Comparatively, month to month last year Victoria’s total house sales dollars are down (-12% from April last year) and the total available listings are up (+48%). The media and the board talk about a market that is “causing many buyers to step back while they save more money for a down payment” according to Victoria Real Estate Board President Cheryl Woolley. However, it’s not the full picture because Victoria has many smaller markets.
Waterfront properties have slowed down the most, with less sales than past April (-43%). The average days to sell a waterfront property is up to 78 Days, from 52 days and the
sell/list ratio is very low at 26%. Combined, this signals that we’ve switched into a Buyers Market for waterfront property. This could be an excellent opportunity to upgrade before the quality waterfront properties pull their listings and wait out next spring.
Condos have been appreciating nicely, selling quickly, and generally have a lot of activity – while volume is down (-10%), price has increased (+8%) and it almost entirely balances out. Last year at this time it was a Sellers market for condos, with a sell/list ratio at 66% and the average days to sell at 21 days. We’re moving into a more balanced market for condos, with sell/list at 57% and 37 days to sell. Many of the best condos are getting offers the same day they are listed, but it’s not a total feeding frenzy. I expect we will stay there for a while, as the stress test has pushed more first time buyers and young families into this market. If you have been waiting for the market to crash or hesitant due to the media reports, it’s a good idea to look at some condo specific statistics with me.
As always, statistics can be interesting but it’s best to have someone look at your specific situation before making decisions. You might not love numbers, but want a clear plan and explanation for your own situation, and I’d like to help. With offices off Oak Bay, Chatterton, and Jacklin road we should be able to find a convenient place to meet and add value to these numbers.
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