MOI - VREB search - 20/06/08
This "Months Of Inventory" (MOI) snapshot was based on MLS searches done for the VREB area on June 20, 2008.
There was another jump in single family home listings. Maybe everybody is planning on selling this weekend and decided to get that house on the market quick. Condos did something unusual - they actually decreased above the median slightly. Of course, there are still 10 plus months of above median condo inventory on the market, but I guess that's better than another incremental increase - an incremental decrease!
There are now more than 344 million dollar plus properties listed, while only 24 such properties sold last month in the VREB area. Yikes, more than 14 months of expensive inventory with no sign of Alberta moneybags anywhere.
While I think there must be some total limit on townhouse stock that would prevent too many more from being listed, apparently that's wrong, as another 30 or so were added in the last few days, for a new total of 431.
Yes, average prices are being maintained, but for how much longer? Any bets on what June sales will bring? If PCS is any guide, anecdotally, some houses are selling, but not many, and listings are still piling on.
In Langford right now, there are 170 houses listed (results will fluctuate over time). Today the cheapest house starts at $387,000 and sits empty. When will this house (MLS®: 242635) find a buyer? ...Maybe sooner than this house (MLS®: 241376), which is zoned R2 and sits on 5 acres. But $2,400,000 in Langford?!? This is R2 - you can build a duplex.
I hope this is some kind of joke.
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Who in God's name designed the exterior of this house? (MLS®: 242635) Looks like an 1903 abandoned farm shack along an Iowa interstate. One that's probably by now floated away to its just reward. Remember folks; Frank Lloyd Wright? NEVER existed.
That second homestead? (MLS®: 241376) Pretty expensive for a perfect place for a landfill, don'tcha think? I think architects who pander to the Arts and Crafts "Little Old House on the Prarie" market deserve the obscurity they labor under. Maybe they've got some computer somewhere cranking out these floorplans based on 1903 farm shacks. Thank GOD people have stopped buying them.