OAK BAY VICTORIA BC REAL ESTATE MARKET REPORT AUGUST 3-11
With the Warm Weather finally arriving in Greater Victoria many people are taking off on holidays.
The Summer is normally the Slowest time is Real Estate in Victoria due to Summer Holidays and an increase in Homes for Sale on the market with the nicer Summer Weather.
Current Number of Active Single Family Listing in Oak Bay = 89 Ranging in Price from $ 479,900 for a 2 bedroom home on Neil St to $ 11,500,000 for a waterfront home on King George Terr
Current Number of Pending Single Family Sales in Oak Bay = 35 Ranging in Price from $ 550,000 for 2 bedroom home on Hampshire Ave to $ 2,140,00 for a home on Weald Rd
Lets look at the Current Absorption Rate ( number of months it takes to sell the current inventory of homes for sale in Oak Bay)
- ABSORPTION RATE =Total of homes sold in the last year divided by the months in a year, twelve.
- 208 Oak Bay homes sold over the last 12 months, 208 divided by 12 = 17.33 homes sold per month. With a current active inventory of 89 homes so 17.33% of 89 is 19.5 % of the current inventory, so the absorption rate would be 19.5 % of the inventory per month.
- So how long will it take to sell 89 homes? By dividing the number 89 homes by 19.5 % = …it will take 4.5 months to sell all of the homes =a Seller's market = less than 5 months inventory. This is the month’s supply of inventory (MSI)
Monthly Supply of Inventory is used to compare the size of the inventory to the rate of home sales.
- MSI is an indicator of how balanced a market is.
- MSI less than 5 months = seller’s market
- MSI equals 5-7 months = balanced market
- MSI greater than 7 months = buyer’s market -Home Sellers will need to be more serious with price reductions if they want to sell soon and be willing to be more negotiable with a home Buyer.
See My Post for 2008 Arts & Craft Home on my New Listing in Fairfield
See My Post for Fairfield Victoria Bc Real Estate Market Report
HAVE YOUR BEST YEAR EVER IN 2012 !
Cheers
Fred Carver
Re/Max Camosun
Accredited Consultant in Real Estate®
Direct 250-598-2963
40 Years Experience selling Real Estate does make a Difference.. call Fred today to Put his 40 years experience to work for You.
4440 Chatterton Way, Victoria, BC V8X 5J2
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