Marko Juras, local REALTOR®, gave us the month-to-date numbers current to August 30, 2010, leaving two business days to process any weekend completions and finalize the stats:
2010 (2009 in brackets)
Net Unconditional Sales: 396 (764)
New Listings: 877 (1,094)
Active Listings: 4,254 (3,509)
Double-Agent continues to provide us with fantastic graphs so we can visually see the proverbial cliff at which the Victoria market finds itself perilously perched upon:
Sales and Active Listings, by Week
Active listings volume grew in the final week of August while sales volumes tapered off to ensure the the VREB will have to go all they way back to 1978 to find a comparable monthly sales volume statistic in an effort to reassure home buyers and sellers, despite the rash of price reductions and stale listings, the Victoria market remains balanced and poised for a comeback this fall and into 2011.
New and Active Listings Volumes, by Week
Typically, the Victoria market experiences a sales and listings volume decline, usually beginning in July and continuing for the remainder of the year. Despite the spin we will soon be hearing from the usual suspects, there is no statistical proof to the assertion that market activity picks up in the fall from the late summer. The image above shows us that new listings are slowly tapering, as they always do, yet total active listings volume remains stubbornly high. Properties are sitting on the market longer, and this time it's different, as would-be sellers aren't taking their homes off the market in any great volume to try again in the spring. Everyone knows prices are falling, buyers and sellers, the race down appears to be on.
We'll likely see a finalized sales volume number near 450 with single family average home prices near $600K and the median price near $550K. It's getting ugly out there.