Single family homes sales grow, while the condo market continues to soften

Right now we have two very separate markets for houses and for condos.  For the second week in row, both the volume and median pricing for single family homes in Victoria has increased.  Volume is quite strong – not what we would expect to see in our normally quiet summer months.  On the other hand, the condo market is showing results typical for this time of year.  Volume continues to drop, off about 30% from the peak this spring.  Pricing has softened as well, reacting to the over-supply in our market. 

 

Overall, there are lots of buyers out there, but with our high inventory levels, they can afford to be picky.   The simple message is price your property correctly and it will sell.  Overprice it, and you just help your competition sell theirs.

 

Over the last 30 days, 262 single family houses were sold, up by 3 houses from last week.  The median price is up $15,050 to $558,050. The average house was on the market for 40 days.

 

In the same time period, 129 condos were sold, down by 13 condos from last week.  The median price is down $13,500 to $279,000. The average condo was on the market for 43 days.

 

There are now 2,318 houses for sale, up by 08 from last week.  Condo inventory has risen by 37 to 1141 suites.