Back again with the now-weekly review of market activity in the segment we're paying close attention to. Last week's numbers are in brackets.
[criteria is suited, or suite potential, under $425K in SW, SE, Vic, Langford, ESQ]
Total houses: 76 (71); 5 new listings, same as last week
Number sold: 46 (35); 11 above previous week
Sold above asking price: 1 (1); again, I counted sold at asking as above
Sold below asking price: 10 (11)
Average days on the market: 38 (37)
Listings to sales ratio: 76/46 = 1.65 months inventory (71/35 = 2.02); big decline in inventory
[criteria is 2 beds, at least 1 bath, under $250K in SW, SE, Vic, Langford, ESQ]
Total condos: 122 (109); 13 new listings, same as last week
Number sold: 48 (38); 10 above previous week
Sold above asking price: 0 (1); again, I counted sold at asking as above
Sold below asking price: 10 (6); 3 more sales than last week
Average days on the market: 30 (24); gain of 6 days
Listings to sales ratio: 122/48 = 2.54 months inventory (109/38 = 2.86)
Our thoughts: really quite surprised by the non-increase in inventory in this segment. But I guess it makes sense that those in the low-end would not be hurrying to sell, as they probably can't trade up any longer. Maybe this is the safest segment of the market. Not necessarily affordable, but when you compare the numbers to the average house and condo prices ($521K, $280ishK) definitely better.
I'm beginning to think that the true measure of where this market is headed is coming in the March VREB numbers release next week. Should be interesting. Will the low-end segment be vastly different than the average price segments?