Sales took a bit of a jump in the last week to finish the month stronger than expected. This seems to happen pretty regularly that the last week surprises to the upside.
The headliner is as always the relationship between the months of inventory and prices. New this month is the condo prices on this chart which are ticking upwards rather strongly.
Sales to list is still heading upward. We’ve never seen the market quite so tight in June. Sales to list ratio for single family houses is 91% while for condos it was 103% and townhouses are 110%!
Prices are up about 15% on the year.
Sale types are more or less in line with normal ratios. From here on expect sales and inventory to decrease for the rest of the year.
Looking at this June compared to our previous hot market, you can see we are still at another level for how low the residential inventory currently is. With conditions this tight, the price predictor (based on previous market history) says “If current market conditions prevail, you should expect the median single family home price to increase at a rate of about $121,000 (18%) annually.”
You may have also noticed a new banner on the side. While HHV has always mostly focused on the residential resale market, Citified is focused on providing information on new-build homes and commercial spaces. What I really like is the condo database that shows building details for every condo development planned, under construction, and newly completed in Victoria. There is also info on rental, townhome, subdivision, office, and commercial developments.