Monday, April 28, 2014

April 28 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.

April 2014April
Wk 1Wk 2Wk 3Wk 4
Unconditional Sales108
New Listings33869510731374
Active Listings4087417042894394
Sales to New Listings
Sales Projection---679 685653
Months of Inventory

Just about done with April, and it's slowed down a bit from the pace we saw at the beginning of the month.  In fact, it looks like for the first time in almost a year the sales/list ratio will be lower than last year.  Sales will be higher, but if this is the start of a shift the months of YoY improvements might be over.   


koozdra said...

US home ownership rate continues to decline.

What if this happened here? It would throw a cog in the boomers plans to fund their retirements on the backs of the younger generation.

Just Jack said...

What's hot - what's not this Spring.

When it comes detached homes in the the core, it seems most everything is a least warm these days. With 691 current listings and 212 sales in the last 30 days that gives us 3.3 Months of Inventory (MOI).

Generally speaking, 5 to 7 MOI is a balanced market with stable prices. Less than 5 MOI indicates a bullish market in favor of sellers and possibly rising prices.

But what hoods are scorching hot these days.

Those would be Victoria and Saanich East at 2.8 and 2.4 MOI respectively. If you're going to buy in these hoods bring your burn ointment.

Oak Bay is still hot, like a kettle of Tea just off the stove at 3.8 MOI.

Saanich West comes in at 4.1

But when it comes to being on the right side of the tracks (bridge) then collectively View Royal, Vic West and Esquimalt came in at 116 listings and 17 sales or the temperature of warm bread at 6.8 MOI. Making these areas possible toast later in the year.

Jack and Cate said...

Just Jack said...

What's hot - what's not this Spring.

Only hot if you are foolish enough to put your hand on the burner right now. Otherwise just entertainment for chat @ dinner parties.

Dave said...

Speaking of disclosure statements...
From what Jack has said I think I would be (pleasantly) surprised if the current owner won the case.


Alexandrahere said...

Last week within my criteria, 21 homes sold. 16 of them had secondary suites.