Cheaprealty.net

This "Months Of Inventory" (MOI) snapshot was based on VREB area MLS searches on May 16, 2008.

This "Months Of Inventory" (MOI) snapshot was based on MLS searches done for the VREB area on May 13, 2008.

There were 1237 single family homes listed at the moment.

The sub-median single family homes inventory increased a bit more. The "most affordable" sector of the single family market continues building inventory instead of shedding it.

Million dollar plus property inventory increased again. Today there were 301 such properties listed.

Blogs are talking about recessions and inflation and popping bubbles. Is the global economic slowdown starting to take effect yet in the Victoria real estate market? Have the last of the first time buyers and hardiest of the foreign investors finally been knocked out of the picture?

What's next?

Another "Months Of Inventory" (MOI) snapshot, based on MLS searches done May 8, 2008, compared to the April 2008 VREB numbers.

The total number of condos for sale on the MLS (1099) has increased quite a bit since May 1, 2008.

More townhouses (416) are available. More single family homes (1192). The MOI for sub-median single family homes has even increased a bit, to 2 months or so. The fact this "most affordable" sector of the single family market is actually building inventory instead of shedding or absorbing it is an interesting signal, but does it actually mean anything?

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.

Another "Months Of Inventory" (MOI) snapshot, based on MLS searches done April 27, 2008.

More inventory, that's simple, the general tendency of more expensive houses to appear on the market continues - the disproportionate growth of listings occurs at the top of the market.

The total number of condos for sale on the MLS (1021) has increased a bit since April 22, 2008.

More townhouses are also available.

Million dollar plus inventory is growing - there were 301 such properties for sale in the VREB area on April 27, 2008.  A full 15 months of inventory. Doesn't that number alone guarantee price cuts at the top of the market?

It seems some of these expensive properties haven't sold yet, I wonder why?