Most of us working in the real estate industry on a daily basis felt that it was busier last week. We would even go so far to say that it felt like traffic was worse in Victoria as well! As a Realtor we can’t measure car traffic, but we sure can measure buyer and seller traffic. Indeed, last week was busier with many more buyers starting house hunting, and writing offers. The big question is why? The answer, it turns out, is simple. Sellers are getting the message that they need to price their homes relative to the current market if they want to find a buyer. The median price for homes has dropped and sales have increased. If you are planning on selling your home this is a message that you need to take to heart.
Another piece of good news for sellers is that the inventory has dropped this week. We would like to see this continue, but we will have to wait for next week to find out!
Over the last 30 days, 236 single family houses were sold, up by 9 houses from last week. The median price is down $5,175 to $534,825. The average house was on the market for 48 days.
In the same time period, 123 condos were sold, up by 2 condos from last week. The median price is up $3,000 to $288,000. The average condo was on the market for 60 days.
There are now 2,187 houses for sale, down by 19 from last week. Condo inventory has fallen by 13 to 1039 suites.
