Weekly stats update courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||53%||63%||69%||68%||
|Months of Inventory||
Almost rounding out the month here so let’s take a look at what the prices have been doing so far this year. Lots of discussion about how the detached market in the core might be cooling. Sure enough if we take a look at the change in months of inventory, we can see that the core SFH market has cooled the most from last May, going from an insane MOI of just over 1, to just over 2 in one year. Still extremely active, but cooling.
The condo market has not eased up from last year by any significant amount though. It was slow to catch up to the detached market and now it is lagging again.
Condo prices still trending upwards quite strongly, which is taking the overall market up with it. SFH prices also up, but the detached prices in the core are more or less where they were at the beginning of the year. Before reading too much into that though, remember how these charts with few data points can mislead you. We’ll want to watch the repeat sale indices and the leading indicators of DOM more closely going forward.