My Advice to Sellers

It's now a buyer's market. So, if you're thinking of selling, the current market is significantly more challenging than it was 12 months ago. My advice (other than using me as your realtor) is that you must do your utmost to stop yourself from "testing the market." In other words, price competitively and price to sell right from the start. The first two weeks of a listing is the most important selling period. Don't squander it. There are buyers ready to act quickly, but only if the value is absolutely clear. Properties priced well are still getting multiple offers. Most buyers look once and move on. With so many homes for sale now, those that are not competitive will sit and sit and sit, until (4 months later) they sell for less than they might have.

The silver lining: If you're also buying back into the market, you'll be enjoying conditions you recently lamented.

VICTORIA REAL ESTATE BOARD MARKET REPORT

Property Sales and Prices Soften in August

September 2, 2008

Sales of homes and other properties in the Greater Victoria area followed the expected trend and softened last month as many people enjoyed vacation time. Prices also moderated slightly. A total of 517 homes and other properties sold in August through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) compared to the 616 sales in July. There were 846 sales in August of last year.

Victoria Real Estate Board President, Tony Joe, notes that today’s buyers now have more properties from which to choose than at any time since 1996. "The number of properties available for sale is now at the highest level in over 12 years, increasing in August to 4,657. That represents a 39 per cent increase compared to August of last year." Joe notes that prices moderated last month with nearly 46 per cent of single family homes selling for under $500,000. "The average price of single family homes in Greater Victoria last month was $549,914, down from over $578,000 in July; the six-month average was $592,582 though the median price in August was considerably lower at $512,000." Joe noted that eleven single family homes sold for over $1 million in August, including two sales on the Gulf Islands.

The average price of all townhomes sold last month was $413,994, down from nearly $455,000 in July; the six month average was $435,309. The median price in August was $382,000. Joe noted that the overall average price for condominiums at $302,200 last month was virtually unchanged from July. The average for the last six months was $319,825. The median price for condominiums in August was $280,000.

MLS® sales last month included 269 single family homes, 160 condominiums, 53 townhomes and eight manufactured homes.

Historical Reports and Statistics

(Courtesy VREB)

THIS MONTH

In the News

From The New Yorker

An Island in Denmark experiments with new energy sources and succeeds.

Web Site of Interest

The 2000-Watt Society

In Switzerland: Research in living on an average of just 2000 continuous watts.

From Jerome's Kitchen

Smoothies

FACTS AND FIGURES

Mortgage Rates

A sample from the brokers

Vic Building Projects

Under Construction, Approved, Proposed & completed

Vic Real Estate Data

Monthly Sales Summary

Average Selling Price Data

Active Listings, New Listings & Sales Graphs

CMHC Reports

Housing Market Outlook for Victoria, Second Q 2008

Victoria Last Month (allow time for loading)