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 May 2011 (last week's numbers in brackets)
Net Unconditional Sales: 254 (128) +126
New Listings: 771 (396) +375
Active Listings: 4,543 (4,417) +126
Sales to new listings ratio: 33% (32%)
Sales to active listings ratio: 9.2 (11.5% or 11 MOI) [estimated]
May 2010 totals
Net Unconditional Sales: 695
New Listings: 1,621
Active Listings: 4,521
Sales to new listings ratio: 42.8%
Sales to active listings ratio: 15% or 6.5 MOI
If current trends continue, and this coming long weekend plays out like most with a dearth of sales activity, Victoria is going to be hard pressed to break 525 sales in May. With inventory approaching all time highs (have we ever broken 5000 listings?) and sales nearing 15 year lows, I just don't see how prices can remain as sticky as they have been thus far in 2011. But hey, I've been wrong before and I'll very likely be wrong again in the future.
One thing is for certain, if spring 2011 was to be a good market in Victoria, it played itself out long before now. Sales volume is low, listings are high and any claim of a "balanced market" by the real estate