Congratulations to Colleen & Russ on the sale of their home!  I look forward to working with you to find your next one.

This the third Willis Point ocean view or ocean front home that we have sold in the last couple of months. If Willis Point isn't on your radar yet, ask us why it should be!

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The fall market is having a positive affect on sales for both single family homes and for condos. But, to make these sales happen, many home owners are deciding to sell their homes for less than they would like to. We can clearly see that prices are down while sales volume is up.  This trend has been strengthening since the summer ended.

Does this mean that further price decreases are coming?  That definitely could be the case.  On the other hand, prices in Greater Victoria are currently at the lowest point that we have seen them at for several years.  We’ve seen a similar situation several times before and, in the past, as soon as buyers feel that Victoria is “on sale” homes start getting snapped up and prices rebound.  I wouldn’t be surprised at all if this happens again this time.  We may look back a few months from now and kick ourselves for not taking advantage of the situation.

Keep in mind that I am talking about the resale market here.  The new home market often behaves differently and is driven by different factors.  For example, first time home buyers can get a $10,000 tax break when they buy a new home, not a resale home.

Here are the stats from the last week:

Over the last 30 days, 208 single family houses were sold, up by 5 houses from last week.  The median price is down $15,000 to $515,000. The average house was on the market for 55 days.

In the last 30 days, 131 condos were sold, up by 6 condos from last week.  The median price is up $5,000 to $260,000. The average condo was on the market for 61 days.

There are now 2,383 houses for sale, up by 07 from last week.  Condo inventory has risen by 16 to 1085 suites.

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Congratulations Scott & Bobbi on your purchase of Lot 9 at Homes at Hazelwood.  Your "joie de vivre" is infectious...

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Last week, I wanted to rally the troops and make sure that you were aware of the opportunities, both for buyers and sellers, in the upcoming Fall selling season.  This week, as we are just finishing the first week past Labour Day, the proof is in – We are going to see a pick up in Fall business.

In the single family home market, prices are still soft providing an excellent chance for buyers to pick up a home at a lower price than they likely can buy it for later on this fall.  Sellers benefit from this as well, as long as their pricing is realistic, because these attractive prices are creating significant pent up demand from buyers.  How do we know this?  Well, it is apparent from the trend lines in both pricing and sales volume.  As well, because we market several different new home projects we have noticed a strong increase in the volume of visitors, more than double in the last couple of weeks, compared to the Summer. 

The condo market, in this case, is further ahead than the detached home market.  This segment has already picked up significantly in volume. If you have a condo to sell, you need to be on the market at the correct price now!

Of course, the fall market means more than increased sales volume, it is also likely that the available inventory of properties will increase.  We always see a bump in listings in September and we are seeing that start now.  Sellers who list now generally have a goal of selling before Christmas.  If you are a buyer, help them accomplish their goal and it could put money in your pocket!

Here are the stats:

Over the last 30 days, 203 single family houses were sold, down by 2 houses from last week.  The median price is down $8,000 to $530,000. The average house was on the market for 51 days.

In the last 30 days, 125 condos were sold, up by 7 condos from last week.  The median price is down $4,250 to $255,000. The average condo was on the market for 57 days.

There are now 2,376 houses for sale, up by 58 from last week.  Condo inventory has risen by 33 to 1069 suites.

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Congratulations to Janet on the speedy and successful sale of her property at 193 Obed.  Thanks to Gurcharan Chauhaun (Pemberton Homes) and Don Burnham (Re/Max Camosun) for bringing in competing offers! 

Congratulationa to Joanna on the successful (and pretty quick) sale of her lovely home!