The latest stats are out for June and, on the surface at least, it is great news for buyers and bad news for sellers. But, is it that simple - definitely not!
The total number of listings is up 26% over the same month last year meaning that there is much more for buyers to choose from. The total number of sales, on a three month average, is down 16% for single family homes, down 19% for condos, but down only 7% for townhouses. As I mentioned before, I believe that townhouse sales are benefiting from baby boomers downsizing but not ready to give up their ground level access or yard.
So, what does this all mean?
For buyers, you can celebrate. You've got lots of choice and you may be able to drive a better deal than you could a few months ago. But, keep in mind that sellers may be living in the past and not realize that the market is changing around them. Be patient, educate them, and get the best deal you can.
It's definitely not all bad news for sellers. Even though sales have dropped, there are still many, many properties selling. For example, 441 single family homes sold in Victoria in May. That is the highest number of sales in a single month since July of 2007. In the last twenty-nine months, only 5 months had a higher number of units sold. So, putting it in perspective really makes a difference! The market is cooling, no question about it, but there are lots and lots of buyers out there for well priced and well marketed properties.
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