2010 Oak Bay Real Estate Activity-Indicates a Sellers Market
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.
We searched 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 Summer.....July 14, 2010
There seems to be considerable Oak Bay Real Estate activity in 2010 indicating a Sellers market for fairly priced 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, condominiums and townhouses for sale and sold this year (since Jan 1, 2010).
Number of Single Family Homes For Sale in Oak Bay = 94
Average Asking Price = $ 1,605,103 (44 Homes over 1 million dollars for sale)
Average Days on the Market = 58
Current Pending No Sales = 29 down from 63 Pending sales in May/10
Average Pending Selling Price = $ 1,039,028
Days on the Market = 37
Single Family Homes Sold in 2010 (completed sales Jan 1 to July 14/10) = 147
Average selling price = $ 1,003,494
Average Days on the market = 38
Current Number of Townhouses For Sale in Oak Bay = 3
Average Asking Price= $ 574,500
Average Days on the Market = 39
Current Pending No Sales = 1
Pending Selling Price= $779,500
Days on the Market = 9
Townhouses Sold in 2010 (completed sales Jan 1 to July 14/10) = 7
Average selling price = $ 547,657
Average Days on the Market = 76
Current Number of Condo's For Sale in Oak Bay = 23
Average Asking Price = $ 386,800
Average Days on the Market = 65
Current Pending No Sales = 8
Average Pending Selling Price = $ 477,725
Days on the Market = 33
Condo's Sold in 2010 (completed Sales Jan 1 to July 14/10)) = 26
Average Selling Price = $ 378,800
Average Days on the Market = 50
Let 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 94 homes for sale.
281 homes Sold over the last year- divided 281 by 12 = 23.42% homes sold per month
23.42% of the 94 Current listing = 3.9 months is inventory is available in Oak Bay...lets say 4 months.
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 Buyers. 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 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
Accredited Consultant in Real Estate®
Direct 250-598-2963
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Fred it is good to hear that the Oak Bay Real Estate market is doing so well. I hope you are kicking butt!
Hi Bill.....at the moment I'm listless in Oak Bay with a couple of new listing coming up soon, I sold my Last Oak Bay Home in a few days
We just got through a killer seller's market in the last year and a half. Glad we are seeing more inventory coming online because it was rough on the buyers - not the sellers tho!
CONGRATS OAK BAY SELLERS!
Hi Renee...we had a busy Fall and face paced Winter with Multiple offers on many of my listings, now the inventory has built up, making it better for home buyers with lots of great choices...
Home prices are holding in most of the south side of Victoria like Fairfield and Oak Bay.