The trend that we have been talking about for the last several weeks is carrying on.  Sales continue at a high volume but the median price is slipping.  Entry level homes, especially new homes in the western communities are selling very well and holding their price.  But, when we look at mid-range and higher homes, it takes a sharp price and great marketing to find a buyer.  With the pace of sales, there is no question that buyers are out there!  But, you if you are keen on selling, you need to price your home well.

While this is mixed news for sellers, this is an excellent opportunity for buyers.  Often, in Victoria, we see prices bounce up after periods of price decline.  Will that happen again?  we cannot be sure, but history has shown us that this is often the trend.  We would caution buyers against working to hard to find the bottom as it is usually not visible until it is well past.  Right now may be the best opportunity to buy as prices are clearly off 5-10% compared to the last year.

Over the last 30 days, 331 single family houses were sold, up by 2 houses from last week.  The median price is down $2,750 to $530,000. The average house was on the market for 41 days.

In the last 30 days, 155 condos were sold, up by 2 condos from last week.  The median price is down $7,500 to $265,000. The average condo was on the market for 44 days.

There are now 2,420 houses for sale, down by 67 from last week.  Condo inventory has fallen by 27 to 1118 suites. This is the first week over week decline in inventory that we have seen this spring.  Lower inventory could help drive prices upwards so we will have to keep a close eye on this indicator.

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