July 2012 Condo Market Stats
The following is an excerpt from an article I just published over at the Remax Condos Plus blog. Â
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.
Go to the remaxcondosplus.com site to read the rest of this blog post.