Monday, May 5, 2008
April Townhome Sales Graphs
Just a couple of graphs showing townhome sales numbers and median sales prices over the previous years.
Thursday, May 1, 2008
April Sales Numbers
I see that discussion has already started on April's sales numbers, as published by the VREB. Listings are up, sales numbers are down. I think that the average sales price for this past month is a moot point. As long as inventory rises and quantity of sales decreases, we move into, if we aren't already there, a buyer's market. Prices then start to decrease. Sellers are still holding out at this point because they see their neighbour sell their house for near asking price, yet they don't see the five other neighbours that aren't selling their homes.
What I don't understand is this - I see sales prices via a realtor's PCS. Why are people buying homes for the asking price? If you are in the market for buying - start lowballing!!!
I'm also quite surprised at the number of $1+ million sales. I thought that the smart money was those who had money. Obviously not.
Anyways, here are my charts. More to follow.
What I don't understand is this - I see sales prices via a realtor's PCS. Why are people buying homes for the asking price? If you are in the market for buying - start lowballing!!!
I'm also quite surprised at the number of $1+ million sales. I thought that the smart money was those who had money. Obviously not.
Anyways, here are my charts. More to follow.
Saturday, April 26, 2008
April 26 Week Ending Stats
Inventory is continuing to rise, however, not at the pace that it was in March. According to this realtor's website, there are currently 4070 active listings in Greater Victoria. This is around 200 more than at the end of March. In comparison, the month of March saw an increase of around 350 listings on their website.
Today, there are 137 more SFH listings on MLS than on the 29th of March. The greatest increase in listings has been for SFH priced higher than $700k. There have been comments on the incredible number of listings with asking prices higher than $1 million. Today, there are 248 of such listings. Crazy!
There are 20 more townhomes listed today than there were on March 29. The number of condos listed is basically unchanged.
I have to pick on this one $1 million+ listings. MLS#240724. Seriously, what are these people smoking? $1049000 for this POS? Yeah right!
Today, there are 137 more SFH listings on MLS than on the 29th of March. The greatest increase in listings has been for SFH priced higher than $700k. There have been comments on the incredible number of listings with asking prices higher than $1 million. Today, there are 248 of such listings. Crazy!
There are 20 more townhomes listed today than there were on March 29. The number of condos listed is basically unchanged.
I have to pick on this one $1 million+ listings. MLS#240724. Seriously, what are these people smoking? $1049000 for this POS? Yeah right!
Monday, April 21, 2008
Thursday, April 17, 2008
The Housing Boom is Officially Over!
Thanks to anonymous for mentioning this occasion on Craigslist.
Yes, according to The Globe and Mail, and specifically Douglas Porter, deputy chief economist at BMO Nesbitt Burns Inc., the housing boom in Canada is now officially over. First quarter statistics are what helped him come to that conclusion.
Certainly, we are seeing this in Victoria. Inventory is ballooning and sales are the lowest in years.
Will we follow in the footsteps of our neighbours south of the border? Perhaps. Perhaps not. But the market is definitely not what it was in the previous 2 or 3 years.
Discuss away!
Yes, according to The Globe and Mail, and specifically Douglas Porter, deputy chief economist at BMO Nesbitt Burns Inc., the housing boom in Canada is now officially over. First quarter statistics are what helped him come to that conclusion.
Certainly, we are seeing this in Victoria. Inventory is ballooning and sales are the lowest in years.
Will we follow in the footsteps of our neighbours south of the border? Perhaps. Perhaps not. But the market is definitely not what it was in the previous 2 or 3 years.
Discuss away!
Sunday, April 6, 2008
Tuesday, April 1, 2008
March Sales Numbers
The Victoria Real Estate Board has posted March's sales numbers. Commentary on the numbers started in the last post. Please do continue. It looks to me like this year is going to the bears.
Following are SFH, condo, and townhome graphs for Greater Victoria. More are to follow in the coming days.
Following are SFH, condo, and townhome graphs for Greater Victoria. More are to follow in the coming days.
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.
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.
Monday, March 10, 2008
February Housing Starts
CMHC has released February's housing starts numbers.
Thus far this year, housing starts are down from 2007. However, we are still at a record number of homes under construction.
What will Victoria's unemployment rate be when the number of homes under construction moves lower to normal levels ( 1/4 of today's homes under construction)????
Thus far this year, housing starts are down from 2007. However, we are still at a record number of homes under construction.
What will Victoria's unemployment rate be when the number of homes under construction moves lower to normal levels ( 1/4 of today's homes under construction)????
Monday, March 3, 2008
February Sales Numbers
The Victoria Real Estate Board has released their sales numbers for February. Discussion has started in the comments of the previous post. Please feel free to continue commenting on this post.
In comparison to February 2007, sales are down, prices are up, and listings are up. In comparison to January 2008, sales are up, prices are down, listings are up. The last time that Greater Victoria has seen two consecutive months of single family home price decreases was between June and August 2006. SFH average price has decreased 6% since it's peak in December 2007.
Average condo price has pretty much been horizontal since November 2006.
Average townhome price is off big-time from it's peak in November 2007.
I'd love to provide some graphs, but unfortunately, about 2 weeks ago I had a horrendous case of spyware on my computer and was forced to format my hard drive. I haven't located my copy of Excel as of yet. Once I do, the graphs will be back!
In comparison to February 2007, sales are down, prices are up, and listings are up. In comparison to January 2008, sales are up, prices are down, listings are up. The last time that Greater Victoria has seen two consecutive months of single family home price decreases was between June and August 2006. SFH average price has decreased 6% since it's peak in December 2007.
Average condo price has pretty much been horizontal since November 2006.
Average townhome price is off big-time from it's peak in November 2007.
I'd love to provide some graphs, but unfortunately, about 2 weeks ago I had a horrendous case of spyware on my computer and was forced to format my hard drive. I haven't located my copy of Excel as of yet. Once I do, the graphs will be back!
Subscribe to:
Posts (Atom)
