This week's VREB Monday numbers thanks to Marko Juras. These numbers are for the Victoria Real Estate Board's reporting area, including Sooke, Shawnigan Lake and the Gulf Islands.
November 2012 month to date
Net Unconditional Sales: 40
New Listings: 116
Active Listings: 4397
Sales to new listings ratio: 34%
Net Unconditional Sales: 482
New Listings: 847
Active Listings: 4329
Sales to new listings ratio: 57%
Sales to active listings ratio: 11% or 9.0 MOI
Canada braces as housing slowdown takes hold (h/t koozdra)
That's about as bold a headline as we've seen in some time.
These quotes are just gold, especially coming from a local agent:
"Personally I don't see any revitalization of the market in the near future" - investors have left the market
“Sellers will commonly say, ’I’m going to wait until the spring, when the market is better.’ And I warn them that it could be worse... And of course buyers are saying ’It looks like things are bad, I’m going to hold off until the market drops another 10 or 20%.”’
When was the last time you heard an agent use the pronoun another in relation to a significant market drop?
I know, I know, there's more than a few folks out there telling themselves they don't have to sell so they don't have to accept a lower price. Fair enough.
But remember: it's the homes that sell that set the market value of the homes that don't.
Victorian's got away with a temporary drop in 2008/09. Me thinks this time it's different.