REAL ESTATE MARKET IN OAK BAY IN JULY
July 2010 Oak Bay Real Estate Activity-Indicates a Buyers Market in the first half of 2010 in Oak Bay.
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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 August 4, 2010
Oak Bay Real Estate activity in the 1st 6 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 = 84...down for 94 earlier this month
Average Asking Price = $ 1,684,702 (41 homes over 1 million dollars for sale)
Average Days on the Market = 64
Current Pending No Sales = 22 down from 29 Pending sales earlier part of July.
Average Pending Selling Price = $ 925,091
Days on the Market = 41
Single Family Oak Bay Homes Sold in 2010 (completed single family home sales Jan 1/10 to July 30/10) = 157
Average selling price = $ 998,551
Average Days on the market = 37
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 84 homes for sale?
157 homes Sold over the last year- divided 157 by 12 months = 13.08% homes sold per month
13.08% of the 84 Current listing = 10.9 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 has been a Buyer market, meaning little room to negotiate for Oak Bay home Sellers. Prices are holding steady in the first 6 months 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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