Listings are up. WAYYYY up. Sales are down and prices are flat or falling. What does this mean to you?
If you’re a buyer: Good news. If you’re buying now you’ve got more inventory to look at than any time in the last twelve years. Shop around and make offers. Sellers are probably nervous.
If you’re a seller: Not so good news. While prices for single family homes have remained relatively flat over the medium-term (the six-month average is still near $600,000), the average price dropped to $550,000 from $578,000 last month. Realistic pricing (listen to your agent!) and good marketing is key to success in this market.
Below is the full report and summary graphs, courtesy Victoria Real Estate Board:
Property Sales and Prices Soften in August
September 2, 2008
Sales of homes and other properties in the Greater Victoria area followed the expected trend and softened last month as many people enjoyed vacation time. Prices also moderated slightly. A total of 517 homes and other properties sold in August through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) compared to the 616 sales in July. There were 846 sales in August of last year.
Victoria Real Estate Board President, Tony Joe, notes that today’s buyers now have more properties from which to choose than at any time since 1996. “The number of properties available for sale is now at the highest level in over 12 years, increasing in August to 4,657. That represents a 39 per cent increase compared to August of last year.” Joe notes that prices moderated last month with nearly 46 per cent of single family homes selling for under $500,000. “The average price of single family homes in Greater Victoria last month was $549,914, down from over $578,000 in July; the six-month average was $592,582 though the median price in August was considerably lower at $512,000.” Joe noted that eleven single family homes sold for over $1 million in August, including two sales on the Gulf Islands.
The average price of all townhomes sold last month was $413,994, down from nearly $455,000 in July; the six month average was $435,309. The median price in August was $382,000. Joe noted that the overall average price for condominiums at $302,200 last month was virtually unchanged from July. The average for the last six months was $319,825. The median price for condominiums in August was $280,000.
MLS® sales last month included 269 single family homes, 160 condominiums, 53 townhomes and eight manufactured homes.
Summary Report and Graphs
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