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Sooke Real Estate Statistics – July 2012

Is the market as slow as a starfish? Read on.

Real estate in Sooke is certainly sluggish, but doing, on average, the same or better as the same time last year. Prices are relatively stable, and all different types of homes are selling, from brand-new luxurious homes to simple manufactured homes on leased land. Let’s dive into the numbers and see what we’ve got.

July 2011:

  • New listings, all property types: 75 (57 single family dwellings)
  • Sales, single family dwellings (SFD): 18
  • Sales, all property types: 21
  • Lowest price: a manufactured home at $45,000 ($310,000 the lowest SFD in Sooke core)
  • Highest price: $655,000, an acreage horse property in East Sooke.
  • Average price, SFD: $381,983
  • Median price, SFD: $380,950
  • Active listings, all property types: 467
  • Sale price breakdown (SFD): $100K-$200K: 1 | $200K-$300K: 0 | $300K-$400K: 7 | $400K-$500K: 6 | $500K-$600K: 2 | $600K-$700K: 1
  • Average Days On Market (SFD): 87
July 2012:
  • New listings, all property types: 76 (54 SFD)
  • Sales, SFD: 20
  • Sales, all property types: 29
  • Lowest price: a manufactured home at $40,000
  • Highest price: a new home in the Stone Ridge neighbourhood at $575,000
  • Average price, SFD: $380,197
  • Median price, SFD: $363,750
  • Active listings, all property types: 427
  • Sale price breakdown (SFD): $100K-$200K: 1 | $200K-$300K: 3 | $300K-$400K: 9 | $400K-$500K: 4| $500K-$600K: 3 | $600K-$700K: 0
  • Average Days On Market (SFD): 69

It would appear that homes in Sooke are selling, on average, for about the same price that they were last year, which is consistent with the trend this year – there seems to be ups and downs each month but with lots of  “normal” sales this month (ie, nothing over $575,000) we seem to be hovering around that $380,000 mark. As always, I caution about using average prices as a trend in a market as small as Sooke, but it’s really all I’ve got to report. It also would appear that properties are selling about 2 weeks quicker than in July 2011, but again this statistic is not completely reliable since a property may be listed on the market for 4 months, expire off the market, come back at a new price, and then sell in only 14 days, for example, which skews the stat. However, we can probably assume that the number of re-listed properties is fairly consistent from one year to the next.

There were more sales in July 2012 than in each of July 2011, 2010, and 2008.

It is encouraging to see sales continuing to stay ahead of where they were in 2011, and also to see inventory gradually dropping off. While it’s not a great time to be selling in Sooke in 2012, those that are able to price their homes right are seeing success. If you’re a buyer, high inventory, low interest rates, and a tighter lending environment are certainly acting in your favour. Why not fill in my form and tell me what you’re looking for?

If you have any questions about how these statistics were calculated, what they mean, or would like to know what your property is worth in today’s market, just give me a call at 250-885-0512 or send me an email