Tuesday, May 1, 2007

Analysis of April's Sales Numbers

I've stopped sulking and am ready to take a look at the numbers presented by the VREB for April sales.

SFH hit a record high for average sales price. $568,710 - that's a chunk of change. In fact, if you were to buy that average home with loonies, it would take 3981 kilograms of loonies! There were 28 sales of $1 million+ SFH. The VREB's prez had the decency to mention that this skews the average. Quick calculation - if the 28 high-priced SFH that sold for $1 million each (which they didn't) were taken out of the SFH average, the new average would be $541201. That's just below last months average. Average selling price in each region other than Saanich West and Central Saanich was higher than the rolling six month average. The number of sales for April was higher than last year, but lower than April 2005.

Median sales price for SFH for Victoria proper was higher than last month, however, median sales price for the CRD was lower than last month by $1000.

The average sales price for condos in April just squeaked in higher than the six month rolling average. The sale of 15 waterfront condos helped pull the average higher. Number of sales was strong in comparison to April last year - 238 in 2007 vs. 188 in 2006.

There were more townhomes sold this April than last April as well. Average selling price was marginally higher than the six month rolling average.

Regarding active listings, the number is getting higher and higher. There were approx 700 more listings this April than last - a 25% increase. We are about 150 listings less than the peak last September. May 2006 was a big listings month. If May 2007 is also a big listings month, we'll smash through last years' record listings no problem.

In looking at the numbers more closely, they aren't as strong as I had originally thought. However, I was surprised at the quantity of sales. I admit, I spend way too much time on MLS. I see the same houses each day. That is a bit of an exaggeration, but, based on that, I thought there was going to be a low sales number. I'm guessing that houses that sell, sell fast. Houses that don't sell, sit there a long time.

The Bears have yet to score a point this year. The Bulls have kicked another field gold. The score is now Bulls 16, Bears 0. Hopefully we get a game out of this one. The real $64000 question is whether the Canucks can give us a game to cheer about!