Are Victoria Home Sale Slowing? Read the Blog Reviewing the Victoria Real Estate Market
Blog Post: Victoria BC Home Sales Slowing ....Chicken Lickin "Is the Sky Falling?"
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 market 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% of List Price
Condominiums 296 $386,757 172 =58% 52 $321,136 = 83% of List Price
Townhouses 105 $438,743 27 =25% 14 $409,881 = 93% of List Price
Lots/Acreages 145 $376,551 31 =21% 118 $285,303 =76% of List Price
Mobile Homes 29 $158,648 20 =66% 49 $138,494 = 87% of List Price
It would appear based on Current MLS Real Estate Sales activity, our real estate market.... appears to not be Slowing. The homes for sale inventory on MLS 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 do in fact go up in the Fall, Sales will *** up with Buyer 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..
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