Interestingly, for SFH, the only price ranges that have a decrease in listings today are those priced under $300k and over $700k.
Let's dissect the graph of the number of SFH listings in a price range as a percentage of the whole. Over the past year, the percentage of listings between $500k and $700k has been quite flat. The percentage of listings of homes priced over $700k is nearly a mirror image of the percentage of home priced between $300k - $400k and $400k - $500k. The gradual down slope of homes priced between $300k and $500k has levelled off this past month, which leads me to wonder whether external factors (credit crunch, American MSM, affordability) are having an effect on the lower priced homes. Sales plus delists are not exceeding new listings. Perhaps this is the start of things.Case and point - a friend was pondering whether to get into the market. About three weeks ago, her realtor pointed out MLS#235514. The house was priced at $399000. In today's hot market, the house was going to sell that weekend. It's three weeks later, the house has not sold, and has had two price reductions, with it now sitting at $379000. How hot is this market? It's definitely cooling.
The Victoria Real Estate Board's September numbers should come out early next week. They should be interesting, but I'm not losing sleep over them. I'm guessing a decrease in SFH average price, an increase in condo and townhome average price. Listings will be up slightly to just over 3400, sales will be between 750 and 800, well above last year. What's your guess?
