Karl and Mark are pleased to announce that they were both in the top 20 RE/MAX Camosun Realtors based on production for October.  If you will pardon the mild bragging, we were also in the top 20 for six other months this year - so far.  There are a lot of good Realtors in Victoria, why not put a couple of them to work for you!

The last few weeks have been surprisingly brisk in the detached single family home market.  Although this is at the expense of dropping prices, these price corrections mean that many more houses are selling than in previous weeks.  Although the volume is not stellar, it is better than we have seen in the last quarter.  At the same time, the inventory of houses is falling which should soon stem the tide of lower selling prices.

The condo market is not following the same trend.  Inventory is falling more slowly and at the same time the volume of sales is shrinking.  The data seems to tell us that prices are increasing, but I believe that this is just a statistical anomaly. What we are actually seeing are fewer entry level condos available which makes the median price look like it is rising.  This also tells me that there is unfulfilled demand for entry level condos!

Whether you are selling a condo or a house, the wise property owner prices their home to sell quickly.  Inventory is still quite high and it is very easy to get lost in the crowd.  Overall, it is a buyers market and sellers should keep this in mind.  Make your property look its best and be prepared to negotiate hard, but at the same time to accept a reasonable offer – even if it is not everything that you want.  As we get closer to Christmas, we will see sales volume off dramatically.  This is a normal seasonal change, and one that means that if you don’t find a buyer soon you are likely to not find one until well after the holiday season.

Over the last 30 days, 257 single family houses were sold, up by 14 houses from last week.  The median price is down $5,500 to $534,000. The average house was on the market for 51 days.

In the same time period, 122 condos were sold, down by 15 condos from last week.  The median price is up $12,500 to $297,500. The average condo was on the market for 49 days.

There are now 1,930 houses for sale, down by 33 from last week.  Condo inventory has risen by 1 to 982 suites.