Know Your Inventory, Know Your Market

Latest Market Trends

Detached: Overall sales and inventory have remained steady, keeping us at a 3.6 months supply and in a Seller's market. By area, Oak Bay slowed down the most and supply increased from 4.8 months last week to 6.8 months this week; I expect these numbers to revert somewhat in 2 weeks after the effects of spring break are behind us. Westshore saw higher sales and only a few more listings so the supply reduced from 3.8 months to 3.5 months. By price, the market is remaining strong and supply low for anything under $1.5M with only 2.9 months supply and averaging 23 days on market; the slow down continues for anything over $1.5M with a supply of 22 months now for homes up to $4M and as before, the market for homes over $4M is unique but sales have slowed significantly. Listings were averaging 73 days on market a year ago and the current listings are now on market an average of 135 days. 2 sales in the last 6 months and a total of 10 sales in the last 12 months.
Condo: The 1 week trend is showing a slow down overall for condos but these numbers are being biased by condos over $650k, where sales slowed. Under $650k we are still at a 2.4 month supply, which is a tough market to shop in and a great market to sell in. Again I think the spring break vacations are temporarily impacting luxury sales. There were no significant changes to any one geographic area.
Townhouses and Duplex: Townhouses bucked the trend this week; more sales and steady listing count led to a reduction in supply down to 3.4 months from 4.1 (259 listings and 76 sales in 30 days); we are definitely in a Seller’s market now.