February 27, 2012
Leong & Roozendaal (Re/Max Camosun)
For both houses and condos, the trend continues in a positive direction for sellers. We are definitely seeing more properties changing hands, and those properties are changing hands more quickly than they were earlier in the year. Usually this increased pressure leads to increasing pricing and we may be seeing just the start of that now. Prices are still bouncing up and down, but the trend line is pointing upwards here as well. We are not projecting a run up of prices, but instead some small appreciation mainly due to supply and demand pressures.
Careful optimism is still the word of the day. Most sales are of newly listed, well priced properties. Overly optimistic sellers are not finding buyers. Keep in mind that although the number of sales is growing, the available inventory for sale is growing as well.
Over the last 30 days, 238 single family houses were sold, up by 11 houses from last week. The median price is up $19,500 to $550,000. The average house was on the market for 25 days.
In the same time period, 140 condos were sold, up by 5 condos from last week. The median price is up $12,250 to $276,250. The average condo was on the market for 53 days.
There are now 1,709 houses for sale, up by 60 from last week. Condo inventory has risen by 18 to 902 suites.