Weekly stats update courtesy of the VREB via Marko Juras.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||96%||66%||68%||
|Months of Inventory||
Inventory slowly creeping up but we’ll have to wait a few more weeks to see whether this is anything of significance. Normally at this time of year, inventory decreases, so it seems we’re bouncing around near the bottom of what can be sustained as inventory.
Currently we are on track to exceed last year’s sales numbers by about 10% or so which will probably be just barely short of the September record set in 2009 when the market was roaring back from the collapse of the financial crisis. Despite seasonal slowdowns that are visible by fewer lawn signs, I don’t see too many signs of a change in the market yet.
By the way, the province appointed a new superintendent of real estate to take over the previously self-regulated (i.e. not regulated) Real Estate Council. While it might take a couple months, I suspect Mr. Noseworthy will be eager to show action on this front well before the provincial election with additional regulatory restrictions on the industry. As we’ve seen in Vancouver, those are the real wildcard that can sweep the legs out from under any market no matter how hot.