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Sooke Real Estate Market MLS® Sales Statistics – May 2008

I was surprised at the results of the Victoria Real Estate Board‘s May 2008 MLS® statistics report, released yesterday. Here in Sooke, I’d been anticipating that other areas in the Victoria region had been having as strong a month as we have. I felt that anecdotally, anyway, our May was as good or better than May 2007. It turns out I was right.

For single family dwellings, there were 30 sales in the Sooke core area (I’m excluding East Sooke, Jordan River, Sheringham Point, and Port Renfrew). Last year there were 28. Including the aforementioned areas, there were 33 sales this year, and 30 last year.

New listings are a hot topic in real estate circles these days – the overall Victoria inventory is getting very high. In the Sooke core area there are a total of 131 listings currently available (192 including outlying areas). 62 of these were listed last month, compared to 72 last year. Click here for a .PDF of my findings. Please note: “New Sales” means deals that have gone unconditional (SOLD sticker goes up) but have not closed yet (new owners receive title). The VREB uses only closed sales for its calculations and statistics each month.

Overall it shows a stable, healthy market in my opinion. Sooke is a very desirable place to live. Lower taxes, more affordable housing, and a great seaside setting attract many people from other areas. You might be worried about the price of fuel if you have to commute to Victoria, but when you’re saving tens of thousands of dollars or more on housing, that buys a lot of gasoline, even at today’s prices.

Tim Ayres

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