Saturday, March 29, 2008

Has the market turned?

I'm glad to see that this blog keeps going even when I'm absent - just like an energizer bunny!

FYI, we haven't bought, we haven't even been to a mortgage broker. In fact, I think we have decided to stay put for the time being. We'll make it work where we are!

It does appear that the market may have turned over the past 1-2 months. Listings are rocketing upwards, sales "appear" to be really low and slow. Realtors are saying that the market has "stabilized", some are even recommending to not rush into anything. People are talking about the slowing of the market, and friends are advising friends to be careful when looking at purchasing. These are all people that I think were very positive on the market 6 months ago.

Right now, there are 3888 active listings. February 29th there were 3526 active listings. The VREB always seems to state listings in a month to be lower that on this realtor's website. Regardless, VREB should have the active listings number for March to be around 350 higher than February's. That would put their listings at around 3660. This blows away the peak of listings from last year (June - around 3550) and we are only in March! If the number of sales is as low as it appears to be, March's numbers will be very interesting! We'll see how Tony Joe spins this month's numbers.

Listings of SFH priced over $700k is nearly bursting off my chart! There are currently more than 200 SFH listed with an asking price of $1 million or higher. Let's see, if there are 10 sales in that price range, we'd have 20 months supply of million dollars homes. Good grief!

CMHC has released their "Housing Now" report for Victoria for February.