Chicken Lickin...IS THE SKY FALLING?
I thought I would address the current real estate market in Victoria, a lot of recent News is on a softening real estate market in Victoria , BC. 
The local rumors are Flying about slowing home sales!
NOT SO....
Here goes.... Was there a slow selling market last month? Not for my Sellers and Buyers. I Sold 5 Homes, 2 in a bidding war, both selling over the asking price, both selling in 2 days. No Slow Market for me in June in Victoria BC.
So lets see what happened throughout the rest of the City during the month June in Victoria real estate sales !
In the Month of June.
I'll break down the different properties as follows:
Listing List Price Sales DOM Average Selling Price
Single Family 1342 $492,690 674 =50% 53 $479,846 = 97%
Condominiums 296 $386,757 172 =58% 52 $321,136 = 83%
Townhouses 105 $438,743 27 =25% 14 $409,881 = 93%
Lots/Acreages 145 $376,551 31 =21% 118 $285,303 =76%
Mobile Homes 29 $158,648 20 =66% 49 $138,494 = 87%
It would appear based on Current Sales activity, our real estate market.... appears to not be Slowing, the homes for sale MLS inventory is growing. Over 50% of the Homes Listed For Sale in Greater Victoria in June on MLS Sold within 97% of the Listing Price with an average days on the market of 53 days...the remaining single homes for sale in Victoria have been only on the market for 27 days. It would appear the Condo and Townhouse Inventory are slowing a little, good pricing can correct Condo or Townhouse sale.
As the Summer continues home buyers in Victoria have lots of great choices. If the mortgage interest rates do in fact go up in the Fall, Sales will pick up with Buyers that are pre approved for their mortgage financing with great mortgage interest rates. Be sure to get pre approved for your home mortgage, so you'll have a lower rate locked in case the Canadian Banks and Credit Unions do increase them this Fall or Winter.
In fact..... we have barely a 2 month supply of single family homes for sale throughout Greater Victoria. Correct Pricing is important, it would appear you need to be close to the Average selling price and a Victoria Realtor with a good marketing plan to see a sale quickly here.Victoria home buyers are comparative shoppers and appear to buy a home listed for sale within 53 days of being listed on our MLS system.
This review does not cover Revenue or Commercial properties for sale throughout Greater Victoria..
See my recent Stats for
Fairfield,
Oak Bay
James Bay
Sooke
Source of the Data is the Victoria Real Estate Board computer software, any questions call Fred Carver at Re /Max Camosun to find how to sell your home quickly. 250-598-2963
Copyright © 2008 By Fred Carver All Rights Reserved "Victoria Bc home sales slowing"
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
Calling from Out Of Town? Call Toll Free 1-800-663-2121
Victoria Homes and Properties For Sale
Find Hundreds of Home For Sale in Victoria BC
Post Copyright © 2011 By Fred Carver All Rights Reserved
Fred, great post. Thank you for bringing these stats to life. I have been swamped here in central New Jersey. It would be nice if we could get out to the rest of the world that the media is lying.
Hi Lisa...Blog the heck out of your Market news, Google with give you quick position for local real estate News and Market trends in their search engine. Be consistent with your market reports(once a month) write about real estate,your city, events, happenings etc, become the area expert when people do real estate searches in New Jersey.
Thanks for your comments and visiting, come again!
Fred, It's always wonderful to hear good news. I'm glad to hear your market there is strong and that you made so many sales....it truly looks like a gorgeous place to live!
Hi Carole...Even with an all time high inventory of real estate for sale throughout Greater Victoria, homes are selling. Many Sell in less than a month on the market. Pricing is important, along with a motivated plan to sell. My Clients were motivated and we priced them near the average for their area of Victoria. My Last two listing Sold in less than a week. A custom marketing plan, with good Internet presence really helps.
Cheers Carole, thanks for visiting, please come again!
Wow! A two month supply of homes? We should all have such a "slow" market!
Hi Kathy...our market is still strong as we are a destination city for the rest of Canada..a little slowdown, and we get tagged like the rest of Canada. Home Sales Slow in Victoria..674 firm sales is a lot of single family home sale here. The Good news.... our Office Re/Max Camosun sold 25% of them. Sellers expections are deminished after years of rising home prices, now Buyers are comparative shopping and jumping in on well priced homes....which turns out to be 50% of the listings.
Cheers, have a great day, thanks for visiting!
Hi Fred, great news! Or should I say, the truth! You are so right about the fact that we need to be supplying the public with the truth, the real news. Awesome!
PS-Does it ever snow in Victoria?
Hi Denise...Snow what's That, I hear about it butseldom see any, just like Big Foot, we think he's there but nobody can prove it. Heck we grow Palm trees here...no kidding, this is the Banana Belt of Canada.
I expect a few sellers are unhappy, and expected their 20% increase again this year, it'll be more like 5% . Still not Bad on $500,00.
Cheers, thanks for visiting
Fred, it sounds as though chicken little is wrong...things appear to be pretty stable where you are. Love the cartoon.
Hi Gena....Yes our market is strong, but price sensitive, sellers expectations are saddened when they find out they can no longer see 20% price increases every year here. Good News 50% plus homes are selling every month.
Glad you enjoyed the Graphic, it came from Iclip.
Thanks for visting, come again!