The number of detached houses that have sold is still increasing!  After last weeks great result, I was concerned that it was an anomaly, but this week the sales were even stronger!  Speaking for our many sellers, we are all very pleased to see the volume of sale now 8% ahead of this time last year.  Keep in mind, though, that pricing is still well behind last year and the year before.  You have a great chance of finding a buyer, but you will need to price your property accurately, at a level probably lower than you expect.

The condo market, on the other hand, is still not very healthy!  The volume of sales is well below par, down by about 22% from last year. If you have a condo to sell, make sure that it is promoted very well so that it stands out from the rest!  Pricing is also key and I believe one of the reasons that many properties are not selling 

Here is the data:

Over the last 30 days, 327 single family houses were sold, up by 23 houses from last week.  The median price is up $3,881 to $542,150. The average house was on the market for 30 days.  In the same time period, 134 condos were sold, up by 1 condos from last week.  The median price is unchanged at $275,000. The average condo was on the market for 53 days.

There are now 2,140 houses for sale, up by 34 from last week.  Condo inventory has risen by 11 to 946 suites.

(h)(s)

It was a much busier week last week with a large increase in the number of single family homes sold compared to any other week so far this year.  Compared to last year, and just looking at last week, the volume of sales was actually similar!  Keep in mind, though, that prices are still down from last year.  

The condo market is still facing challenges with the volume of sales off by over 20% compared to last year.   It seems that many condo owners are unable to sell their units due the recent price decreases.  Many condo owners have very little equity in their units, so when the prices fall, they are not able to get enough out of their suites to counter the costs of selling.  

Over the last 30 days, 304 single family houses were sold, up by 30 houses from last week.  The median price is up $19,394 to $538,269. The average house was on the market for 33 days.  In the same time period, 133 condos were sold, up by 8 condos from last week.  The median price is down $5,000 to $275,000. The average condo was on the market for 54 days.

There are now 2,106 houses for sale, up by 61 from last week.  Condo inventory has fallen by 6 to 935 suites.

(h)(s)

Congratulations to our clients on the sale of their home.  Sorry it took more time than normal, but knowing that there was real value here and waiting for the right offer was definitely the way to go!

BY HUGH MCKENNA, THE CANADIAN PRESS APRIL 17, 2013

Homeowners risk coughing up big bucks if they're also smokers, according a survey of Ontario real estate agents and brokers.

The survey found that smoking in the home can reduce the value of the property on resale by up to 29 per cent.

The study was sponsored by Pfizer Canada, a pharmaceutical company whose products include a smoking cessation medication.

It estimates a potential loss of up to $107,000 on a home in Ontario, where the average price is around $369,000.

The study found that an overwhelming majority of 401 real estate agents and brokers in the survey agreed that it is more difficult to sell a home where owners have smoked.

More than half of respondents - 56 per cent - said most buyers are less likely to purchase a home where people have smoked, and 27 per cent said most buyers are unwilling to buy a home where people have smoked.

In Canada, an estimated 15 per cent of homes have at least one regular smoker. The survey was conducted between Jan. 31 and Feb. 6 and is considered accurate 19 times out of 20 within a margin of error of plus or minus 4.9 percentage points.

(h)(s)

More than 20 interested buyers and Realtors missed out on this new listing!  It's not as much as a buyers market as many think.  Often, new listings are well priced and sell very quickly.  It's time to get off the fence.

For over a year now, Karl, Tori, and Mark of the Preferred Homes Team have been saving our clients time and winning more competitive offers by taking advantage of the speed, security, and accuracy of electronic contracts & signatures.  Our clients don't have to go through the hassle of printing & scanning contracts back to us, and they have told us that they love it!  There are no more late night evening visits to get that initial to finalize a contact!

We're such strong believes in our DocuSign system system that we have been giving presentations to other Realtor groups and doing all that we can to promote the benefits to others.

Today, we were absolutely thrilled to hear the Canadian Real Estate Association has adopted DocuSign nationally.  If you are already working with the Preferred Homes Team you are already benefiting.  If not, it's time to either switch to us, or ask your Realtor to sign up with DocuSign and start saving you time and hassle.  

Click here to learn more:

(h)(s)

The results for the last week were a little better for both single family homes and condos in terms of the number of properties sold.  However, as I have been saying every week this spring, the homes that are selling are selling because they are priced properly for today's market.  That means at a lower price than the property would have sold for last year.  This is backed up clearly by looking at the data.  Houses that have been on the market for a month or more are generally not selling unless there is a price correction.  Newly listed properties, ones that are priced well, are selling very quickly.  So, if you have a home to sell, the news is actually very good!  Properly price your home and you will definitely find a buyer.  You will likely sell for a bit less than you would like, but you will make that back up when you buy!

Here are the raw results for the last 30 days:

Over the last 30 days, 274 single family houses were sold, up by 24 houses from last week.  The median price is up $3,875 to $518,875. The average house was on the market for 34 days.  In the same time period, 125 condos were sold, up by 4 condos from last week.  The median price is up $8,500 to $280,000. The average condo was on the market for 55 days.

