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: 51
New Listings: 186
Active Listings: 4,590
Sales to new listings ratio: 27%
Net Unconditional Sales: 395
New Listings: 1,211
Active Listings: 4,323
Sales to new listings ratio: 32%
Sales to active listings ratio: 9% or 10.9 MOI
No bones about it. September 2011 is off to a slow start. Yes, there's a long weekend in there. Regardless, 10 unit sales per day is a drop of nearly 40% from the averages we've witnessed over the past couple of months. It won't continue thought. Sales numbers will rise, even if slightly. I say this with confidence because this first "week" was really a holiday weekend.
Will September be a good or bad month for local real estate sales? I'm guessing more of the same. Slow sales with a glut of overpriced, crap-quality inventory. There are a few deals to be found in some segments... as long as you define deal as "priced lower than this time last year" and you ignore the fundamentals of price to rent and price to income ratios.