Looking back on last month, I’m not sure if March came in like a lion, but it certainly went out like a lamb. What an amazing Easter long weekend we just had. I spent the weekend with family in from out of town, and enjoyed the way warmer-than-usual weather on my patio with a cold beverage and a book. But – how did the real estate market fare? Let’s take a look
In reviewing the properties that sold last month, I noticed that several properties that sold have been on the market for a long time – it’s good to see inventory beginning to be taken up by buyers. There certainly are some deals out there. I also noticed 2 properties sell at foreclosure (including one sold to my buyer) and one property sold in 4 days for over asking price – an indication that there are ready, willing, and able buyers waiting for the right property to come along.
March 2012:
- New listings, all property types: 100 (68 SFD)
- Sales, SFD: 14
- Sales, all property types: 23
- Lowest price: a manufactured home at $72,500 ($295,000 was the lowest-priced SFD)
- Highest price: a new home at $642,475
- Average price, SFD: $417,670
- Median price, SFD: $404,950
- Active listings, all property types: 371
- Sale price breakdown (SFD): $100K – $200K: 1 | $200K-$300K: 1 | $300K-$400K: 4 | $400K-$500K: 5 | $500K-600K: 2 | $600K +: 1
- Average Days On Market (DOM), SFD: 71
March 2013:
- New listings, all property types: 73 (52 SFD)
- Sales, SFD: 16
- Sales, all property types: 19
- Lowest price: a manufactured home at $95,000 ($250,000 was the lowest-priced SFD in the Sooke area [there were 2 sales in the JDF area west of Sooke])
- Highest price: a unique west-coast home on an acreage for $535,000
- Average price, SFD: $339,114
- Median price, SFD: $342,250
- Active listings, all property types: 382
- Sale price breakdown (SFD): $100K – $200K: 2 | $200K-$300K: 2 | $300K-$400K: 8 | $400K-$500K: 3 | $500K-600K: 1
- Average DOM, SFD: 53
As usual, I caution against relying too much on the average and median prices as an indicator of value of any individual property. There were 2 sales out of the 16 that were for less than $200,000 – both in the Juan de Fuca areas west of Sooke, where prices are usually a lot lower. And, there were 2 sales between $200,000 and $300,000 – one a foreclosure – this price range is not usually as statistically significant as this month. And, while the Days on Market statistic appears to have shortened considerably, at least a handful of the properties sold had been re-listed (and hence their DOM starting at zero with the new listing).
Some brighter spots in the statistics: we sold more single family homes in March 2013 than 2012, and there were significantly fewer new listings added to an already large inventory.
As usual, price is key – if you’d like a complimentary evaluation of your property, just get in touch for a realistic, detailed look at how your home compares to the market.
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