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%||72%||
|Months of Inventory||
I’ve said before that inventory should be falling this time of year, but that’s not actually accurate. Inventory typically stays steady August to September as sellers with overpriced garbage hang on for one more month before pulling their listings until the spring. Starting in October we should see a sharp decline in inventory if you can imagine it going any lower.
Just a reminder, even in hot markets, sales cooling off in the fall are perfectly normal. Taking the last hot market of 2002-2006, we can see that sales typically decline by about 22% from the hottest month (May) to September, and a further 33% from now until December. Not once have I seen a year where the market forces were able to overwhelm seasonality and keep sales high into the late fall.