The following is an excerpt from an article I just published over at the Remax Condos Plus blog.
We are still in a buyer’s market
The sales to listing ratio to me is the most important statistic for the downtown condo market. In one single stat, you get a snapshot of how the entire market is doing. For July that number is at 23%, down from 26% in June the month before and way down from the average number for July 2004-2012 of 47%. We are definitely in buyer’s market territory.
The Sky Has Not Fallen
Many were expecting the sales:listing ratio to actually be much lower than it was for July. I thought there was a good chance it would drop into the teens, a number we have not seen since the recession of 2008-2009. In Vancouver the condo market for July showed a 12% sales:listing ratio. So at 23%, only a 3% dip from June, the market is still holding up relatively well. Prices are flat but still holding up compared to this time last year.