This week we look at recent short-term activity for building lots and compare it with the same short-term (four week) period for the previous year. As well, we will compare a full year’s worth of activity ending October 12, 2006 with its counterpart ending October 12, 2005.
Annual Comparison
The number of serviced lots to come to market in the past year is up 27%, from 224 to 284. However, total sales slipped to 110 from 122 the prior year. The twelve month annual price change was up by about $35K to $315K.
Four Week Comparison
The figures for this period suggest the pace of new lots coming to market may be slowing just a bit – they’re down from 32 last year to 23 for the recent four week period. Certainly the lower figure is more consistent with the yearly figure of 284. Over the last three four-week report periods, the figures for listings have been: 18, then 41, and now 23.
On the sales side, things are markedly different. Only five lots sold during the recent period, compared with 18 a year earlier. The lots that sold did so in short order, but there’s no escaping the fact that inventory is building when 23 new lots come to market and only five sell during the same period.
Summary
Listings steady, sales down dramatically. Maybe the weather was just too nice to spend time shopping for a new lot?
Bye for now,
Duncan Boan
Bye for now,
...Victoria's blogging real estate professional.
