It sure feels like it. The weather network says that next weekend should be above average temps - I hope so. As for the real estate market, summer is definitely over.
From what I'm seeing, sales of SFH are way down. I'm estimating August sales for SFH to be around 240. From 2005 - 2007, August SFH sales were 350, 328, and 399 respectively. I'm estimating the average sale price for SFH in August to be $560k - $570k. Last year it was $576k. Median should come in around $525k, higher than last year.
I follow SFH much closer than condos or townhomes. I'd guess condo sales will also be below previous Augusts, with a slight month-over-month price decrease. Townhomes, also lower sales, but a steady sales price.
This realtor's website has 5049 properties currently for sale in Greater Victoria. I recorded 4915 properties for sale at the end of July. VREB inventory numbers should increase by around 150, to approximately 4700. August 2007 had around 3350 properties for sale.
What are you seeing in your neighbourhoods? My street block has 6 for sale signs. That's the most I've ever seen here at one time.
Have a great long weekend! Back in September with the monthly stats!
Friday, August 29, 2008
Thursday, August 7, 2008
Thursday Freebie
Lots of discussion and comments over the past week - good time to have a create a new post.
Front page of the Financial Post website right now has the following four articles.
- Canadian Housing in "Sustained downturn"
- Construction plans plunge, StatsCan reports
- House sales slip, prices stable
- Housing slump hits home
Also, from the Globe and Mail - Victoria's market is 30 to 35% overvalued.
Wow, everyone is so negative all of a sudden. Go figure! Have they been reading those bear blogs???
Front page of the Financial Post website right now has the following four articles.
- Canadian Housing in "Sustained downturn"
- Construction plans plunge, StatsCan reports
- House sales slip, prices stable
- Housing slump hits home
Also, from the Globe and Mail - Victoria's market is 30 to 35% overvalued.
Wow, everyone is so negative all of a sudden. Go figure! Have they been reading those bear blogs???
Saturday, August 2, 2008
July Sales Numbers
2008 will certainly mark the beginning of the bear run. In July, sales continued to decrease, inventory remained high, and prices have rounded the corner and are dropping. The VREB stats can be found at their website.
Median sale price of SFH dropped for the 4th consecutive month and is 2.9% higher than July 2007.
Median condo sale price is the lowest since August 2007. Sales are 31% lower than July 2007. If this does not have the condo developers getting worried, then I have no idea what will.
Townhome sales are an anomaly. Median sale price was the second highest on record, however, sales are down 50% from July 2007.
Months of inventory of all properties jumped over the 7 month mark. This is the highest of all data I have access to (dating back to 2005).
Median sale price of SFH dropped for the 4th consecutive month and is 2.9% higher than July 2007.
Median condo sale price is the lowest since August 2007. Sales are 31% lower than July 2007. If this does not have the condo developers getting worried, then I have no idea what will.
Townhome sales are an anomaly. Median sale price was the second highest on record, however, sales are down 50% from July 2007.
Months of inventory of all properties jumped over the 7 month mark. This is the highest of all data I have access to (dating back to 2005).
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