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.
Net Unconditional Sales: 140
New Listings: 407
Active Listings: 4,756
Sales to new listings ratio: 34%
June 2010 totals
Net Unconditional Sales: 527
New Listings: 1119
Active Listings: 4,477
Sales to new listings ratio: 47%
Sales to active listings ratio: 12% or 8.5 MOI
The numbers above include the first 10 days of the month, so our regular weekly round-up of sales volume data is a bit off. Nevertheless, so far in July we're averaging 14 unit sales per day. If we compare that to roughly the same time frame in June 2011 (18.5 sales per day over the first 12 days) we can see sales volumes have dropped almost 25%. It's early, but I'd call that significant. If we maintain this pace, we'll see around 420 sales for the month total. Sales volumes drop into the summer annually, but by 25%? That's sharp.
Listings volumes have dropped a little too. In the first 12 days of June 2011, we saw almost 50 new units hit the MLS each day. Right now we're averaging almost 41. This is fairly typical for this time of year.
August and September were very bad sales months in 2010. 2011 is shaping up to be a bad year for the market if we isolate unit sales volumes as our indicator. 2011, after 6 months, is already 25% below 2010 numbers from the same months. Listings are higher as well, albeit only by around 5% or so. Prices should be falling right now, and very likely are, although the convenient law of averages keeps our reported average house prices at near-record levels.