Victoria BC Real Estate-Is Inventory Up Or Down in Victoria and Is it a Sellers or Buyers Market?

Victoria BC Real Estate-Is Inventory Up Or Down  in Victoria and Is it a Sellers or Buyers Market?

Inventory of Active Victoria Single Family Homes For Sale is Falling*  and Stats are indicating we're in a Sellers Market*



Victoria BC Real Estate MLS Active listing inventory moved up this Spring from a lower inventory last Winter.

The Local Press of course quotes the Total number of Active Listings in the Victoria MLS system, which can be misleading.

For example: Currently there are approx 4435 Active Listings on the Victoria MLS system up from 3632 last year

• Single Family Active Listing currently Total  2162 Single Homes For Sale

• Condominium Active Listing currently Total  1049 Condominiums For Sale

Total for these two property types =  3211 Active listings on MLS for Sale.

Many Victoria Consumers think there are 4435 Single Family homes for Sale

These two Types of Victoria Properties represent the most common type of real estate consumers are Buying or Selling in Victoria this year.

Note: If you look at the Victoria Current Core Area, Westshore(excluding Sooke) and Peninsula  Single family Homes For Sale there are currently only 1272 Active Single Family Listings

The Current Number of Active Single Family Homes For Sale is Falling *.

Lets look at the number of Months of Single Family Supply...this will help determine a Buyers, Balanced or Sellers market for Victoria.

• Months Supply of Inventory  or MSI, helps determine how long it will take for all of the Active Single Family Listings to be Sold.
• Absorption Rates-The total  of homes Sold in the last year divided by the months in a year, twelve.

• MSI less than 5 Months indicates a Sellers Market *

• MSI equaling 5-7 Months indicates a Balanced Market

• MSI greater then 7 months indicates a Buyers Market

Lets look at the Victoria MSI (months of supply of inventory) for Single Family Homes for the Core Area, Westshore(excluding Sooke) and the Peninsula at July 29, 2010

• There where 4374 Homes Solds including Pending Sales YTD, divide by 12 = 364.5 homes Sold per month
• The Absorption rate is the 12 month average of 364.5, then divide this number into the current active inventory of  1271 Single Family Homes for Sale on MLS
• The Current MSI take 1271 divided by the absorption rate of 364.5 = 3.486 or 3.5 months Supply
• This Indicates it will take only 3.5 months to sell all of the current active listing of homes for sale

Victoria even though sales have Slowed the current MSI indicates Victoria is in a Sellers Market with less than 5 months active inventory.

So what percentage of Homes are Selling..so far this Month there have been estimated 584(212 sold-pending,372 sold-completed) Single Family Homes Sales in the Core, Westshore and Peninsula market, with 1271 Active Listings showing 45% of the Current Active Listings are Selling in July..