2695 replies to this topic

[Mike K.]

For three days. Big whoop. Prospective buyers delayed a couple showings but if those sales were to happen they will happen in the following days and everything will even out. It's not like this is some kind of factory where if you miss production for a few days those sales are gone forever. Weather is an excuse for, not a cause of poor sales unless it lasts all month.

Of course it will all even out, that goes without saying. But February will end with a marked dip associated with a prolonged severe weather event that is still on-going. It’s not an excuse for lower sales, it’s an observation in light of the cold snap.

This whole week is a complete wash in addition to last Friday and the weekend.

[MarkoJ]

Victoria Real Estate Board

Tues Feb 19, 2019:

 

February February

2019 2018

Net Unconditional Sales: 259 545

New Listings: 454 837

Active Listings: 2,059 1,545

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year 

[MarkoJ]

Victoria Real Estate Board

Mon Feb 25, 2019:

 

February February

2019  2018

Net Unconditional Sales:  341  545

New Listings: 621  837

Active Listings:  2,100  1,545

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[Nparker]

It looks like sales for this month will be down about 30% from February 2018. 

[Szeven]

Realtor friend tells me the 1-1.3m sfh market is in free fall. Interested if anyone has any comments.

[Mike K.]

What's in free fall, sales or prices?

[lanforod]

Kind of hard to be a free-fall on sales when there is so few already...

[MarkoJ]

Realtor friend tells me the 1-1.3m sfh market is in free fall. Interested if anyone has any comments.

 

I don't think anything is in free fall. The quality 1 to 1.3 mill homes still sell no problem. 

 

We are trending back towards a 2011-2014 market where give or take things were flat/down a bit.

[Torrontes]

Quality, price, availability. Pick one.

 

“There is scarcely anything in the world that some man cannot make a little worse, and sell a little more cheaply. The person who buys on price alone is this man’s lawful prey.” (John Ruskin)

[tjv]

We are trending back towards a 2011-2014 market where give or take things were flat/down a bit.

The market was pretty tough in 2011-2014 and a friend took a year to sell his house, although I do recall prices overall being flat.  I think there was just a ton of inventory in relation to sales

 

On the construction front I was shocked to find out there are a lot of construction workers commuting daily from up island as far up as Nanaimo to Victoria.  The labour market is still brutal out there and I thought it was going to be getting better and it was trending that way, but suddenly there appears to be a fresh boom all over again.  The single family house market has basically collapsed, but multi units are still going strong.   The commercial market is still slow

[MarkoJ]

Victoria Real Estate Board

Fri Mar 1, 2019:

 

Feb Feb

2019 2018

Net Unconditional Sales: 421 545

New Listings: 757 837

Active Listings: 2,131 1,545

 

Please Note

 

Left Column: stats for the entire month from this year

Right Column: stats for the entire month from last year 

[MarkoJ]

 Lowest new listings in February on record (stats since 1990). We’ve never had a February under 800 new listings. Majority of the time has been over 1000 new listings.

[MarkoJ]

Victoria Real Estate Board

Mon Mar 4, 2019:

 

March March

2019 2018

Net Unconditional Sales: 45 688

New Listings: 103 1,188

Active Listings: 2,112 1,766

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[aastra]

Home Sales Plummet Across Bay Area from December to January...

 

 

Sales in the nine-county Bay Area were the lowest for January in 11 years...

[MarkoJ]

Victoria Real Estate Board

Mon Mar 11, 2019:

 

March March

2019 2018

Net Unconditional Sales: 176 688

New Listings: 390 1,188

Active Listings: 2,204 1,766

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year 

[Mike K.]

Pretty good start to the month, but no doubt buoyed by delayed transactions last month? Is that what you're seeing, Marko?

[MarkoJ]

Pretty good start to the month, but no doubt buoyed by delayed transactions last month? Is that what you're seeing, Marko?

 

I think we will end the month within 5% sales of last year. 

 

It is a weird weird market. Obviously, things are slow but then crap my clients want to write on has three offers on it. There are some pockets of the market where inventory is lacking but the demand is still there. Like older 2 bed 2 bath condos under 400k or livable SFHs in the core under 750k.

[Mike K.]

Speaking to an agent the other day, he said his client's offer on a condo was one of a half dozen the seller had received. He was speechless.

 

There was another instance of that happening (that I had heard about) earlier this year where an agent put forth an offer only to find out it was the last of seven. He was taken aback.

 

Weird is a great way to describe the market.

[MarkoJ]

Victoria Real Estate Board

Mon Mar 18, 2019:

 

March March

2019 2018

Net Unconditional Sales: 317 688

New Listings: 684 1,188

Active Listings: 2,272 1,766

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year 

[Sparky]

^ To me it looks like a cooling of real estate prices.