glossary.
Historical sales and listing data are sourced from MLS, provided by the Victoria Real Estate Board (VREB). A sale refers to the legal transfer of ownership of a property from one party to another. The associated date of a sale is determined by when the transaction is processed by the relevant real estate board (note that this may differ from the date on which the contract specifies the sale becomes official). A new listing refers to the date on which a property is made available for purchase. Inventory is a “snapshot” of the number of properties that are actively listed (that is, properties that are available for purchase and not yet sold) at the end of each month. Note that new listings add to inventory and sales subtract from inventory. Home Types The following describes the types of homes included in each of the detached, townhome, and condo categories referenced in the rennie review. A detached home is a building containing only one dwelling unit, which is completely separated on all sides from any other dwelling or structure. It excludes manufactured homes. A townhome is one of multiple dwellings located side-by-side in a building, adjoining no other structure and separated by a common or party wall extending (or walls) from ground to roof. This category includes row houses and excludes multi-unit “plexes” including duplexes, triplexes, and fourplexes. A condo is an owned apartment dwelling whose entrance access is shared via a common corridor. Condos can be in low-, mid-, or high-rise buildings, and can be attached to other units on each side, above, and below. Additional Concepts The months-of-inventory , or MOI, metric compares the number of active month-end listings to sales in a month. An MOI above 8 is consistent with buyers’ market conditions, where home prices aren’t rising and may be falling. An MOI between 5-8 reflects a balanced market, where prices are rising only modestly–for example, at the rate of general price inflation. An MOI of less than 5 is consistent with sellers’ market conditions, where prices are rising faster than their long-term average. “Days on market” refers to the length of time a home was listed (i.e. available for purchase) before it sold.
Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of June 10, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 54 ●
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