Weekly stats update courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||51%||64%||72%||
|Months of Inventory||
Incredibly, inventory actually fell from last week which is unbelievable given the time of year. That said comparing to last year to date, we are slightly ahead at 111 listings added so far this year compared to 80 in the same period a year ago. Still way off a more normal year like 2015.
Months of inventory is getting very similar to last year. That means we should expect similar results in price movement, but the wildcard is the out of town buyers and whether they will continue to flood in like they did last year. Interestingly enough, the Vancouver situation seems to have almost stabilized for now, and while sales are way down (especially in detached), new listings are down almost the same amount. It will be very interesting to see how this plays out as it may prove or disprove the effect of foreign buyers in that market.
Number of new agents entering the business is very high right now. Not sure what they will all do as there are more agents than listings out there. Maybe we should track the agents/population ratio as a predictor when the market becomes unsustainable?
|The HHV Meetup is happening on April 7th at 6PM at the Penny Farthing. I have a reservation for 20 people which is about as many as are signed up. If you can no longer make it, please remove your name from the list or email me so I can adjust reservations closer to the date. Thanks!|