MLS numbers courtesy of the VREB via Marko Juras. These numbers are for the Victoria Real Estate Board's reporting area, including Sooke, Shawnigan Lake and the Gulf Islands.
Month to date March 2011 (last week's numbers in brackets)
Net Unconditional Sales: 266 (119) +147
New Listings: 647 (279) +368
Active Listings: 3,765 (3,638) +127
Weekly sales to new listings ratio: (40%)
Month-to-date sales to new listings ratio: 41% (40%)
March 2010 totals
Net Unconditional Sales: 789
New Listings: 1,719
Active Listings: 3,712
Sales to new listings ratio: 46%
Sales to active listings ratio: 21% or 4.7 MOI
Despite the relatively high sales to new listings ratio, the true story about current market state in Victoria is being told in the low sales and listings volumes. Active listings volume typically peaks in Victoria in the spring. We're not seeing enough new listings to create significant negative price pressure. Nor are we seeing sales volumes at a level necessary to create upwards price movement.
Things look to be shaping into a dull spring market punctuated by a lack of quality offerings and a dearth of active buyers.