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.
June 2011 (last week's numbers in brackets)
Net Unconditional Sales: 618 (511)
New Listings: 1465 (1209)
Active Listings: 5,050 (4,845)
Sales to new listings ratio: 42% (42%)
Sales to active listings ratio: 12% or 8.2 MOI
June 2010 totals
Net Unconditional Sales: 625
New Listings: 1,503
Active Listings: 4,730
Sales to new listings ratio: 41.5%
Sales to active listings ratio: 13% or 7.5 MOI
In the first month that looked like it may match 2010 totals, June 2011 failed to. And we broke 5,000 listings, although expect 300+ to disappear from the market by Monday morning as would be sellers take their homes off the market to wait for more favourable selling conditions; it matters not though as these are market peripherals, dreamers and schemers only attempting to find the "one buyer" willing to value their property at some astronomical number conjured up by owners who's homes are simply "worth more" than their neighbours.
It's not a good time to be a first-timer active in the Victoria market. Crappy offerings still dominate the low-end of the market. We don't have the reported average prices from the VREB yet, but I suspect that prices changes may show slight increases or flat. This isn't indicative of anything other than what's actually selling - there are all kinds of properties selling right now, but sharply priced mid-market homes are dragging average reported prices up. Buyers of these properties probably feel like they're getting deals and the sellers are probably bitter that their "investments" haven't made them a dime in the past 3 years.
The Victoria market has truly been flatter than a Saskatchewan farm for some time now.
Happy Canada Day weekend all.