Saturday, March 24, 2007

March 24 Week Ending Stats

Single family home inventory continues to rise in Greater Victoria. There are 115 more SFH listed on MLS today than there were 1 month ago. High-end homes are really hitting the ball out of the park. There are nearly as many SFH with an asking price greater than $700k listed today as there were last October, which was when active listings in Victoria hit an all time high. People are either asking more for their homes, or they are trying to get rid of their expensive homes while they can. Expect this inventory level to rise even higher. I'd hate to be in a position where I had to unload a $700k+ home and there were 340 others to choose from - with that number increasing!

As a whole, there continues to be fewer sub-$400k homes to choose from. I believe that it's been discussed at HHV how these homes are moving, but high-enders are not. This may change, as you are starting to get a lot more home for $450k-$500k than you are for $350k-$400k.

It's interesting to see a pie chart again...

Finally, 2 bed condo and 3 bed SFH inventory has a ways to go before it reaches the levels of last fall. 3 bed townhome inventory is about as boring as watching your dog run away for 3 days on the prairies.