Monday market update, it's almost over

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.

November 2011 (last week's numbers)
Net Unconditional Sales: 419 {314} [200] (90)
New Listings: 756 {570} [369] (201)
Active Listings: 4,202 {4,218} [4,265] (4,503)
Sales to new listings ratio: 55%

November 2010
Net Unconditional Sales: 479
New Listings: 722
Active Listings: 3,723
Sales to new listings ratio: 66%
Sales to active listings ratio: 13% or 7.7 MOI

It's remarkable how day after day, 15 housing units seem to change hands in Victoria over these past few months. Consistently, steadily, eerily. Food for thought: I bet the rental market is more active these days, too bad we don't have that data. Debate. Go. 

Monday market update

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.

November 2011 (last week's numbers)
Net Unconditional Sales: 314 [200] (90)
New Listings: 570 [369] (201)
Active Listings: 4,218 [4,265] (4,503)
Sales to new listings ratio: 55%

November 2010
Net Unconditional Sales: 479
New Listings: 722
Active Listings: 3,723
Sales to new listings ratio: 66%
Sales to active listings ratio: 13% or 7.7 MOI

This market is flatter than a Saskatchewan cow pasture. Not much else to say. Fifteen sales a day makes for a very boring market (and some hungry agents). Perhaps that's the plan: bore us to death so we stop paying attention, and commenting... *takes tinfoil hat off*

Turns out Victoria is different

RBC released a new report today on the near-future of housing in Canada. They predict house sales volumes and prices will rise next year from coast to coast to rocky mountains. If you live on the left side of our great nation, where you've likely been told for a generation that everyone wants to be and will pay a premium to live, and for the last decade or so you've know it as The Best Place on Earth!, you should expect your home to drop in value, statistically anyway, as fewer people plunge into this over-inflated market.

The average price of a detached bungalow is forecast to rise in all regions, expect [sic] B.C. alone, where prices are projected to slip by 1.7 per cent.

Too late to re-think that best place slogan? How about "The best place on Earth to be a renter"? Or "The best place on Earth not to buy a home"? Or my personal favourite: "The best place on Earth to blog about real estate."

Monday market update: steady as she goes

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.

November 2011 (last week's numbers)
Net Unconditional Sales: 200 (90)
New Listings: 369 (201)
Active Listings: 4,265 (4,503)
Sales to new listings ratio: 54%

November 2010
Net Unconditional Sales: 479
New Listings: 722
Active Listings: 3,723
Sales to new listings ratio: 66%
Sales to active listings ratio: 13% or 7.7 MOI

For almost 3 months we've been averaging 15 unit sales per day. Which is remarkable considering this time of year is not prime buying, and therefore selling, season. Weird. Demand is exceptionally low comparatively to the past decade, but perhaps 15 unit sales a day is "the floor"? Or maybe that should read "the norm"? And if that's the case, wouldn't you shudder at the thought of being one of the 1200+ licensed agents in this town trying to feed your family and put all kinds of iGadgets under the tree in just 40 short day's time?

Despite the still-high number of active listings out there, I'm not sure what's uglier: the quality of offerings or the prospects of trying to sell them quickly for "expected" prices?

Monday market update: WTF Tuesday?

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.

November 2011 
Net Unconditional Sales: 90
New Listings: 201
Active Listings: 4,503
Sales to new listings ratio: 45%

November 2010
Net Unconditional Sales: 479
New Listings: 722
Active Listings: 3,723
Sales to new listings ratio: 66%
Sales to active listings ratio: 13% or 7.7 MOI

Animal Spirit sent me the following two charts showing the breakdown of sales in each area and the average dollar value of each area. They're telling for a variety of reasons, but the standout for me is the consistency of "desirability" of some neighbourhoods over others. 

Monday market update: October data

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.

October 2011 (last week's numbers) Final October numbers in bold
Net Unconditional Sales: 483 457 {358} [231] (131)
New Listings: 1,086 1,015 {799} [556] (340)
Active Listings: 4,687 4,504 {4,538} [4,569] (4,562)
Sales to new listings ratio: 44%
Sales to total active listings: 10.3% or 9.7 months of inventory

October 2010
Net Unconditional Sales: 467
New Listings: 976
Active Listings: 4,046
Sales to new listings ratio: 47%
Sales to active listings ratio: 11% or 8.7 MOI

Month is almost over. Expect The numbers to rise rose slightly in time for tomorrow's today's end of the month report.

I'll update this post with price data as soon as it's available. I'm guessing here, but we should see an average + or - $10K nearing $600K for SFH. Average prices are: $595,836 SFH, $307,329 Condos and $428,040 Townhouses. 

Prices are falling, inventory remains excessive for this time of year and sales volumes are low when compared against the decade average for October. Sitting on the sidelines has little downside these days (and arguably much upside).  

Monday market update

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.

October 2011 (last week's numbers)
Net Unconditional Sales: 358 [231] (131)
New Listings: 799 [556] (340)
Active Listings: 4,538 [4,569] (4,562)
Sales to new listings ratio: 45%

September 2010
Net Unconditional Sales: 467
New Listings: 976
Active Listings: 4,046
Sales to new listings ratio: 47%
Sales to active listings ratio: 11% or 8.7 MOI

Average SFH price is currently $595K while condo average sits at $314K. These averages suggest there hasn't been a ton of buying action in the upscale market this month. I guess the 1% is nervous and doesn't want to be showing off their big earnings by buying Victoria luxury properties. Though the property transfer tax they'd pay would go a long way to addressing issues of economic inequality no? Anyway, digression over. 

Sales activity is higher than I'd expect for this time of year. It's still at near decade-lows, but that said, 15 unit sales per day on average is close to the summer-time numbers we saw in 2011. There's no upward price pressure though: look at the 4,538 active listings. Most of the 2000s spring selling seasons didn't offer buyers such copious quantities of mainly crap-quality listings! 

What are you seeing out there this month?