The number of listings of SFH on MLS.ca continued along the same trend lines this week as the past couple. This week, there are 6 fewer SFH listed under $500k and 27 more SFH listed for over $500k. More than 66% of all SFH listed on MLS have an asking price of $500k or higher. The good news is that more than 33% of SFH are listed for under $500k - very affordable! Yeah right.
Month end is upon us this upcoming week. My sales number and price predictions have no basis and are usually wrong, therefore I'm not going to bother. However, it's safe to say that active listings are continuing to rise. In mid-May, CFAX1070 had it's weekly real estate cheerleading bit with a representative from VREB. The rep said that at that time, there were 3500 active listings in Greater Victoria. Based on their statement, and how the listing numbers are looking from this month, I'd say that the number of active listings for the region in May will ring in around 3600. Last year, there were 2900 active listings. That equates to a 24% rise year-over-year.
For comparison's sake, what's the difference in population to active listings ratio between Vancouver and Victoria (I like how Bubble Markets Inventory Tracking does this). My numbers won't be exact. Greater Vancouver - population (2006) 2181000. Listings (from Chipman) 12077. Ratio = 1:181. Greater Victoria - population (2006) 345000. Listings (from MLS today) 2262. Ratio = 1:153.
Well, maybe it's not that significant. Interesting, nevertheless. Another comparison. Phoenix currently has a ratio of 1:68. We have a ways to go.