So here is the latest in Victoria Real Estate market:

 

MONTH END STATISTICS, Victoria Real Estate Board

                                       June    June             

                                       2010    2009

Net Unconditional Sales        625      946

New Listings                     1,503    1,436

Active Listings                  4,730    3,794

 

So a change of over 300 less sales and 1000 more homes for sale. So whats it all mean

Well its a buyers market. This is good if a buyer. If a seller it means that you want to be on the leading edge. That means aggressive pricing and great condition and staging of home. Someone asked me whats the difference on a buyers vs sellers market in terms of pricing. With over 8 months supply of homes, in general it means that you need to look at latest comparable sales and be below them to sell. In a sellers Market the opposite is true. Its not a bad thing. This weekend a home that was priced right had multiple full price offers on it. Many would say well raise the price it was too low. Nope, it was priced to sell not sit. We are working with our sellers on a bi weekly basis to lower or reposition the home in the market as we like to call it.

There are sales. that's the good news. But real prices are down. Our Real Estate Board came out and said no prices are the same but there were 16 sales of waterfront over a million, so the numbers are skewed. We have a report, the TMO report that provides a complete breakdown and shows whats really happening by area and by price range. For example in Victoria 19% of all homes listed for sale sold (total listings above is for condos, townhouses, land and houses) but in the $400,000-$449,999 range 23.7% of all homes listed for sale sold. We break it down by area and price range so that clients can see what is really going on rather than averages. That is important because Real Estate is a local market driven by local conditions. In each area you can have markets doing great others not doing at all. For example in Central Saanich in the $550,000 - $599,999 range 31.3% of all homes sold last month for an average price of $574,108, far below the average price that the Real Estate board says for all of greater Victoria. What this means is twice as many homes as a percentage sold in this price range vs. all of greater Victoria numbers. Whats it mean? Price it right and its sold. Price it just above or well above the market and it sits.

Its a fun market. This is the market where I get to use the 25 years of award winning service (says the Real Estate Board) to make a difference for my clients.