Six months ago I wrote how the sales to listing ratio was 8% over the previous 2 months. http://eyesonoakville.wordpress.com/2009/01/24/the-8-challenge/ I just ran the numbers for Oakville and over the last 30 days we sold 359 homes and there are currently 738 homes on the market. The current sales to listing ratio is 48%. How did we go from 8% to 48% in just 6 months in an environment where unemployment is high and the recovery is questioned? WOW WOW WOW I quess it answers the questions raised by my observations of multiple offers and interest rates 2 months ago http://eyesonoakville.wordpress.com/2009/05/31/multiple-offers-interest-rates/
Homebuyers are telling us something here with their wallets. Is it a blip? Time will tell but just as I noted the extreme of 8% in Dec/Jan it is imperative to point out that 48% sales to listing ratio can not be sustained without reducing inventory and the subsequent supply and demand impact of higher prices. Will we cool on sales or are prices going to spike? I thnk prices are headed up-What do you think?