Repeat after me: Real estate is local. Real estate is local. Real estate is local.
While some generalizations can be made about the overall real estate market in Canada, British Columbia, and the greater Victoria area, you have to look at a local level to find out what’s truly going on. With reports of the Vancouver market officially being in buyer’s territory, and the latest VREB stats report showing lower sales and increased listings, you might assume that everywhere is experiencing the same slowdown.
Well, according to my statistics below for single family dwellings in Sooke, Sooke real estate is still going strong!
Last month saw more sales than both May of this year (traditionally a stronger month than June), and June of 2007, a record setting year for the Victoria Real Estate Board. I’ve used the pending sales as an indicator, as they more accurately reflect the month’s sales activity. Closed sales are properties that have now changed hands; the sales that led to the closings could have occured months ago.
Listings appear to be stabilising, too, with the same number of current single family dwellings in the core area this month as last, and only 3 more when you count outlying areas. With any luck, the market will eat up the inventory and keep prices stable here in Sooke.
I don’t think you would want to bet on any huge price increases over the next year, and we may see a slight decline in prices; but a major correction is unlikely. But what we can take away from these numbers is that the market in Sooke is still robust, and properly priced and marketed properties will still sell.
–Tim Ayres – Sooke Real Estate Professional
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