We are starting to see a couple of nice indicators in the market statistics. Overall, prices have stabilized and even seem to be climbing a bit in the condo market, while at the same time inventory has finally started to drop off. In fact, this week, there are 184 fewer houses and condos for sale in Victoria than there were last week. That’s a huge 6% drop in inventory in one week! If you have a property for sale, that is good news as there are now fewer other homes that you need to compete with.
If you are planning on buying, keep in mind that there may be a shift happening as the market changes from a buyers market to more of a balanced market.
Having said that, this good market news is not a blank cheque for sellers to start increasing their asking prices. Buyers are buying because they see an opportunity and feel motivated. Increasing pricing will reduce or eliminate that motivation and in no time we would again see slower sales and increasing inventory. Cautious optimism is the key here!
Over the last 30 days, 228 single family houses were sold, down by 2 houses from last week. The median price is up $1,603 to $539,750. The average house was on the market for 47 days.
In the same time period, 147 condos were sold, up by 3 condos from last week. The median price is up $8,000 to $287,500. The average condo was on the market for 58 days.
There are now 2,004 houses for sale, down by 110 from last week. Condo inventory has fallen by 74 to 989 suites.
