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 2012 month to date (previous weeks in brackets)
Net Unconditional Sales: 265 (145)
New Listings: 698 (377)
Active Listings: 4230 (4116)
Sales to new listings ratio: 38% (38%)
Net Unconditional Sales: 574
New Listings: 1577
Active Listings: 4561
Sales to new listings ratio: 36%
Sales to active listings ratio: 12.5% or 7.9 MOI
It seems sluggish sales are the new normal. Although the high MOI would indicate we are firmly into buyer's market territory for the past year, I don't see a really convincing move in prices yet. Sale price to assessment for the lower end has fallen back down to 95%, while the higher priced properties are selling closer to their assessed value. Either low end prices are weakening, or those kinds of properties are chronically over-assessed.