Tuesday, August 02, 2011

The Real Estate Market

The latest stats are out from the Victoria Real Estate Board and they are not very good for sellers.

  • 5100 units were on the market in July - record for this city
  • Just under 1400 new listings in July
  • 523 sold

So how does that compare?   A year ago it was not much better, only 527 units, which is only four more than this year.   The difference comes when one looks at the total value of sales.  Last year this was $257,050,956, 7.4% higher than the 2011 value of $239,263,822.

The on going soft market has come through in the average house prices in July.  The $581,117 for a single family home in July is the lowest average in two years.  The 8.3% fall in the average is the largest I can see in the detailed data I have.  My data only goes back 7 years.   The average is now the same as the average of four years ago.

There are quite a few houses for sale for under $400,000 on the market at the moment.   15 in the core, 19 on the Westshore and 43 in Sooke.     Esquimalt had a median price of $415,000 in July for single family homes.   This means half the houses sold for less than $415.000.

Traditionally the fall months each have lower sales than the one preceding it.   The July sales numbers do not point to a very robust fall real estate market.
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