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.
September 2011 (last week's numbers)
Net Unconditional Sales: 126 (51)
New Listings: 502 (186)
Active Listings: 4,689 (4,590)
Sales to new listings ratio: 25% (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
Time to pull the ejection seat? Holy Hannah batman, I can't recall the last time we saw 316 listings hit the market in one week in any September. For every housing unit sold in Victoria so far this month, four have been put on the market. If the trend continues (likely won't as listings tend to be front of the month heavy) we could see around 1400 new listings offered. Those are height of the spring selling season (April/May/June) type numbers.
What gives? Panic selling? We won't know till we have more data. But I'd hesitate to call this kind of listings dump normal activity for early September.