Sales number improves but inventory level remains high

(This Report is Prepared by the Real Condo Investors Team)

There were 2,403 new high rise sales in October 2013 making it the second month in a row of year-over-year monthly sales increases. October 2013 also had the highest sales of the last 18 months (since April 2012).

Remaining inventory at the end of October 2013 was 23,515 units. That's up +2.2% from last month and up +7% over the last 12 months. That total remaining inventory figure breaks down into 13,441 (57%) unsold units in pre-construction projects; 8,836 (38%) unsold units in projects currently under construction; and 1,238 (5%) unsold units in completed projects.

 

 

Looking specifically at the historical performance of this October compared to previous years, the 2,403 high rise sales were up +17% from last October and up +14% over the 10 year average sales for the month of October.

Year to date high rise sales through the first 10 months of 2012 totaled 12,940 units. That's down -21% from the same period in 2012 and down -16% from the 10 year average.

 

 

 

Antony Chan

Antony Chan

Broker
CENTURY 21 King's Quay Real Estate Inc., Brokerage*
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