Weekly sales numbers courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||55%||60%||81%|
|Months of Inventory||2.6|
143 sales for the week which is about the same as the 146 in the first week. However the year over year drop has moderated significantly, now down 23% compared to this time last year. That sales rate puts us on track for about 565 sales for the month which would be exactly the 10 year average of 567 for October.
It seems like a good time to talk about the weekly numbers and what they actually represent. Monday morning the VREB releases the count of the sales and new listings from the previous week, along with current inventory. However because of delays in when sales get reported, those numbers aren’t simply the actual sales from the previous week.
For example: Right now if I run a search, it says that 133 properties sold last week (9th to 16th of October). So why does the VREB say there were 146? Well because there were 13 properties that actually sold before October 9th but were not reported in the first week’s numbers, so they get added to the current week. This is due to the delay between when a property actually sells (the conditions on the offer are lifted) and when it gets entered into the system.
So there are some unknown number of properties that sold last week that are not yet included in the numbers because the agent has not reported the sale yet. For instance, if a property sold on Sunday, but it was not entered into the system until later today, then it would not have been counted as part of last week’s sales in today’s numbers. It would be included in next week’s numbers.
So the weekly sales numbers are as follows:
Weekly reported sales = actual sales that happened last week + uncounted sales from previous dates – sales not yet reported
Hence the unknown factor is essentially agent promptness. Because the weekly numbers are reported at the same time every week, this factor is roughly constant, but to compare actual sales in any given week to another, the only way is to do it after sufficient time has passed that we can be sure every sale in that week has actually been reported. I now have access to the data feed which will allow me to do exactly this, so expect weekly stats to be more accurate sometime in the nearish future.