Start of watch-period is January 31. No houses or units removed from the list so the previous counts about two weeks ago have numbers added to them. I'll put previous numbers in brackets.
These are the numbers from the end of the market we're paying close attention to:
[criteria is suited, or suite potential, under $425K in SW, SE, Vic, Langford, ESQ]
Total houses: 66 (48); 18 new listings
Number sold: 30 (17); 13 above previous
Sold above asking price: 2 (10); again, I counted sold at asking as above.
Sold below asking price: 11 (7); Biggest discount was from $394,888 (original price $400K) to $375K or $21K for 18%
Average days on the market: 27 (11); that's a big jump kiddies from February 22. Take it for what it is though: anecdotal evidence at best and quite possibly skewed by houses that had been on market for 100+ days that sold.
Listings to sales ratio: 66/30 = 2.2 months inventory (48/17 = 2.82)
[criteria is 2 beds, at least 1 bath, under $250K in SW, SE, Vic, Langford, ESQ]
Total condos: 96 (67); 29 new listings
Number sold: 32 (19); 13 above previous; 4 taken off market
Sold above asking price: 5 (7); again, I counted sold at asking as above (although there was one gem with an asking of $239K that went for $267K.
Sold below asking price: 8 (12)
Average days on the market: 23 (23); no change
Listings to sales ratio: 96/32 = 3 months inventory (67/19 = 3.52)
Our thoughts: If you look at inventory, the numbers have come down in the past couple of weeks in our market. This isn't reflective of the whole market, just the bottom end. Is it possible to take anything away from this analysis then? If this is a start of a trend, then as a buyer I'm worried. But if this is just a two week blip, then no panic necessary.
If you look at sales to price ratios on the condo side approximately the same number sold above asking as in the previous watch period (which was actually longer by over a week). On the houses side though, we see a significant drop in the number of homes that sold above asking.
We know there are a myriad of ways to make a home look like a bidding war took place, or for an owner to get asking price, so we won't attempt to read too much into these numbers.
I have to admit, I'm more confused by this analysis than reassured. Your thoughts?
Tomorrow: we trying to get into 5 condo units for viewings.