Weekly sales numbers courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||55%||60%||65%||81%|
|Months of Inventory||2.6|
A surprisingly strong week at 164 sales which is 20 more than the first two weeks of the month. I wonder if the stress test is pushing some people to jump in before they can’t qualify anymore? A 25% buying power reduction is nothing to sneeze at. We started out the month at a sales rate 30% lower than this time last year, now we are just off 10%.
I made the following graph last night before some of the early morning sales reports that made the week stronger, but regardless we should still end up with residential inventory above this time last year by about 5% for October. You can see that it’s been a heck of a long time of inventory declines, so hopefully we will start seeing steady increases going forward (especially after the stress test).
And the current conditions: