Monday, July 29, 2013

July 30 Market Update

MLS numbers update 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.


July 2013July 2012 
Wk 1Wk 2Wk 3Wk 4
Unconditional Sales120
256
381513
523
New Listings3156229191123
1242
Active Listings4762481748554836
 5178
Sales to New Listings
38%
41%41%46%
 42%
Sales Projection552588584590
Months of Inventory
9.9

Reasonably solid week with 132 sales compared to 110 in the same week last year.  I suspect this pattern will continue for the rest of the summer and possibly the year unless mortgage rules are tightened again.  Compared to last year market conditions will look better, but make no mistake it is still weak out there.  July MOI will come in between 8 and 8.5.  Interestingly enough, active listings actually declined last week which usually doesn't happen until late August.

Joke of the day comes from DavidL who says "I hope that VREB will avoid spinning this as "sales volume up 5% over 2012""

Monday, July 22, 2013

July 21 Market Update

MLS numbers update 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.


July 2013July 2012 
Wk 1Wk 2Wk 3Wk 4
Unconditional Sales120
256
381
523
New Listings315622919
1242
Active Listings476248174855
 5178
Sales to New Listings
38%
41%41%
 42%
Sales Projection552588584

Months of Inventory
9.9

The third week of last July was the first week when sales started to seriously slow, dropping to 113 for the week from rates of 138 and 120.  This was most likely due to the mortgage rule changes starting to hit, and continued to make up the worst late summer, fall, and winter in well over 10 years.

No major mortgage changes yet this year (aside from the lenders becoming more and more nervous), and there is also no matching slowdown in sales, with last week hitting 125 (after 136 and 120 the weeks before).  Of course as the selling season winds down, sales will naturally start slowing regardless of the mortgage market.  Surprisingly enough, listings are up over last year by about 7%, hence our sales/list coming in a bit under.

Monday, July 15, 2013

July 15 Market Update

MLS numbers update 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.


July 2013July 2012 
Wk 1Wk 2Wk 3Wk 4
Unconditional Sales120
256


523
New Listings315622

1242
Active Listings47624817

 5178
Sales to New Listings
38%
41%

 42%
Sales Projection552588


Months of Inventory
9.9

Might as well repost last year's numbers they are so close.  What's interesting though is that last year we had these month end anomalies with the inventory, where the weekly updates showed a couple hundred less active listings than were reported in the month-end from VREB.  For example, July 30, 2012, the reported active inventory was 4939.  However two days later, it was apparently 5178. 

This year this is not happening, and month end numbers are basically what one would expect given the weekly updates.  Last year Marko explained it was a different algorithm run at the end of the month, but I don't understand what algorithm is involved in counting.   Data fudging or what is going on here?

Monday, July 8, 2013

July 8 Market Update

MLS numbers update 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.

July 2013July 2012 
Wk 1Wk 2Wk 3Wk 4
Unconditional Sales120



523
New Listings315



1242
Active Listings4762



 5178
Sales to New Listings
38%



 42%
Sales Projection552



Months of Inventory
9.9

First week of July 2012 was exactly the same at 120 sales and 306 listings.    Goes to show the uselessness of projections in the first week, as back then HHV (using calendar day method) projected 465 sales.   Business days (ignoring the holiday) gives us 552, the predictor based on last year and June's sales gives us 551 using calendar days, or 613 using business days.

Edit:  Die giant fonts die!

Tuesday, July 2, 2013

June wrap up

The VREB is up to it's usual optimistic antics with June's report, saying that real estate has rebounded in the second quarter.   A truly amazing 65% more activity in the second quarter than the first.  I can't wait for the 3rd quarter when they report that sales activity has collapsed compared to the second quarter.

As is every month, June was a balanced market in their eyes.  Despite their convoluted active-listings-to-sales-ratio, this time they may have a point, since the residential MOI at 6 is on the tall side of balanced, and 14% lower than last year.

Here's a tower of graphs for you.

How's the decline from peak looking?   Little rebound this spring, but expect it to keep dropping in the following months.

Despite the VREB's hyperventilating (it is hot out there), 2013 is still the slowest year for sales in almost 15 years.




MOI seems to have peaked, at least for the time being.   Before anyone gets too excited though, the MOI in Seattle peaked as well, and the market kept declining for 3 years.  What do you think, are we past peak inventory?