Were buyers spooked in October? Maybe. Overall across Greater Victoria, it was not a great month for real estate sales outside the core municipalities. Outlying areas, especially the West Shore experienced serious declines in sales, including Sooke, which saw roughly 33% decline in overall number of homes sold of all types, and 28% fewer single family homes than October of 2011…
What’s causing all this? I’d say a number of things – a “wait and see” approach from ready and willing buyers is one reason. I am working with several buyers at the moment that are either waiting to see if prices come down further, or are simply waiting for the right properties to come along. The federal mortgage rules tightening from the summer is definitely having an effect. And, general unease about the state of the world economy (despite BC, and Victoria in particular, doing quite well).
Let’s look at the numbers:
October 2011:
- New listings, all property types: 67 (34 single family dwellings)
- Sales, single family dwellings (SFD): 18
- Sales, all property types: 28
- Lowest price: a manufactured home at $15,000 (Lowest SFD: $210,000)
- Highest price: $635,000
- Average price, SFD: $418,494
- Median price, SFD: $398,000
- Active listings, all property types: 421 (278 SFD)
- Sale price breakdown (SFD): $200K-$300K: 3 | $300K-$400K: 6 | $400K-$500K: 1 | $500K-$600K: 5 | $600K-$700K: 2
- Average Days On Market, SFD: 85
- New listings, all property types: 61 (44 SFD)
- Sales, SFD: 13
- Sales, all property types: 18
- Lowest price: a manufactured home at $49,900 (Lowest SFD: $227,000 – a foreclosure at Grant/Otter Pt Rd)
- Highest price: a waterfront acreage in East Sooke at $1,400,000
- Average price, SFD: $559,069 – definitely skewed upwards by the 1M+ sale
- Median price, SFD: $465,000
- Active listings, all property types: 419 (297 SFD)
- Sale price breakdown (SFD): $200K-$300K: 1 | $300K-$400K: 5 | $400K-$500K: 1 | $500K-600K: 2 | $600K – $700K: 1 | $700K-$800K: 1 | $800k-$900k: 1 | $1M+: 1
- Average Days On Market, SFD: 91
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