Wednesday, October 05, 2011

Real Estate Board stats for September

So the numbers are in for September and it remains a weak market. only 458 sales.   This is better than

  • Year total sales  single family home sales
  • 2011     458           212
  • 2010     377           203
  • 2009     776           437
  • 2008     485           286
  • 2007     632           306
  • 2006     593           261
  • 2005    ~700
  • 2004    ~650
  • average  584           284

I only have graph that records total sales for September 2005 and 2004.

Sales for this September were about 23% below the average.  

The prices for single family homes remain in roughly the same area where they have been for several years, without the $50k drop in July and $75k rise in August, the price has been very steady.

Esquimalt had a median price of $380,000 for single family homes, though this was on only 7 sales.   It does mean that the majority of houses in Esquimalt sold for under $400,000, something that has not happened in four years.

The supply of units on the market in September remains at record levels.   With a bit more than 4900 units for sale, there is roughly a ten month supply on the market.   To put this in other terms, only 9.3% of the units on the market in September sold.  

This is a dramatically high level of housing stock on the market.    It is too high for the market to keep the prices where they are.  
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