Weekly sales numbers courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||55%||60%||65%||65%||81%|
|Months of Inventory||2.6|
Running about 15% behind last year’s sales rate. Today we saw another 36 sales entered (some of those being from up to two weeks ago) and we’ll see likely another 30 tomorrow for about 660 this month.
Inventory is staying stubbornly steady and is resisting the seasonal trend to drop. We will close out the month at a couple percent above the levels of last October.
New listings are basically identical now compared to last year, so the drop in sales is the reason that inventory is not dropping like it should be. It would be very surprising if it managed to stay at this level to the end of the year though. The rate of expired listings around December will likely drive inventory down a bit.