cheaprealty net

Here is another "months of inventory" (MOI) snapshot of the VREB area
of the MLS, based on searches of the listings April 10, 2008. Inventory has jumped since a couple days ago in the single family home segment. but in the other two segments it has actually dropped a little bit.

The trend with expensive (million dollar plus) properties not being
absorbed continues, with another 12 or so added in the last few days. There are now more than 14 months of expensive property to be absorbed on the market, which is becoming more top heavy daily.

Here is another "months of inventory" (MOI) snapshot of the VREB area of the MLS, based on searches of the listings April 7, 2008; as you can see, inventory continues to grow, but not at a very fast pace. Will this trend accelerate or slow down in the next few months? I am of the opinion that this will determine the trend for the remainder of the year. Price pressure will not happen at the lower end of the market until more inventory arrives.

Single family homes below median are still in short supply. On the positive side, even with a lower median than a month ago, it looks like more single family homes are being priced "realistically". The situation with condos continues to get worse.

Are you aware of any projects being cancelled or prices being slashed by developers? If so, post the info here. Thanks.

Also, you can check out what is being said about some of these projects over at Vibrant Victoria here.