The Victoria Real Estate Board has posted the stats for February. Here are my thoughts on the data.
Inventory is rising, it is ahead of the curve for 2010. This February almost equaled the record for inventory set in February 2009. Though the new MLS listings in February were not dramatically high.
The average price for condos has been flat, expect for the dip in 2008/09, for close to 4 years now. Adjusted for inflation, the value of condos has been flat for something more like five years.
Single family homes have been bumping between and average of $575,000 and $625,000 since May of 2009. Taking out the dip in late 2008 and early 2009, the average has been in this range since the fall of 2007.
Sales in February were at the second lowest level in last 11 Februaries. The sales were about 20% below a median February. February 2009 was down about 35% from the median. In the last eight months we have seen 3427 sales, about 63% of the same eight months a year ago. There is a long term weak sales market, not has bad as it was in 2008 to 2009, but certainly not a strong one.
The large inventory together with flat prices does not say to me that this is good market to be selling your house in.