Weekly numbers courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||57%||53%||74%|
|Months of Inventory||2.6|
Sales continuing to weaken relative to last year as we are now 21% below the rate of this time last year (first week we were down 16%). As fall rapidly approaches, we are seeing an increasing number of sellers either give up their unrealistic price expectations by cancelling listings or not renewing them (78 last week) or drop prices (95 of those) to dry to entice the late house hunters.
Inventory is also up and has cracked 2000. That is very low historically speaking, but this is a time it should be dropping, not rising. That means the market slowdown is overcoming the normal seasonal trend.
Condos may be easing off the frenzy a bit. While 25% of detached house sales in September still sold more than 1% over ask, for condos that number drops to 20%. Back in July that was reversed, with a full third of condos being bid up above the asking price.
We can see this in the inventory as well. Back in June we saw an increase in single family inventory compared to this time last year, and although the condo market held on to the frenzy a bit longer, we now see there too choice is increasing compared to last year.
Keep in mind though that these are small increases in selection. Just two years ago we had an extra 300 single family properties on the market in September and 363 more condos. It’s gonna take a long time of this gradual weakening to get back to some semblance of normal selection.