Its the 26th of April and spring sales are sizzling in Victoria, BC - yet the world is talking about a major recession???? Go figure.
The number of unconditional sales from Apr. 1/09 to Apr. 26/09 is 608. This is up from the proceeding month's activity of 602 sales... remember, the end of the month is still 4 days away! These numbers indicate is a solid stable market - even though the number of sales is down in comparison to the 730 homes sold in April of 2008.
As of today, the current overall listing count for the Victoria Real Estate Board (VREB) is 3846. These numbers indicate that we currently have just over 6 month's of inventory on the market; and according to economists "a balanced market has from 5 to 7 months of inventory for sale". Anything less is considered a sellers market, and anything more is considered a buyers market.
The VREB average number of sales in a given month ranges from 550 to 650 sales, reconfirming that we have reached a balanced market.
Stay in tune for my future blog posts and my future market updates. If you have a topic that you would like me to address, feel free and email me at rob@robsoldit.com and I'd be happy to post it on future blogs.
Regards
rob