Weekly stats update with love courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||78%||83%||
|Months of Inventory||
Sales to list ratio is absolutely astronomical and completely out of the ordinary for this time of year. This is when listings should be piling on and sales are just warming up so the rate is usually fairly low (last year was already abnormally high, the 10 year average for February is 47%). At 83% month to date, we might almost double the 10 year average.
The effect on inventory is obvious and again unprecedented. I don’t see any past years where inventory has declined from January to February but unless things turn around that’s what we’re on track for.
Sales are down about 3% from last year. I can’t imagine that that pace can be maintained but we’ll see.