Going to do it a bit different this week. Instead of calculating the sold above/sold below, we'll just note sales over list if any. We're no longer counting sales at list price as over as we've discovered there are many ways to make a place 'look' like it sold for asking price.
[criteria is suited, or suite potential, under $425K in SW, SE, Vic, Langford, ESQ]
Total houses: 83 (76); 7 new listings
Number sold: 51 (46); 5 above previous week
Sales over list price: 0
Average days on the market: (38)
Listings to sales ratio: 83/51 = 1.62 months inventory (76/46 = 1.65); slight decline in inventory
[criteria is 2 beds, at least 1 bath, under $250K in SW, SE, Vic, Langford, ESQ]
Total condos: 131 (122); 9 new listings, 4 less than last week
Number sold: 56 (48); 8 above previous week
Sales over list price: 0
Average days on the market: 30 (30)
Listings to sales ratio: 131/56 = 2.34 months inventory (122/48 = 2.54); slight decline
Our thoughts: starting to get concerned that the declining inventory (which could well be a miscalculation on my part) is becoming a trend in our price range. If it is a trend, the other indicators like rising prices and quicker sales aren't following suit. In fact, prices don't seem do be going up, there were multiple price changes, and no homes sold for above asking price this week.
I'm really looking forward to the March numbers coming out from VREB this next week. Should be interesting to see what trends, if any, have formed in the first 3 months of 2007. I would have thought that March would have shown significant action in listings, but it hasn't really in our segment. I'm also beginning to think our segment is too small to 'fit' into the greater market trends.
On a happy note, we found a new place to rent beginning in May. We don't have to sign a lease, we'll be paying about $1 per SF, which is on par with what we're paying now. We're going from a tiny two-bed to a larger 1 bed, both suites in houses. We anticipate a slight increase in monthly rent related charges (we expect our utility bill to be higher), but we'll get much more sun. Only downfall is it's a bit farther away from the centres of our current lives (work/school). And we were able to negotiate on the rent too. Not much, but still something.
We have decided to not buy at this point, but we're very happy that we don't have to sign a lease as we plan to keep that option open and, depending on market conditions, can see potential action on that front in the fall or next winter.