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I did a search for properties in the VREB area of the MLS (2008/02/09). Today there were 972 condos for sale! There were 812 single family homes listed. And there were 231 townhomes listed.

Only 262 condos were listed below the January 2008 median price ($305,000), while 710 were more expensive. So only 27% of the condos currently listed were priced below the most recent median price, while 73% are priced higher.

Put another way, around half the recent condo buyers were concentrated in the bottom 27% of the condo market.

No wonder luxury sellers like Bear Mountain have to scour the planet looking for deep pocketed buyers - local buyers have a lot of choices in the more expensive brackets.

Only 262 single family homes were listed below the January 2008 median price ($530,000), while 550 were more expensive. So only around 32% of the single family homes currently listed were priced below the most recent median price, while 68% were priced higher.

Put another way, around half the recent house buyers were concentrated in the bottom 32% of the single family home market.

Only 50 townhouses were listed below the January 2008 median price ($393,000), while 181 were more expensive. So only around 22% of the townhouses currently listed were priced below the most recent median price, while 78% were priced higher.

Put another way, around half the recent townhouse buyers were concentrated in the bottom 22% of the townhouse market.

Meanwhile, over at Craigslist, a search of the Victoria area produces 76 condo listings today. Mind you, by the time you click that link, the number could go up or down a lot. My guess would be up.

With this story you can see my usual inventory overview snapshot graph. This is just a simple total: how many properties are available in various price ranges, regardless of property type, on a particular day, in the Victoria Real Estate Board area.

This graph shows the inventory available in a search of the local MLS on February 9, 2008.

Based on the sales numbers for "million dollar plus" properties in January 2008 (19 of all types sold), there are currently around 11 months of "million dollar plus" inventory on the market. Inventory of this high price range remains high. Will some of these buyers wait up to a year for a sale, or will some begin cutting prices?

While some people might not like the idea, in the long run, lower prices are the best thing that could happen to this over-ripe market.

Here's a link to the last snapshot, for comparison.

For an even more interesting comparison, take a look at this link to the inventory levels in August 2007. There are already more properties on the market in almost every price range, except the million dollar plus properties. So summer inventory levels have arrived in February, I wonder if anyone else will be adding to those piles of listings in the months to come, or if there is about to be a surge of transactions with lots of willing buyers.

To be continued....