Weekly numbers courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||71%||75%||
|Months of Inventory||2.4|
Detached homes are still being outpaced by condos, with 29% of detached homes in August going for over ask compared to 39% of condos. At 21 days, it takes almost twice as long to sell the average house as the average condo right now. To keep some perspective that is still relatively low given that two years ago it took 35 days and the year before it took 54. However we can already see price cuts are necessary to shift houses, with the average sell price to original list dropping to 98.6% for detached while it remains over 100% for condos (this measure varies from 95% in declining markets to 103% in hot markets).
Inventory continues it’s long slide that will almost certainly accelerate going into the fall. If you think the selection stinks now, it’s not going to get better until next spring unless there’s massive shock to the market to disrupt the normal seasonal trend.