Saturday, November 29, 2008

Softening Prices

It looks like this blog has taken on its' own life and become a gold blog. Very interesting, and everyone seems quite opinionated.

The pace of sales of SFH in Greater Victoria has picked up in the latter part of this month. However, it is still historically very slow. We're now looking at around 120 SFH having sold in November. Prices have certainly softened as well. I'm calculating the average selling price for SFH to come in between $530k and $535k. This number would drop the price back to the February 2007 level. The median for the month should come in around $500k.

Total housing inventory for the region has dropped this month. Today, this website states there are 5033 properties for sale. On October 29th, there were 5281 properties for sale.

It will be interesting to see how Tony Joe spins this month.

Saturday, November 15, 2008

Quotable Quotes

Cameron Muir, BCREA chief economist, "Homes sales are unlikely to fall much further... That being said we expect home sales not to decline much further." November 15, 2008, Times Colonist.

Tony Joe, Victoria Real Estate Board President, "While we cannot predict the future or remain completely immune from the larger economic forces now at play in the world, we believe much of the recent doom and gloom pessimism regarding the housing market is unwarranted, at least as far as the Victoria area is concerned. Yes, the market has slowed down but we can liken that to some air escaping from the balloon; there is no indication at present that the balloon itself is in danger of bursting. The fundamentals remain strong..." November 15, 2008, Times Colonist, page E9.

Perhaps both of these gentlemen should look at Novembers' sales thus far. I'm estimating that fewer than 100 SFH will have sold in Greater Victoria by the end of this month. Last November there were 310 SFH sales. Not one house has sold in Sooke or Colwood so far this month.

However, the headlines will of course read "Sales slow, prices rebound" as the average SFH selling price thus far in November is near $600000, the median near $550000.

Kiddies, if your mom or dad is a realtor, go easy on them this Christmas. Times are going to be tough for a while longer.

Saturday, November 8, 2008

October Sales Numbers

I'm a little late with the sales numbers this month. It's been a busy week...

How the VREB can put a positive spin on this past months numbers is beyond me. Sales were abysmal! The VREB will positive spin anything - if there was 1 sale, with a selling price of one million bucks, the headlines would read "Prices hit a new record, sales soften". Go figure.

Here's the usual graphs...