cheaprealty net

Well, what is there to add?

Two months ago, 19 million dollar plus properties sold. Last month only ten. Is it a glitch or an alarming sign that the top is in?

Can anyone selling a million dollar plus property in Victoria ignore 1-2 years of months of inventory (MOI)? Does the million dollar house become the $900,000 house, and so on?

This table shows the disconnect between the top and bottom of the VREB housing market. Months of inventory are already much higher at the top of the market than the bottom for all property types. Is affordability finally having an effect? Is it the credit crunch, are humongous mortgages now too difficult to get?

Or has all the smart money headed to the sidelines?

Predictions of blogging real estate bulls notwithstanding, this is not a market poised for a strong spring season.

As noted by Rob Chipman, the majority of recent price changes in his market area in Greater Vancouver (around 85%) have been price reductions.

This is just a simple total: how many properties are available and in which price ranges, on a particular day, in the Victoria Real Estate Board area. I was thinking over time it might show where inventory is piling up or decreasing, or for that matter holding steady. So far I have done this a few times, this time the graph is starting to show some increases in certain price ranges.

There is some movement in the inventories; they are creeping upwards again. After a summer of brisk activity, it will be interesting to note if economic conditions encourage or discourage the usual bump in fall listings, or if the higher volume of sales so far this year has already taken care of some of those people who would otherwise have their houses sitting on the market in the fall.