MLS single family home listings took a drop in the first days of June. The number of listings rebounded slightly this past week. SFHs listed are not at the level they were at the end of May. The number of SFH listed for under $500k continues to decreases, while the quantity of SFH listed for above $500k continues to increase.
Where will the rising trend of expensive home listings end? More than 38% of SFH listed have an asking price of more than $700000. Will there at some time be more than 50% of SFH listings with an asking price higher than $700k? Are all asking prices migrating upwards, or are the expensive SFHs not selling?
Even as the number of luxury SFH listed continues to increase, the median sale price of SFH for Greater Victoria has decreased the past 2 months. This points to a weak high-end SFH market, and strong demand for entry level homes. (I don't believe a $400k home is truly an entry level home. Simply, that's what double income no kid couples are willing to take on as a mortgage.) The day that people start to listen and believe that these are ridiculous prices is the day that things change.
There were 184 SFH with a million dollar plus price tag available today.