Shuswap housing market: 2 years of inventory, the rest of BC is mostly in the crapper as well

Shuswap area of the Okanagan has over 24 months of inventory

Overall unit sales of 68 in May dipped 13.92% compared to the 79 sold during the same month last year – up 54.55% from the 44 units sold last month (April 2011). Total residential sales for the month of May dropped 16.92% compared to the same time last year (to 54 from 65 in May 2010) – a 29.55% improvement over the 41 units sold the previous month (April 2011). Residential sales volumes were down 21.15% to $11.8 million compared to $19.8 million in May 2010. New listings for May (320) declined 8.57% compared to 2010 (350), but rose 6.31% over last month’s 301 units (April 2011). Last month’s inventory of 1,689 units was down 9.14% from the 1,859 in May 2010.

Kelowna area of the Okanagan has 15 months of inventory

Overall unit sales during May dipped 17.6% compared to 2010 (to 337 from 409) but rose 13.87% over the previous month (297 in April 2011). Sales volumes totaled $133.4 million compared to $168.1 million in May 2010. Total residential units sold last month were down 16.93% compared to 2010 (to 314 from 378) but rose 5.72% from April (272). Inventory continues to decline over last year at this time – down by 5.92% to 5,217 units compared to 5,545 in May 2010 – with new listings falling by 7.97% over last year (to 1,212 from 1,317), and down 8.1% from last month (1,031 in April).

Vernon area of the Okanagan has 21 months of inventory

Overall sales of 123 units for May 2011 saw a 43.02% improvement over the 86 units sold during April – with total unit sales down 28.07% compared to May 2010 (to 123 from 171).  Sales volumes last month were at $48.2 million compared to $54.6 million in May 2010.  Total residential sales for May dipped by 27.45% to 111 compared to 153 in May 2010. Last month’s inventory dipped 3.1%)compared to last May (to 2,627 from 2,711), while new listings dropped 15.82% over the same month in 2010 (to 463 from 550) – down 4.14% from this April (483).

Victoria is sitting at 8.5 months of inventory

Month-to-date May 2011
Net Unconditional Sales: 572
New Listings: 1,524
Active Listings: 4,857
Sales to new listings ratio: 37.5%
Sales to active listings ratio: 11.7%

 Fraser Valley is at 6.2 months of inventory

The Fraser Valley Real Estate Board processed 1,608 property sales on its Multiple Listing Service (MLS®) in May, an increase of 9 per cent compared to 1,477 sold during May of last year, and an increase of 6 per cent compared to April’s 1,516 sales.May finished with 2.9 per cent more active listings on the MLS® than it had in April – 9,978 compared to 9,697 – however, 12.6 per cent fewer than the 11,411 listings that were active during May of 2010.  The Board received 3,070 new listings in May, an increase of 5.2 per cent compared to April and a decrease of 11.2 per cent compared to the 3,457 new listings received in May 2010.

Vancouver is sitting at 4.3 months of inventory but close to Vancouver is Whistler which is sitting at near 2 years of inventory.

Wow, BC sure has wild market.