June Sales Stats 2016

 Listing and sales data has been released this morning for the month of June. It is yet another record setting month in terms of overall sales:
 
                                            June 2016   June 2015
Net Unconditional Sales:      1174          910
Active Listings:                        2289         4003
Months of Supply:                   1.95           4.40
 
 
*Active listings includes Commercial and Residential MLS listings, and in all areas of Victoria.
 
This month I aimed to put these current figures in context by digging through the archives of the Victoria Real Estate Boards historical counts of active listings, and monthly sales.
 
A few notes:
 
- The records go back 26 years (1990), and there has never been a year in that time period that even came close to the overall number of sales we are experiencing this year.
 
- Digging down, the lion share of the increase in sales has come from condo units versus Single Family Homes
 
- While sales are off the charts, total listings (while low) have been lower during other periods in the last two decades. 
 
It seems that while Single Family Homes are seeing the highest demand and the largest price gains, the limited availability is keeping the number of sales in check. Condos have been more plentiful, and so there has been enough supply to generate whopping sales numbers. 
 
Given this, we may see a more steeply rising condo market in the next six months, if condo inventory draws down faster than it can be replaced (with new projects).
 
There is much speculation about the cause of this extreme Sellers market, with various levels of government pointing fingers at each other. Being an island city, supply is always relatively restricted due to geography. That said, to me the driver of this market is abnormally increased demand, not development restrictions.