Cheaprealty.net

A new "Months Of Inventory" (MOI) snapshot, based on MLS searches done May 1, 2008, and the April 2008 VREB numbers.

Along with the higher median single family home prices in the month of April, inventory is up in all segments. Meanwhile, the median prices of condos and townhouses have fallen a bit, and sales in these segments are not on pace with those of 2007.

The total number of condos for sale on the MLS (1025) has increased a bit since April 27, 2008.

More townhouses (408) are also available.

Million dollar plus inventory is stable - there were 300 such properties for sale in the area on May 1, 2008. Sales of expensive properties picked up in the past month, reducing the total of this expensive inventory to a relatively "tight" 10 months of inventory.... 10 months might seem like a long time, but this is better than it looked when calculating months of inventory based on the performance in March.

However, looking at the active listings chart, things are still unwinding, because while prices are higher, the inventory is on a straight upward march, with no slow down in sight.

Are some sellers going to get frustrated and drop prices soon? Anecdotally, some of this is happening and can be seen when looking at the information on the Private Client Service (PCS) listings.

Stay tuned for further updates.