1032 condos listed today + Total Victoria MLS Inventory - Feb 27, 2008
I did a search for condos in the VREB area of the MLS (2008/02/27). The total continues to increase, though only slightly in the past few days. Today there were 1032 condos for sale!
The number of condo listings at Craigslist continues to grow. Today, there were 101 condo listings. Mind you, by the time you click the link, the number could go up or down.
In the attached graph, you can see the result of my usual inventory overview MLS search, which shows how many total properties were available in various price ranges, in the Victoria Real Estate Board area, on February 27, 2008.
Compared to the search a few days ago, inventory is up overall, with some increases/decreases in total listings in various price ranges.
Based on the sales numbers for "million dollar plus" properties from January 2008 (19 of all types sold), there is now over a year of "million dollar plus" inventory available in the local market. Inventory of expensive properties continues to grow. Can all these sellers afford to wait up to a year for a sale? Are they all testing the market and happy to end their listings without a sale, if the price isn't right?
Are the sellers richer or poorer than they think?
Here's a link to the previous snapshot, in case you want to make a comparison.
Comments are welcome.
Copyright © 2006–2008 by
clickcampaign marketing.
Some Rights Reserved.
Copyright Policy and Terms.
Designated trademarks and brands are the property of their respective owners.
Who's online
Greg,
Monday is the big day. Will you be ready to announce a Bear Touchdown??
I noticed that prairieboy has not continued his game stats, maybe he doesn't plan to finish the year.
If prices dropped 10-15%, I'd consider jumping in too, if there was enough inventory on the market to find a nice place for x dollars.
Over on prairie boy's blog, I gave my best semi-educated guess at the February numbers. I'll reprint it here, so I am on record with my predictions and can't duck them if any bull wants to say I told you so:
Typical "good months in the past would show 700+ sales, whatever the month. We are not going to see that, even with an extra day to work with.
Strong results would be in the 400+ for SFH, 350+ for condos, and 100 or so for townhouses.
I think we will see something more like 300, 150 and 50, with continued increases in the inventory - I would expect 3300 listings - which is historically extremely high for this time of year.
So yes, I expect to announce a touchdown on Monday. Who knows what VREB will be announcing, but I'm sure it will sound as good as it can, considering....
Bears kick a touchdown
VREB March stats are released.
The only bright news for the bulls was that the SFH median price rose to 543K from 530K in January. December 2007 median in Greater Victoria was 536K.
Bear News:
1. Average SFH price fell for the second month in a row. December-624K; January-606K; February-587K
2. MLS Sales in February 2008 totalled 619 down 12% from the 707 sales in the same month a year ago.
3. The total number of properties available for sale rose to 3,311 in February - a 13 per cent increase over February of last year.
4. Average condo prices fell for from 349k in January to 333K in February. There were 208 condo sales in Feb. 2007 and 177 in Feb. 2008
5. Townhouse average sale (424K )and median prices (392K)remained the same in January and February 2008. But they are much lower than the November peak of 474K and 421K respectively.
Doesn't look like spring is shaping up to be a good one in one of the most overpriced housing markets in Canada.
Greg,
The Times Colonist printed an article on VREB stats: Greater Victoria average house price slips
Surprising comments on the state of the market in Victoria.
The average price for a single-family home in Greater Victoria slid in February while the number of sales grew.
Last month saw the average price for a single-family house, sold through the local multiple listing service, dip to $587,295 from $606,449 in January. December's average price set an all-time high of $624,450.
There were a total of 619 sales last month, up from 464 in January. But February sales were lower than the past three years when there were 707 sales in 2007, 658 in 2006, and 662 in 2005.
A telling figure in local real estate numbers is the amount of inventory on the market. February had 3,311 properties listed for sale, up 13 per cent from February 2007.
There was the expected balanced market and strong demand comments by VREB but overall the article will dampen seller and RE agent enthusiasm.
Any comments Greg??
What I mean is, VREB didn't even draw attention to the fact that sales were lower last month than the previous three Februaries. Amazing. Yet the TC emphasizes sales are lowest in 4 years while inventory is climbing.
Maybe they saw the stats and decided to hop the bandwagon.
I sent Carla Wilson at the TC an email copy of my analysis of the VREB current and previous month's data this afternoon. Perhaps she read it and checked my numbers.
....but editors have to greenlight the stories. I hope you are right Roger, because once the TC takes a negative point of view, the ostriches of Victoria real estate will really have to work hard to ignore what is happening.
Greg,
It is fairly shocking when you look at the number of homes over 1 million for sale and the VREB report that said 10 sold.
How long can most of those buyers wait?? Makes you wonder how many sell between 800K and 1Million.
I suspect that price reductions will ripple down from the top in the SFH market. Condos will provide most of the bad press. The Radius and Tuscany are only the first to hit the press. I have not heard anything about the Qiugg/Bear Mountain dispute. If Quigg walks that will give Bear Mountain buyers some concerns.
oops - should read
How long can most of those sellers wait??