.
The Brexit news has displaced some of the daily housing stories but I suspect those will be back soon. As far as Brexit’s effect on the markets, most likely it will just ensure that rates aren’t going up anytime soon as the UK takes a hit and pressure is taken off everyone else. It’s disappointing to see the feds deciding to pump more money into affordable homes rather than addressing the root causes that is leading to affordability problems for everyone not just those with low incomes. If our plan is to fight money with money, we will lose.