There are now 2,045 houses for sale, up by 38 from last week.  Condo inventory has risen by 34 to 941 suites.

(h)(s)

As the spring market evolves in Victoria, it has become very clear that there are lots of buyers out there for both houses and condos, but a seller has to work very hard to attract them.  Buyers are usually the most informed in regards to the market, and they know that inventory levels are high and that the number of properties selling is down compared to last year.  With that knowledge, buyers have the luxury of taking their time and looking for the perfect property before making a decision.  In reality, some buyers take things too far and are missing some amazing deals!  But, the smart buyers are watching the new inventory as it is released to the market and snapping up great buys before others are even aware of them.  

Sellers can DEFINITELY sell their property quite easily in this market, but many sellers are missing the chance to do so by listing their homes at above the current market value.  Granted, with prices down over last year, it can be hard for a seller to see the reality of the market, but it is critical to their success.  We are always reminding sellers that, yes, they will sell their home for less right now.  But, on the other hand, they will buy their next property for less as well.  In most cases, this means that sellers can move up to a better home with it costing them less to do so now than it would in a hot market.  Not sure how that works, just give us a call and we would be happy to explain it in detail.

If I could give one word of advice to sellers it would be that now is not the time to let themselves be courted by an advisor who advocates a listing price for their property which feels suspiciously high.  Wishful thinking will definitely not make a property sell, especially today.  Get several opinions of value, check the credentials and success statistics of those making any pricing claim, and if in doubt, hire a professional appraiser, or two, to help align your listing price with the reality of the market.  If you are even just a tiny bit over the market price you will surely be passed by in favour of many other opportunities for buyers.

Are we feeling negative about the market?  Definitely not!  The average days on market for a home to sell is well below the average of the past years.  It just takes the right agent, the right marketing strategy, and the right price!

Here are the results from the last 30 days:

Over the last 30 days, 250 single family houses were sold, up by 4 houses from last week.  The median price is down $2,500 to $515,000. The average house was on the market for 35 days.  In the same time period, 121 condos were sold, up by 5 condos from last week.  The median price is up $1,550 to $271,500. The average condo was on the market for 56 days.  There are now 2,007 houses for sale, up by 64 from last week.  Condo inventory has risen by 18 to 907 suites.

(h)(s)

It is April fool's day today, but the puzzling real estate statistics that I am looking at this morning are no joke. After a relatively strong last six weeks, our local market seems to be running out of steam - for now at least. We do need to keep in mind that we just finished spring break which often slows the market as both families and their Realtors take time off with their families. It is very possible that I will report next week and the market has really picked up steam again.

The results for the last week in the single family home market are quite soft. Compared to earlier this year, the total number of homes sold is down along with the selling prices. Compared to the same time last year, the volume of sales is now down 10% with prices off 8%.

The condo market has slowed down significantly. Starting a few weeks ago, we already saw the volume of condo sales start to peak and soften. That trend is continuing with the number of sales now off 19% compared to last year. However, the news is pretty good for condo sellers on the pricing side, with selling prices even with last year.

As always, where there is risk and fear, there is also great opportunity, for both buyers and sellers. Buyers can use a slowing market to look for the best deal out there. That doesn't mean that a low-ball offer is the way to go every time, though. What it does mean is that a few sellers will be more motivated than others. It is very likely that buyers who don't buy now will look back on this spring with longing!

Sellers also have an opportunity here. Many of the resale listings that you will be competing with are overpriced and not selling. Price your home well and you are very likely to find a buyer faster than you think! But, as I have said every week for the last few weeks - pricing is key! You need to price your home well to attract buyers who are feeling a little less motivated right now.

Good luck to both buyers and sellers. No matter what side of the fence that you are on today, you can definitely gain from this softer spring market and that's no joke!

Here are the stats from the last 30 days:

Over the last 30 days, 246 single family houses were sold, down by 15 houses from last week. The median price is down $7,500 to $517,500. The average house was on the market for 34 days. In the same time period, 116 condos were sold, down by 0 condos from last week. The median price is down $3,300 to $269,950. The average condo was on the market for 56 days.

There are now 1,943 houses for sale, down by 17 from last week. Condo inventory has fallen by 55 to 889 suites. If inventory continues to drop, we could run into a shortage of good listings, which will push prices upward.

(h)(s)

Whether you are looking for an incredibly affordable house in the Langford Happy Valley, or a  gorgeous family house near Thetis Lake, we will be ready to help you this weekend, Saturday and Sunday, from 1-4pm.

Homes at Hazelwood offers detached, non-strata, 3 bedroom houses with a garage at only $369,900 including sales tax and you can move in now!

At The Summit at Thetis you will find a neighbourhood of fine family homes nestled among park land, just a short walk to Thetis Lake, priced from only $474,900.

We hope that you enjoy this lovely weekend and include us in your home shopping plans!

(h)(s)