Weekly numbers courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||57%||74%|
|Months of Inventory||2.6|
A weak start to the month compared to last year. We are down 16% in sales while new listings are about the same as last year. We are still cruising along at 5% less total inventory but the difference is becoming immaterial.
It also doesn’t tell the whole story. Looking at the areas most people are interested in (residential listings in the core, westshore, and peninsula), total inventory as well as inventory for detached houses and condos are up. Only the number of townhouse listings are down by 15 from last September.
Meanwhile comparing the same days of September to last year, sales are down substantially for all those categories except condos.
It’s not a lot of days to compare, but it’s pretty clear that the low inventory is not the reason that sales are down from last year, and they are slumping because of a reduced demand at current prices. We should expect market conditions to continue to improve for buyers overall and especially in the detached market going forward.
Months of inventory jumped up a bit in the first week, but sometimes the first week is a little unreliable due to the low numbers, so we’ll see if this continues.