Saturday, April 28, 2007

April 28 Week Ending Stats

Once again, month end is nearly upon us. From an outsider's viewpoint, it appears that there has been a nice inventory increase in April. Based on listings, March 31 had 1021 single family homes listed. Today there are 1085 SFH listed. The largest jump came this last week. There are 51 more SFH listed this Saturday than last Saturday. Regarding all listings for Greater Victoria, there are 185 more property listings today than there were on March 31.

There were MLS listing increases for SFH in each price range this past week. Most noteworthy, there was an astounding 50% increase in SFH listed for under $300000! There are now a whopping 15 homes listed under $300k! Nine of those 15 are in Sooke. Great! Inventory of high-end homes continues to climb. 377 SFH are priced over $700k, with 165 of those being over $1 million.

As a percentage of all SFH listed on MLS, homes with an asking price of between $500k and $600k saw the largest increase this past week. There are 18 more listings on MLS in that range. A one percent increase for that price range was the result. 62.7% of all SFH listed on MLS have an asking price of $500k or higher.

How will April's VREB stats look? My best guesstimate - sales between 750 and 800, total MLS listings around 3300. Prices - SFH average up slightly ($550k), condo average below $300k, and townhome average $380k - $400k. That's my best shot in the dark. I hope I'm wrong on the prices. What's yours?