Weekly numbers courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||59%||66%||
|Months of Inventory||2.2|
On the surface of it, seems like much the same as last year. Tight market conditions, maybe a very slight easing but nothing major (graph below the fold).
But I happened to take a look at sales in Gordon Head since I haven’t noticed much selling lately. Once one of the hottest neighbourhoods for detached houses, there were a grand total of 3 sales in the first half of July. And don’t think it’s because there’s no inventory. There are
36 28 properties on the market, and if this sales rate continues we’ll have 6 sales in July, or 6 months of inventory (There were 36 active listings as defined by VREB to mean any property that was for sale in the month).
Maybe just a fluke? The rest of the sales coming in the second half of July? As Marko pointed out, a number of other properties have accepted offers in place with conditions scheduled to be removed in the next few days so if those offers hold this could very well increase. I haven’t seen other neighbourhoods where sales have just fallen off a cliff like that. Oak Bay sales are at 19 so July will handily outsell last July (24 sales). The Uplands has just one sale so far, but there are so few sales there normally that it isn’t wildly unusual. Downtown Victoria looks like we’ll about match 2015 sales levels. Maybe that million dollar listing for a 70s box with a coat of paint in Gordon Head woke people up to the nuttyness of price levels.
So far other areas have taken up the slack in some neighborhoods to keep the overall market very active, but some cracks are appearing.