1074 condos listed + Total Victoria MLS Inventory - April 10, 2008
I did a search for condos in the VREB area of the MLS. For April 10, 2008, there were 1074 condos for sale!
Another 138 condo listings were found at Craigslist - the number of condos offered there continues to grow and grow. Mind you, by the time you click the link, the number could go higher!
The attached graph shows results of an inventory overview search of the MLS, for the Victoria Real Estate Board area (10/04/08).
Inventory is up quite a bit since the last time I did this about six weeks ago, but even so, inventory may not be growing quite as much as was expected by the bears.
Will local listings get over the threshold of 4000 units this spring or summer? That would be a sign buyers are disappearing, and inventory is not going to be absorbed this year. At this point, even though sales are definitely off, it's too early to say the buyers are on strike.
Do you know anyone who surprised you by either selling to get out of the market, or by waiting because they believe house prices will be lower in the near future? Is this general feeling out there among your friends or family yet?
Here's a link to the previous snapshot, in case you want to make a comparison.
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Greg,
I updated the condo stats slideshow. To view CLICK HERE.
Hmm..... HTML code in previous post didn't work
Here is a tiny URL --- http://tinyurl.com/5h38eh
Roger, I fixed the hyperlink in the first post. When posting you should see a little chain link option at the bottom of the text field in the line of formatting buttons. Just highlight the text you want to set up for a hyperlink and select the link option. There is an button for breaking links next to it.
Thanks for the links to your stats, they're great. Cheers.
I have updated all my slideshows with the latest VREB and CMHC data. In particular, I have a new presentation based on CMHC single family dwelling (SFD) data. The CMHC SFD numbers do not include waterfront and acreage sales/listings like the VREB data.
Click CMHC-SFD to see the slideshow You can see all the shows by clicking My Gallery
You can control the slideshow by using the play/pause, forward and back buttons at the top of the presentation. Please post any comments/questions here on Greg's blog
I find the Vibrant Victoria site pretty interesting. I have a bit of a personal interest in the Radius (which is stalled now for over 3 months according to the site). I also read there that the Tuscany Village (orange monstrosity) is in foreclosure, and today that the general contractor at Town & Country has been fired. It would be interesting to know what that's all about, but really bad if Town & Country remains in the condition it is now for a really long time since it is such a highly visible area. Maybe the condo portion will be nixed eventually.
I'd be interested in knowing how those condos across the street and directly adjacent to McDonalds have been selling. Apparently residents of the first building complain about the constant smell.
olives,
Mourgaurd don't mess around, if the contractor showed signs of screwing up then they won't hesitate to can them but to hire a new contractor in this busy time could mean major delays, WallyWorld won't be happy either.
I was dining on Rotten Ronnies cuisine the other night and noticed those new condos nearing completion and shuddered at the thought of overlooking a 24 hour drive thru right under my window. They must come with a years supply of ear plugs and room deodorizer. What a stupid spot for a residential condo,future ghetto condo's I would imagine.
I agree Vibrant Victoria is pretty well put together. Overall it is pretty bullish but there are listings and discussions of completed, cancelled or delayed projects in the forums, if anyone wants to know about those.
I noticed today on the MLS that lots of those condos appear to be 3 bedroom. Perhaps they will become good rentals for low income families if and when they don't all sell.
great charts Roger, and thanks for keeping this page going Greg, good stuff.
Interesting that the March numbers seem so show this market is at a serious crossroads, if April price numbers come in down with sales down as well YOY then the final nail will be in the this hype machine.
Speaking of hype did you see the one page ad on the new upscale place at Bear Mountain called the Cappela ? talk about BS, it says just "minutes" to the inner harbor and "minutes" to the airport LOL.... minutes ? maybe if you own a helicopter or are we talking 59 minutes if traffic is good. Talk about misleading advertising, you think the high end money won't figure that one out ? the pump continues.
<i>Please post any comments/questions here on Greg's blog </i>
No one's home.
Thank god sitting pretty found the blog. Now only happy owner is missing.
Hey sitting pretty, you don't need waste time with html tags, look up, there is a button for italics.
[expletive deleted] This blog has caching problems. No wonder no one comes here. Every time I drop by the cache throws up something old.
Now now, if you think you can use the "F" word in comments, I will of course remove or edit it whenever I feel like it.
Try the refresh button after clearing your own cache. Works every time.
A government worker who doesn't know how to clear the cache but can fling out the F word ? what a waste of tax dollars . ;)
... and not just a fictionalized character adopted to sow confusion and disunity. Perhaps pumpers are now reading Sun Tzu.
I would bet money that SP is actually a man. I picture a beer-bellied balding guy with a cigar at the computer in his undershirt (sorry for that image everyone). I think he admitted that the whole "my hubby" persona was fictional, didn't he? To me he sounds a lot like that developer who was posting on one of the other blogs a few months ago about how he would be "sitting pretty" regardless of what the market does.
Homewardbound,
you might be right about that. Seems to get his undershirt in quite a knot quickly. Either he is in desperate financial straits or thinks he might be, or it is all an act. There are plenty of new posters who have come along to the local bear blogs in the past year who contribute and don't immediately try insults, sowing of confusion etc. But there seem to be a few who say alot of hype and that's all they "contribute". I made the panicked Casey Serin, realtor, specuvestor suggestion - take your pick as to the most likely source for the interest in these fictional characters.
The funny thing is, while on one hand they like to mock real estate bears for not jumping on the real estate gravy train, on the other hand they are obviously paranoid about the consequences of these bear views being published which challenge the local real estate hype.
Really, I don't understand what they have to worry about, since they all seem to have ten year plans.
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