Oak Bay Real Estate Market Review September 2010
September 2010 Oak Bay Real Estate Activity-Indicates a Buyers Market in Oak Bay.
We here at Fred Carver Real Estate Sales and Marketing continuously monitor local real estate statistics to keep our clients informed and ahead of the real estate trends.
I thought I would search our recent sales and current listings of homes for sale in the Oak Bay Municipality to see what's happening around the Real Estate Gardens of Oak Bay this July Summer.....Report created September 18, 2010
Oak Bay Real Estate activity in the 1st 7 months of 2010 indicates a Buyers market for single family Oak Bay homes.
This report may not indicate a market trend in the coming months in Oak Bay BC, however it should give you an idea of the current Oak Bay real estate activity with Oak Bay single family homes, (since Jan 1, 2010).
Number of Single Family Homes For Sale in Oak Bay = 81...down for 84
Average Asking Price = $ 1,818,393 (42 homes over 1 million dollars for sale)
Average Days on the Market = 70 (an increase from 54 in the begaining of August)
Current Pending No Sales = 20 down from 22 Pending sales earlier part of August.
Average Pending Selling Price = $876,620 drown from $ 925,091 in July/August
Days on the Market = 47 up from 41 in August.
Single Family Oak Bay Homes Sold in 2010 (completed single family home sales Jan 1/10 to September 17/10) = 186
Average selling price = $ 998,747
Average Days on the market = 40
Let's look at what the current Oak Bay Real Estate activity is telling us.....
How long will it take to sell the current Single family inventory of 81 homes for sale?
265 homes Sold over the last year- divided 265 by 12 months = 22.08% homes sold per month
22.08% of the 81 Current listing = 17.8 months Active Single Family Home inventory is available in Oak Bay...
Guide for Buyers, Balanced or Sellers Real Estate Market
- Less than 5 months of inventory indicates a Sellers Market
- 5-7 months of inventory = Balanced market
- Greater than 7 months = Buyers market
These Stats indicate Oak Bay Real Estate is currently a Sellers market, meaning little room to negotiate for Oak Bay home Sellers. Prices are down from the start of 2010.
Information source Victoria Real Estate Board database on Matrix
Data complied by Fred Carver August 4, 2010 who has 39 years experience selling real estate in Oak Bay for Re/Max Camosun-Oak Bay
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Fred Carver
Re/Max Camosun
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