Year To Year
First, a look at the year over year ‘big picture’, comparing what has happened in the Victoria condominium market during the past 12 months versus the 12 months before that.
Overall, year over year listings were up dramatically, increasing by about 33%. Sales went in the opposite direction, decreasing by nearly 8 percent. More ‘For Sale’ signs should be evident!
The increase in listings was at all price ranges except two: the entry level (under $200K); and the highest price level.
The decrease at the lower price range was probably the result of the overall average increase in value during the two yearly periods – there are simply fewer and fewer units to be found for less than $200K. But even at the lowest price range, the listings to sales ratio increased, from one listing per sale in the earlier period to about 1.4 more recently.
The $200K to $300K price range held up best. In that range, the number of listings was up by a whopping 68 percent, the listings to sales ratio slipped only slightly, and the sales velocity for the units that sold actually increased (they sold in fewer days, on average).
While listings in the $300K to $400K more than doubled, the listings to sales ratio also increased significantly (going from about 1.6 listings per sale during the earlier period to 2.6 during the latter). The story was similar (although the increase in listings was less dramatic) for all other price ranges except the highest where, as mentioned, listings were down but the listings to sales ratio actually declined a bit.
Four Week Comparison
Now, let’s compare the four week period ending September 28 for the last two years. The changes don’t seem to be as marked as the annual comparison. Overall, four week listings are up by about 13 percent rather than the 33 percent annual figure. The increase consists entirely of new condo units.
The number of units sold was up by about 8 percent, as opposed to a reduction year to year. Interestingly, this recent increase in sales numbers was entirely within the new condominium market, with sales of used units falling off slightly.
Average selling prices were up about 15 to 16 percent over the earlier four week period, but the usual caution applies with respect to average prices. This increase was virtually identical for new as well as used units.
The spread between average original list price and average sale price increased, going from $5.5K for last year’s period to $12.5K for the recent period. Additionally, the number of used units that sold at prices higher than originally listed was down quite dramatically, from 24 last year to 4 this year.
Summary
The twelve month figures show marked increase in ‘inventory’. The four week comparison is less dramatic, although the number of multiple offer situations has dropped noticeably.
Next week, it’s townhouses.
Bye for now,
...Victoria's blogging real estate professional.
