Nice weather – but slow for real estate sales. I hope everyone enjoyed the wonderfully hot and dry August weather here in Sooke and Victoria. Real estate sales in Sooke continue to be sluggish, and this month, they reflect the overall market in Greater Victoria, which also underperformed August of last year’s numbers. Again, prices seem to be relatively stable, though with low sales numbers, average and median prices become somewhat less meaningful…There are two things that stick out about the property sales in Sooke this month – there were a number of sales of properties that had been on the market a considerable amount of time. In fact, 6 single family dwellings (SFDs) had been on the market more than 100 days, with one over 230 days. It is good to see some of the older inventory start to clear out. The other thing is that the fastest sale (37 days) was a home in East Sooke for $940,000.
August 2011:
- New listings, all property types: 72 (44 single family dwellings)
- Sales, single family dwellings (SFD): 14
- Sales, all property types: 28
- Lowest price: a manufactured home at $16,350 (lowest price SFD was $247,500)
- Highest price: $920,000
- Average price, SFD: $408,142
- Median price, SFD: $374,500
- Active listings, all property types: 455
- Sale price breakdown (SFD): $200K-$300K: 2 | $300K-$400K: 6 | $400K-$500K: 5 | $900k+: 1
- Average Days On Market (SFD): 56
- New listings, all property types: 57 (40 SFD)
- Sales, SFD: 10
- Sales, all property types: 19
- Lowest price: a manufactured home at $48,000
- Highest price: $940,000
- Average price, SFD: $474,590
- Median price, SFD: $427,500
- Active listings, all property types: 421
- Sale price breakdown (SFD): $200K-$300K: 0 | $300K-$400K: 4 | $400K-$500K: 4 | $500K-600K: 1 | $900K +: 1
- Average Days On Market (SFD): 133
So, it’s a mixed result again. Sales numbers are down, but August 2011 was not spectacular either. Prices seem to be holding steady and high-end properties continue to sell also. There are some indicators which are moving in the right direction too. There are fewer listings on the market this year (421) vs 455 last year, and there were fewer new listings on the market also. I suspect this trend will continue as we approach the end of the year.
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