Sunday, May 6, 2007

Million Dollar Market

In yesterday's post, I commented on how according to estimated numbers, it appears that the housing market is still a seller's market. There were a number of comments on how homes in certain neighbourhoods are sitting for a long time. These homes are high-end homes, with asking prices over $1 million. So, I thought it would be appropriate to calculate the market we are in for million dollar plus homes.

From yesterday's numbers, let's assume that there were 1653 SFH listed in April. I've been tracking the number of SFH listed on MLS for over $1 million for a couple weeks. Yesterday, we had 169 SFH listed with asking prices of $1 million or higher. This represents 15.5% of all SFH listings. 15.5% of April's 1653 SFH listings is 256 listings. According to VREB, 28 SFH sold for over $1000000 in April. This gives us 9.1 months of inventory for SFH priced over $1000000.That is definitely a buyer's market!

Attention! Everyone in the market for buying a $1 million dollar home - name your price to the seller, because their home is going to be sitting for a long time! Everyone selling a million dollar plus home, you'd better be sharpening your pencil if you truly want to sell your house!

And yes, the asking price for this home is $1.15 million. There are almost 5 acres, but seriously! Get real!