2697 replies to this topic

[rambaldi]

 

We’ve hit an all time record low for active listings in January.

Victoria Real Estate Board

Wed Feb 1, 2017:

Jan Jan
2017 2016
Net Unconditional Sales: 478 539
New Listings: 753 934
Active Listings: 1,516 2,471

Please Note

Left Column: stats for the entire month from this year
Right Column: stats for the entire month from last year

 

 

 

Hi Marko,
 

What exactly is considered an "Unconditional Sale" for those stats?

 

Also, exactly when does a listing's status change to "Pending" and then "Sold" in the MLS?

 

Would "Pending Sale" stats provide a more real-time picture of the market?

 

Thanks.

[MarkoJ]

Unconditional means all conditions have been removed and the deal is firm (pending) and pending sales are used for the above stats.

 

Sold means that the transaction has actually completed (i.e. completion/possession date).

[AllseeingEye]

Holy Dinah - not specifically Victoria-related but after seeing this lemon maybe people will understand why "expensive" is a relative term, considering this Lower Mainland turkey is apparently commanding a $3-million asking price.

 

Nice neighborhood too, lol; granted sitting between East 1st and Grandview Highway isn't quite Hell's Kitchen, but its close - 

 

http://www.rew.ca/pr...way-vancouver  

[MarkoJ]

Mon Feb 06, 2016:

 

Feb  Feb

2017  2016

Net Unconditional Sales: 119  772

New Listings: 152  1,160

Active Listings: 1,502  2,562

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[jonny]

How low will the listings go? Over the past year, we surely added hundreds if not thousands of new-build listings, yet we are still down a thousand listings. Crazy!

[MarkoJ]

Victoria Real Estate Board

 

Tues Feb 14, 2016:

 

Feb  Feb

2017  2016

Net Unconditional Sales: 285  772

New Listings: 344  1,160

Active Listings: 1,498  2,562

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

Edited by MarkoJ, 14 February 2017 - 09:25 AM.

[Mike K.]

Wow, the lack of inventory is really depressing sales. It's crazy to only have 1,498 properties on the market, which works out to a "vacancy" rate of 0.9%, which is more or less equal to the insanely low 0.5% rental apartment vacancy rate.

 

That rate doesn't take into consideration the inventory of new-build or pre-sale homes available for purchase, but all together that currently amounts to not much more than 200 units, which would push us up to 1% or thereabouts.

[lanforod]

^ we've noted this before but doesn't that number include commercial? If so, residential is even lower.

[Mike K.]

Yes, you're right it does!

[LeoVictoria]

Not only does it include commercial (there are only about 1000 residential listings), but it includes many many properties that are wildly overpriced so they are not realistically even for sale.     In this market, anything that is correctly priced will sell in a couple weeks (outside of very unique properties that need additional market exposure).   So if you look at properties that have been on the market for longer than 3 weeks, most of them are not realistically priced.   So out of the 1000 properties theoretically available for sale, only about a third are priced for a sale in a reasonable period.   

 

 

More info here https://househuntvic...-an-hhv-update/

[MarkoJ]

Mon Feb 20, 2016:

 

Feb Feb

2017 2016

Net Unconditional Sales: 439 772

New Listings: 572 1,160

Active Listings: 1,537 2,562

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[lanforod]

Wow. Still doing very strong sales with such low inventory.
What are prices doing?

Edited by lanforod, 20 February 2017 - 09:21 AM.

[MarkoJ]

Mon Feb 27, 2016:

 

Feb Feb

2017 2016

Net Unconditional Sales: 624 772

New Listings: 809 1,160

Active Listings: 1,555 2,562

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[Nparker]

From CHEK News

New numbers from the Greater Victoria Real Estate Board show a dramatic increase in the price of a home over the past year. Last month the average price for a single family home was just over $852,000. That’s a 19% increase from February 2016 when the average price was just under $689,000. Condo prices are also up. Last month, the average price was just under $394,000. That’s an 11% jump from 2016...

http://www.cheknews....e-highs-283169/

 

[lanforod]

How much longer will we have more realtors than listings in the CRD?

[Bingo]

How much longer will we have more realtors than listings in the CRD?

 

When they get down to their last can of beans.

[MarkoJ]

Mon March 13, 2016:

 

Mar Mar

2017 2016

Net Unconditional Sales: 312  1,121

New Listings: 484  1,445

Active Listings: 1,614  2,618

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[Nparker]

I would imagine sales are going to fall significantly short of the March 2016 total. This month's sales would have to come close to 70% of all remaining inventory to match last year's number. We need more product on the market STAT!

[LeoVictoria]

I would imagine sales are going to fall significantly short of the March 2016 total. This month's sales would have to come close to 70% of all remaining inventory to match last year's number. We need more product on the market STAT!

 

Yep.  24% below last year sales levels at this point.

[MarkoJ]

Mon March 20, 2016:

 

Mar  Mar

2017  2016

Net Unconditional Sales:  532  1,121

New Listings:  740  1,445

Active Listings: 1,604  2,618

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year