Weekly stats update courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||78%||83%||77%||
|Months of Inventory||
Finally a bit of relief from the punishing trend of decreasing inventory at the start of spring market when it should be piling on. Sales haven’t slowed down but an increase in listings has stopped the bleeding of the inventory. Let’s hope it continues because we have a deep hole to dig out of.
In other news, Harcourts is trying to bring the real estate auction to Canada with a test run in Vancouver. Personally I love the transparency this approach can bring to the market. You can access all of the listing information (see link in description) required to make a sensible decision and no one will be paying $50k over the next highest bid because they didn’t know. Doesn’t mean the final price will be any lower, but transparency in the process is always good. It will be interesting to see if this one is more successful than our Rockland auction that failed.