Saturday, February 3, 2007

February 3 Week Ending Stats

This past week brought about little change in the real estate listings for Greater Victoria. MLS listings for 3 bedroom SFH and townhomes are rising. The low point appears to have been the first week of the new year. 2 bedroom condo listings are down for the 2nd week in a row. I can't make sense of this. Two questions do come to mind.

1) Where are all the listings for projects such as Tuscany Village, The Falls, Juliet, etc?
2) What happened to the listings for Reflections in Langford? Currently, there is only one listing for that development.

The price breakdown for SFH is essentially unchanged. There is a slight decrease in percentage of homes below $300k, and a slight increase in percentage of homes above $700k. Are asking prices rising? Or are there simply more homes above $700k that have come into the market? Looking at the difference in numbers between this week and last, there are 16 new listings above $700k, and 5 fewer listings below $300k. Of course, this explains the percentage changes. But is there an underlying reason?

I have become somewhat bored in browsing the MLS listings as of late. It's the same old houses, for the same old price. Things are not moving fast. There are not many new listings coming on, and not much change in asking prices. MLS seems to be stagnant. But, it may simply be the time of year that it is. A lot of us are waiting to see what the spring brings to the real estate market for Victoria. Myself included.

What are you seeing in your neighbourhood? Are for sale signs popping up and down along your street? Or are they sitting there for what appears to be forever? What are the feelings toward the market today among people you know?