Weekly stats update courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||53%||63%||69%||
|Months of Inventory||
About a week left in the month and at this pace of new listings we will fall short of last May’s total new listings which doesn’t help the supply crunch. After some decent inventory gains in the last weeks (+72, +73, +57), we were back to flat in the last week at 1855 properties on the market. Last year this time there were 2431.
I’m keeping an eye on detached houses in the core where there is more selection this year than last. 413 properties are on the market compared to 368 a year ago, while sales will likely end up down 40% from last year (estimated 202 sales vs 337 last year). Oddly enough the median days on market is currently below that of last year, maybe there are more overpriced listings that just aren’t selling at all?