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.
April 2011 (percent change from 2010 in brackets)
Net Unconditional Sales: 574 (-24%)
New Listings: 1,577 (-12%)
Active Listings: 4,561 (+8%)
Sales to new listings ratio: 36%
Sales to active listings ratio: 12.5% or 7.9 MOI
April 2010 totals
Net Unconditional Sales: 756
New Listings: 1,783
Active Listings: 4,229
Sales to new listings ratio: 42%
Sales to active listings ratio: 21% or 5.6 MOI
Is it bad out there? Shoe-betcha! If you're trying to sell a home in Victoria right now, there are less buyers active than there were a month ago. And you should have sold last year because there were more buyers active then.
Buying today? Or trying to buy today? Rest assured you won't be involved in thick competition for crappy offerings anyway. Sure, you still see action on East Saanich properties in good shape or under-priced, but for every one of those you'll see a hundred or more other VREB area homes languishing on the market.
I wonder what will happen to prices this month? And the rest of the year?