Victoria prices stable and sales stable(?) according to Tony Joe
Here is a quote from VREB about the May 2008 sales numbers for the Victoria area, which are underwhelming, to say the least. Not only are sales down, listings are way up.
Tony had this to say:Victoria Real Estate Board President, Tony Joe, notes that despite this increase, prices and sales remain stable although the number of sales is down compared to a year ago. "There was a total of 770 sales of homes and other properties in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), virtually unchanged from the 768 sales in April but down from the 963 sales in May of last year."
Now how can you say that prices and sales remain stable when sales are down 20% year over year? Oh, because they are the same as April 2008, which were the same as March 2008? That's not a very good sign at this time of year. Last year, at this time sales were jumping every month.
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There's an interesting article in the June 3, 2008 edition of the Times-Colonist re: the market cooling and the drop in house prices.
Here is the link to the TC cooling story, if anyone is interested.