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.