Due to what appeared as irregularities in the number of listings on the new MLS.ca website, I haven't been posting weekly numbers. However, I have been recording the numbers, as funky as they seem.
My graph for 2 bedroom condos, 3 bedroom townhomes, and 3 bedroom SFH is now over one year old. The number of listings for condos and SFH is lower today than it was one year ago. Townhome listings are up from last year. Inventory in all three segments has dropped over the past month.
The number of SFH listings on MLS.ca has dropped over the past month in every price segment except in the $600k to $700k range. The number of homes available for under $500k continues to steadily decrease. Woe to the first time home buyers.
The percentage of SFH listed for over $700k continues to rise. Is there an end in sight? Today, 71% of SFH listed on MLS for Greater Victoria have an asking price of $500k and higher. Woe to the first time home buyers.
The obvious correlation between the rising median price of SFH and SFH listings is simply that there is nothing available for under $500k!
FTB, give your collective heads a shake! That $390000 POS 2 bedroom shack is not worth it!