Sorry for my lateness with this. Don't know where my head has been the last few days.
Our area of interest is Oak Bay, Victoria, Saanich, View Royal, Esquimalt, and Langford.
Our criteria for houses is under $425K with a suite or suite potential. These are total numbers of listings and sales since late January.
167 total listings (16 new in July)
125 total sales (13 sales in July)
sales to listings = 74% (no change)
17 taken off market (1 twice)
Our criteria for condos is 2 bed 1 (or more) baths under $250K. Again, total numbers since late January.
287 total listings (19 new in July)
199 total sales (27 sales in July)
sales to listings = 69% (up 5%)
45 taken off market
The SFH segment we watch has not had any changes to it in terms of the economics. Prices are still high; sellers are still discounting; though properties are still selling and getting close to asking prices. I would expect that if a property is discounting its asking price, then that would invite some low-ball offers. If that's happening, then one of two things is taking place: sellers aren't budging from their list price much, or agents are miss-reporting actual sales prices to keep things looking close on paper. I'm guessing that given the sales/listings ratio is still very much in a sellers favour, that it's the former and not the latter that is happening predominantly.
The condo market is dubious right now. I understand that it is pretty much the only property the wage-earner can afford these days without living completely house poor. But people have to be aware of the amount of product coming online in the very near future. The stats I count are also skewed in that new developments are still not being listed on the MLS system. Would that change the sales/listings ratio? Of course, nothing being built these days fits into our price ranges anyway. Also, for every new building, there are also some sold units, so that ratio may come down a bit, but I don't think it would drop down to under 50%. That number is what I'm looking for to signal a shift to a buyer's market in condos.
Big jump in sales in early July in the condo market, right around the time of interest rate hikes. What does this mean? Is there a bunch of FTB's scared of being priced out forever and not using their "discounted" pre-approved mortgages before their 90 days is up? It seems that the sales lines being used by Realtors and mortgage brokers are working.
I went back and re-read our "watching" posts from when we first started this thing. Nothing has changed really: neither up nor down. Is this good? Or is it bad? I want the market to correct. I'm starting to believe less-and-less that it will be happening anytime soon.