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This is just a simple total: how many properties are available and in which 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 January 1, 2008. I consider it to be a kind of low watermark, after the 2007 listings expired. Does it provide a useful base to compare later as inventory is added during the spring sales season?

Continuing with a previous theme, according to this starting inventory, there is only around 11-12 months of million dollar plus inventory. I intend to track these sales each month, as long as VREB continues to publish them, to see how out of whack the numbers on million dollar plus properties can get from sales, before something starts to give.

For example, the 16 such properties sold in November would not make much of a dent in the 188 still listed today, at the start of 2008 - that marks around 11-12 months of inventory.

I am looking forward to the VREB stats for December 2007, to be released tomorrow. As the December sales are mopping up for the year, I don't expect much to be excited about. Sales should be down, so should average and median prices. Active MLS Inventory is around 1769 today. Inventory will need to go up a lot before prices start going down in the new year. Will that happen?

I never would have predicted the gains that occurred in 2007 at the end of 2006. Will the same hold true in the year ahead? Stay tuned.